|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| REVENUES |
|
|
| Real estate rentals and related revenue |
$ 64,142 |
$ 64,340 |
| Total revenues |
64,142 |
64,340 |
| Operating expenses: |
|
|
| Rental and other properties |
73,983 |
105,216 |
| Adviser's base fee |
1,020,000 |
1,020,000 |
| General and administrative |
324,852 |
341,798 |
| Professional fees and expenses |
173,439 |
111,811 |
| Directors' fees and expenses |
108,620 |
92,489 |
| Depreciation expense |
16,156 |
16,156 |
| Interest expense |
88,427 |
102,084 |
| Total expenses |
1,805,477 |
1,789,554 |
| Loss before other income and income taxes |
(1,741,335) |
(1,725,214) |
| Net realized and unrealized gains from investments in marketable securities |
144,219 |
120,696 |
| Net income from other investments |
248,709 |
400,751 |
| Other than temporary impairment losses from other investments |
(50,000) |
(27,666) |
| Interest, dividend and other income |
231,864 |
143,677 |
| Total other income |
574,792 |
637,458 |
| Loss before income taxes |
(1,166,543) |
(1,087,756) |
| Benefit from income taxes |
|
(66,000) |
| Loss from continuing operations |
(1,166,543) |
(1,021,756) |
| Income from discontinued operations, net of tax and incentive fee |
16,439,449 |
1,122,167 |
| Net income |
15,272,906 |
100,411 |
| Noncontrolling interest in continuing operations |
(3,713) |
(3,033) |
| Noncontrolling interest in discontinued operations |
(93,206) |
(91,067) |
| Net income attributable to the noncontrolling interest |
(96,919) |
(94,100) |
| Net income attributable to the Company |
15,175,987 |
6,311 |
| Amounts attributable to the Company |
|
|
| Continuing operations |
(1,170,256) |
(1,024,789) |
| Discontinued operations |
16,346,243 |
1,031,100 |
| Net income attributable to the Company |
15,175,987 |
6,311 |
| Weighted average common shares outstanding-basic (in shares) |
1,004,599 |
1,001,593 |
| Weighted average common shares outstanding-diluted (in shares) |
1,006,067 |
1,001,593 |
| Net income (loss) per common share: |
|
|
| Continuing operations-basic (in dollars per share) |
$ (1.16) |
$ (1.02) |
| Continuing operations-diluted (in dollars per share) |
$ (1.16) |
$ (1.02) |
| Discontinued operations-basic (in dollars per share) |
$ 16.27 |
$ 1.03 |
| Discontinued operations-diluted (in dollars per share) |
$ 16.25 |
$ 1.03 |
| Basic income per share (in dollars per share) |
$ 15.11 |
$ 0.01 |
| Diluted income per share (in dollars per share) |
$ 15.08 |
$ 0.01 |
| Other comprehensive income: |
|
|
| Unrealized gain on interest rate swap agreement |
982,500 |
5,000 |
| Total other comprehensive income |
982,500 |
5,000 |
| Comprehensive income |
$ 16,158,487 |
$ 11,311 |