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Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
REVENUE        
Lease income from direct financing lease – railroad $ 228,750 $ 228,750 $ 457,500 $ 457,500
Rental income 229,779 (70,385) 490,418 624,307
Other income 60,820 59,533 106,043 140,823
TOTAL REVENUE 519,349 217,898 1,053,961 1,222,630
EXPENSES        
Amortization of intangible assets 56,872 56,872 113,744 113,744
General and administrative 359,474 464,504 813,127 891,788
Property expenses 378,850 509,784 763,745 1,035,496
Property taxes 92,284 121,937 149,952 194,169
Depreciation expense 183,410 604,710 671,607 1,209,418
Impairment expense 17,449,424 17,998,981
Interest expense 1,144,204 651,530 2,159,366 1,188,952
TOTAL EXPENSES 19,664,518 2,409,337 22,670,522 4,633,567
OTHER INCOME (EXPENSE)        
Gain on sale of properties 394,394 1,040,452
Loan modification expense (160,000)
TOTAL OTHER INCOME (EXPENSE) 394,394 880,452
NET LOSS (19,145,169) (2,191,439) (21,222,167) (2,530,485)
Preferred Stock Dividends (163,207) (163,207) (326,414) (326,414)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (19,308,376) $ (2,354,646) $ (21,548,581) $ (2,856,899)
Loss Per Common Share:        
Basic $ (5.70) $ (0.69) $ (6.36) $ (0.84)
Diluted $ (5.70) $ (0.69) $ (6.36) $ (0.84)
Weighted Average Number of Shares Outstanding:        
Basic 3,389,661 3,389,661 3,389,661 3,389,661
Diluted 3,389,661 3,389,661 3,389,661 3,389,661
Cash dividend per Series A Preferred Share:
Accumulated undeclared dividend per Series A Preferred Shares: $ 0.48 $ 0.48 $ 0.97 $ 0.97