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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenue:        
Operating Property Revenue $ 654,000 $ 1,155,000 $ 1,682,000 $ 2,361,000
Management Fees, Investment and Other Income 360,000 77,000 508,000 171,000
Mortgage Loan Income, Net 44,000 96,000 52,000 313,000
Total Revenue 1,058,000 1,328,000 2,242,000 2,845,000
Operating Expenses:        
Operating Property Direct Expenses (Exclusive of Interest and Depreciation) 620,000 759,000 1,439,000 1,631,000
Expenses for Non-Operating Real Estate Owned 170,000 133,000 336,000 291,000
Professional Fees 1,193,000 1,262,000 2,122,000 2,223,000
General and Administrative Expenses 2,613,000 1,947,000 4,358,000 3,862,000
Interest Expense 441,000 1,256,000 874,000 2,264,000
Depreciation and Amortization Expense 49,000 384,000 93,000 659,000
Total Operating Expenses 5,086,000 5,741,000 9,222,000 10,930,000
Recovery of Credit Losses, (Gain) Loss on Disposal, and Equity Method Loss from Unconsolidated Entities        
(Gain) Loss on Disposal of Assets, Net (1,683,000) 226,000 (1,715,000) (22,000)
Recovery of Credit Losses, Net (272,000) (120,000) (338,000) (120,000)
Equity Method Loss from Unconsolidated Entities, Net 52,000 46,000 171,000 190,000
Total Recovery of Credit Losses, (Gain) Loss on Disposal and Equity Method Loss from Unconsolidated Entities (1,903,000) 152,000 (1,882,000) 48,000
Total Costs and Expenses 3,183,000 5,893,000 7,340,000 10,978,000
Loss from Continuing Operations, Before Provision for Income Taxes (2,125,000) (4,565,000) (5,098,000) (8,133,000)
Provision for Income Taxes 0 0 0 (2,000)
Loss from Continuing Operations, Net of Tax (2,125,000) (4,565,000) (5,098,000) (8,135,000)
Income (Loss) from Discontinued Operations, Net of Tax (240,000) 40,000 4,736,000 (1,157,000)
Net Income (Loss) (2,365,000) (4,525,000) (362,000) (9,292,000)
(Income) Loss Attributable to Noncontrolling Interest Income Allocation (755,000) 18,000 (734,000) 73,000
Cash Dividend on Redeemable Convertible Preferred Stock (533,000) (533,000) (1,061,000) (1,067,000)
Deemed Dividend on Redeemable Convertible Preferred Stock (672,000) (620,000) (1,331,000) (1,227,000)
Net Loss Attributable to Common Shareholders $ (4,325,000) $ (5,660,000) $ (3,488,000) $ (11,513,000)
Earnings (Loss) per Common Share        
Basic and Diluted, Continuing Operations (in dollars per share) $ (0.25) $ (0.36) $ (0.51) $ (0.65)
Basic and Diluted, Discontinued Operations (in dollars per share) (0.01) 0.00 0.29 (0.07)
Basic and Diluted (in dollars per share) $ (0.26) $ (0.36) $ (0.22) $ (0.72)
Weighted average common shares outstanding for basic and diluted earnings per common share 16,154,341 15,922,321 16,121,992 15,910,197