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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues        
Operating property revenue $ 1,880,000 $ 2,105,000 $ 2,193,000 $ 3,668,000
Mortgage loan income, net 447,000 641,000 1,098,000 1,266,000
Management fees, investment and other income 208,000 255,000 276,000 292,000
Total revenue 2,535,000 3,001,000 3,567,000 5,226,000
Operating Expenses        
Operating property direct expenses (exclusive of interest and depreciation) 3,657,000 2,099,000 6,007,000 4,334,000
Expenses for non-operating real estate owned 83,000 171,000 174,000 367,000
Professional fees 1,680,000 754,000 2,486,000 1,629,000
General and administrative expenses 1,560,000 1,708,000 3,465,000 3,588,000
Interest expense 300,000 800,000 791,000 1,525,000
Depreciation and amortization expense 321,000 303,000 591,000 644,000
Total operating expenses 7,636,000 5,815,000 13,514,000 12,087,000
Recovery of Credit Losses, Impairment, Gain Disposal of Assets, and Other        
Gain on disposal of assets (20,000) (142,000) (20,000) (395,000)
Recovery of credit losses (1,135,000) (175,000) (1,135,000) (175,000)
Unrealized loss on derivatives 124,000 0 291,000 0
Total Recovery, Impairment Charges, Gain on Disposal of Assets and Other (1,031,000) (317,000) (864,000) (570,000)
Total costs and expenses 6,605,000 5,498,000 12,650,000 11,517,000
Loss before provision for income tax (4,070,000) (2,497,000) (9,083,000) (6,291,000)
Income tax (provision) benefit 0 0 0 0
Net Loss (4,070,000) (2,497,000) (9,083,000) (6,291,000)
Net (income) loss attributable to non-controlling interests (318,000) 25,000 (441,000) 115,000
Cash dividends on Series B redeemable convertible preferred stock (648,000) (647,000) (1,288,000) (1,239,000)
Deemed dividend on Series B redeemable convertible preferred stock (954,000) (915,000) (1,889,000) (1,731,000)
Cash dividends on Series A redeemable preferred stock (417,000) (142,000) (830,000) (142,000)
Net Loss attributable to common shareholders $ (6,407,000) $ (4,176,000) $ (13,531,000) $ (9,288,000)
Net Loss per common share        
Basic and Diluted (in dollars per share) $ (0.39) $ (0.25) $ (0.83) $ (0.56)
Weighted average common shares outstanding - basic and diluted (in shares) 16,375,649 16,696,684 16,383,921 16,680,988