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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
OPERATING REVENUES:        
Rental operations $ 67,543 $ 89,069 $ 224,573 $ 269,606
Other operating income 47,429 153,005 91,707 200,471
Total operating revenues 114,972 242,074 316,280 470,077
OPERATING EXPENSES:        
Utilities 3,620 2,276 10,128 7,609
Repairs and maintenance 74,528 31,838 179,162 61,923
Real estate taxes 38,061 41,197 115,626 129,224
Marketing, insurance and other 3,582 4,384 13,701 10,072
General and administrative expenses 367,944 427,674 1,166,694 1,175,885
Impairment loss on real estate assets   3,937,612   4,213,561
Depreciation and amortization expense 8,875 29,200 37,761 87,461
Total operating expenses 496,610 4,474,181 1,523,072 5,685,735
OTHER INCOME (EXPENSE):        
Gain on sale of real estate assets   397,591 1,253,933 397,591
Interest income 298 879 572 3,317
Interest expense (309,184) (286,646) (703,195) (831,942)
Amortization of deferred financing and leasing costs (60,003) (43,025) (136,150) (104,338)
Total other (expense) income (368,889) 68,799 415,160 (535,372)
LOSS FROM CONTINUING OPERATIONS (750,527) (4,163,308) (791,632) (5,751,030)
LOSS FROM DISCONTINUED OPERATIONS (306,203) (1,812,088) (487,095) (1,872,606)
NET LOSS (1,056,730) (5,975,396) (1,278,727) (7,623,636)
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST (187,675) (1,027,171) (206,898) (1,312,790)
LOSS AVAILABLE FOR COMMON SHAREHOLDERS $ (869,055) $ (4,948,225) $ (1,071,829) $ (6,310,846)
LOSS PER COMMON SHARE - BASIC AND DILUTED (Note 5):        
Loss from continuing operations - basic and diluted (in dollars per share) $ (0.06) $ (0.33) $ (0.06) $ (0.46)
Loss from discontinued operations - basic and diluted (in dollars per share) $ (0.02) $ (0.15) $ (0.04) $ (0.15)
Net loss - basic and diluted (in dollars per share) $ (0.08) $ (0.48) $ (0.1) $ (0.61)