Members' Equity

12 Months Ended

Dec. 31, 2022

Partners' Capital Notes [Abstract]

Partners' Capital Notes Disclosure [Text Block]

(6)  Members’ Equity –

For the years ended December 31, 2022 and 2021, the Company declared distributions of $4,839,063 and $2,393,295. The Limited Members received distributions of $4,784,000 and $2,361,900 and the Managing Members received distributions of $54,263 and $31,395 for the years ended December 31, 2022 and 2021, respectively. The Limited Members' distributions represented $2.86 and $1.39 per LLC Unit outstanding using 1,672,152 and 1,693,334 weighted average Units in both years. The distributions represented $1.22 and $.18 per Unit of Net Income and $1.64 and $1.21 per Unit of return of contributed capital in 2022 and 2021, respectively.

As part of the distributions discussed above, the Company distributed net sale proceeds of $4,545,455 and $2,020,202 in 2022 and 2021, respectively. The Limited Members received distributions of $4,500,000 and $2,000,000 and the Managing Members received distributions of $45,455 and $20,202. The Limited Members’ distributions represented $2.69 and $1.19 per Unit for the year.

The Company may repurchase Units from Limited Members who have tendered their Units to the Company. Such Units may be acquired at a discount. The Company will not be obligated to purchase in any year more than 2% of the total number of Units outstanding on January 1 of such year. In no event shall the Company be obligated to purchase Units if, in the sole discretion of the Managing Member, such purchase would impair the capital or operation of the Company.

During 2022, the Company repurchased a total of 8,499.50 Units for $46,962 from six Limited Members in accordance with the Operating Agreement. The Company acquired these Units using Net Cash Flow from operations. During 2021, the Company repurchased a total of 59,562.8 Units for $305,367 from eight Limited Members in accordance with the Operating Agreement. The Company acquired these Units using Net Cash Flow from operations.