Expenses

12 Months Ended

Dec. 31, 2012

Operating Expenses [Abstract]

Expenses [Text Block]

NOTE 6. EXPENSES

The table below presents the Company's operating expenses for the years ended December 31, 2012 and 2011.

	Year Ended December 31,
		2012		2011
Legal fees	$	-	$	8,627
Other professional fees		177,906		1,106,090
Direct REIT operating expenses		448,879		344,706
Other administrative expenses		106,014		132,657
Total expenses	$	732,799	$	1,592,080

As described in Note 12 below, under the terms of a management agreement, the Company paid Bimini a monthly management fee,and a monthly expense fee which represents an allocation of overhead expenses for items that include, but are not limited to, occupancy costs, insurance and administrative expenses. These expenses are allocated based on the ratio of the Company's assets and Bimini's consolidated assets. Included in direct REIT operating expenses for the years ended December 31, 2012 and 2011 were management fees and allocated expenses of approximately $335,000 and $253,000, respectively.

During the year ended December 31, 2011, the Company withdrew its Form S-11 Registration Statement related to a proposed initial public offering of its common stock. The Registration Statement was withdrawn due to market conditions. Included in other professional fees for the year ended December 31, 2011 were approximately $1.1 million of expenses related to this attempted initial public offering.