Note 8 - Property and Equipment

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

NOTE

8.

PROPERTY AND EQUIPMENT

The cost of property and equipment at

December 31, 2019,

and

December 31, 2018,

consisted of the following:

	2019			2018
Building	$	—		$	836,827
Computers and equipment		17,330			17,330
Furniture and fixtures		10,850			90,919
Land		—			145,000
		28,180			1,090,076
Less accumulated depreciation		(10,427	)		(70,334	)
Property and equipment, net	$	17,753		$	1,019,742

Depreciation expense was

$27,284

 for the year ended 

December 31, 2019,

an

d

$135,397

 fo

r the year ended

December 31, 2018.

Included in these amounts are

$9,310

 and

$32,001

 for the years ended 

December 31, 2019

and

2018,

respectively, of depreciation expense related to personal property used in real estate segment rental operations. The depreciation expense related to personal property is included in the real estate segment cost-of-goods-sold amount on the accompanying consolidated statements of operations.

As of

December 31, 2019,

management has identified 

two

residential real estate properties and several vacant lots as real estate held for resale. These properties are carried at

$98,910

on the accompanying consolidated balance sheets as of

December 31, 2019.

This compares to the year ended

December 31, 2018,

when management reported

$73,212

of vehicles and equipment as held for resale and

$2,318,912

of real estate as held for resale.

A summary of total assets held for resale as of

December 31, 2019,

and

December 31, 2018,

is as follows:

	December 31, 2019		December 31, 2018
Real estate held for resale	$	98,910	$	2,318,912
Equipment and vehicles held for resale		—		73,212
Total assets held for resale	$	98,910	$	2,392,124

On

December 24, 2019,

the Company completed the sale of a commercial warehouse space held for resale located in Lexington, Kentucky. The property was sold at its carrying value of

$850,000.

Net proceeds totaled

$487,944

after repayment of the attached promissory note. The sale resulted in a loss of

$56,467,

which is included in other expenses under the real estate segment for the year ended

December 31, 2019.