|
BALANCE SHEETS (USD $)
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| Investment properties, net of accumulated depreciation: |
|
|
| Office building and other commercial property |
$ 809,905 |
$ 826,061 |
| Total investment properties, net |
809,905 |
826,061 |
| Cash and cash equivalents |
17,655,568 |
1,510,773 |
| Assets associated with real estate interest held for resale |
|
18,098,789 |
| Investments in marketable securities |
4,722,597 |
2,158,330 |
| Other investments |
3,304,336 |
3,603,655 |
| Investment in affiliate |
2,445,891 |
2,547,572 |
| Loans, notes and other receivables |
1,408,150 |
295,562 |
| Notes and advances due from related parties |
|
696,909 |
| Deferred taxes |
|
698,000 |
| Other assets |
32,773 |
36,731 |
| TOTAL ASSETS |
30,379,220 |
30,472,382 |
| LIABILITIES |
|
|
| Note payable to affiliate |
2,502,891 |
2,814,379 |
| Accounts payable, accrued expenses and other liabilities |
202,552 |
46,550 |
| Amounts due to the Adviser |
2,095,701 |
|
| Current income tax payable |
1,592,716 |
|
| Deferred income tax payable |
217,000 |
|
| Obligations associated with real estate interest held for resale |
|
13,383,821 |
| TOTAL LIABILITIES |
6,610,860 |
16,244,750 |
| COMMITMENTS AND CONTINGENCIES |
|
|
| STOCKHOLDERS' EQUITY |
|
|
| Additional paid-in capital |
24,230,844 |
24,129,031 |
| Undistributed gains from sales of properties, net of losses |
53,754,659 |
41,572,120 |
| Undistributed losses from operations |
(55,547,873) |
(54,377,617) |
| Accumulated other comprehensive loss |
|
(982,500) |
| Total stockholders' equity |
23,486,556 |
11,310,560 |
| Non controlling interest |
281,804 |
2,917,072 |
| TOTAL STOCKHOLDERS' EQUITY |
23,768,360 |
14,227,632 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
30,379,220 |
30,472,382 |
|
Common Stock
|
|
|
| STOCKHOLDERS' EQUITY |
|
|
| Common stock value issued |
|
|
|
Common Class B
|
|
|
| STOCKHOLDERS' EQUITY |
|
|
| Common stock value issued |
$ 1,048,926 |
$ 969,526 |