0001437749-21-026062.txt : 20211110 0001437749-21-026062.hdr.sgml : 20211110 20211110125534 ACCESSION NUMBER: 0001437749-21-026062 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 58 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211110 DATE AS OF CHANGE: 20211110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Gyrodyne, LLC CENTRAL INDEX KEY: 0001589061 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 463838291 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-37547 FILM NUMBER: 211395658 BUSINESS ADDRESS: STREET 1: 1 FLOWERFIELD, SUITE 24 CITY: ST. JAMES STATE: NY ZIP: 11780 BUSINESS PHONE: 631-584-5400 MAIL ADDRESS: STREET 1: 1 FLOWERFIELD, SUITE 24 CITY: ST. JAMES STATE: NY ZIP: 11780 10-Q 1 gyrllc20210930_10q.htm FORM 10-Q gyrllc20210930_10q.htm
0001589061 Gyrodyne, LLC false --12-31 Q3 2021 13.8 8 84 24 84 5 5 30 25 100 100 2018 2019 2020 0 100 0 0 Excludes Retention Bonus Payments The officer discretionary amount of 1.75% will be allocated to the officers within the discretion of the Board. The Company reached agreements with certain service vendors to defer payment of approximately $210,000 of the $1.11 million until the closing of the first property lot sale that is the subject of either the Flowerfield or Cortlandt Manor subdivision, respectively. The amounts reported are based on the provisions of the retention bonus plan and the reported amount of the real estate assets estimated net realizable value. Based on the estimated real estate value of the Cortlandt property, aggregate proceeds from the sale of the two Cortlandt lots would not exceed the adjusted floor under the retention bonus plan and therefore the above table only reflects the projected bonus from the sale of the Flowerfield property. The Company understood that the tenant’s main intent was to sublease the space to artists, on a short-term basis, after which such subtenant artists would transition into their own space leased directly from the Company. Under the master lease, the tenant has the right to sublease the space without prior written consent for use as an art studio, art school or related use. Under the terms of the master lease, rent is payable by the tenant only to the extent the space is sublet, at the rent amount per square foot payable by the subtenant up to a maximum of $10 per square foot per year. The maximum annual and total lease commitment of up to $18,170 and $36,340, respectively. Any space not subleased may be used by the tenant rent-free for certain stated art uses, although the tenant is responsible for certain passthrough expenses such as electric and heat. Since rent is only due if the space is sublet, the Company believes the fair value of the space to the extent not sublet reflects a below market lease over the nine months ending September 30, 2021 of $13,627 and total commitments of up to $36,340. The Company reached agreements with certain service vendors to defer payment until the closing of the first property lot sale that is the subject of either the Flowerfield or Cortlandt Manor subdivision, respectively. The director fees and interest accrued under the deferred Compensation Plan where each director elected to defer 100% of his fees for 2021 and 2020. 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FORM 10-Q

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

(Mark One)

         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

 

OR

 

         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

 

Commission file number 001-37547

Gyrodyne, LLC

(Exact name of registrant as specified in its charter)

 

New York46-3838291
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

 

1 Flowerfield, Suite 24, St. James, NY 11780
(Address and Zip Code of principal executive offices)

 

(631) 584-5400

(Registrant’s telephone number, including area code)

 


(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐Accelerated filer ☐
Non-accelerated filerSmaller reporting company
Emerging growth company  

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No ☒

 

Title of Each Class

Trading Symbol

Name of Exchange on which Registered

Common Shares of Limited Liability Company Interests

GYRO

Nasdaq Capital Market

 

On November 10, 2021, there were 1,482,680 common shares outstanding.

 

 

1
 

 

 

INDEX TO QUARTERLY REPORT OF GYRODYNE, LLC

QUARTER ENDED SEPTEMBER 30, 2021

 

 

 

    Seq. Page
     
 

Form 10-Q Cover

1

     
 

Index to Form 10-Q

2

     
 

PART I - FINANCIAL INFORMATION

3

     
 

Item 1. Financial Statements.

3

     
 

Consolidated Statements of Net Assets as of September 30, 2021 (liquidation basis and unaudited) and December 31, 2020 (liquidation basis)

3

     
 

Consolidated Statement of Changes in Net Assets for the nine months ended September 30, 2021 (liquidation basis and unaudited)

4

     
 

Notes to Consolidated Financial Statements (unaudited)

5

     
 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

15

     
  Item 3. Quantitative and Qualitative Disclosures About Market Risk. 29
     
 

Item 4. Controls and Procedures.

30

     
 

PART II - OTHER INFORMATION

30

     
 

Item 1. Legal Proceedings.

30

     
 

Item 1A. Risk Factors.

30

     
 

Item 6. Exhibits.

32

     
 

SIGNATURES

32

     
  EXHIBIT INDEX 33

 

2
 

 

 

PART I - FINANCIAL INFORMATION                           

Item 1. Financial Statements.

 

GYRODYNE, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF NET ASSETS

AS OF SEPTEMBER 30, 2021 (UNAUDITED) AND DECEMBER 31, 2020

(Liquidation Basis)

 

  

September 30,

  

December 31,

 
  

2021

(Unaudited)

  

2020

 

ASSETS:

        

Real estate held for sale

 $38,550,000  $39,050,000 

Cash and cash equivalents

  6,024,268   1,632,231 

Restricted cash

  -   169,000 

Rent receivable

  34,626   21,849 

Other receivables

  30,313   34,751 

Total Assets

 $44,639,207  $40,907,831 
         

LIABILITIES:

        

Accounts payable

 $1,077,708  $893,183 

Accrued liabilities

  834,728   556,926 

Deferred rent liability

  175,504   15,283 

Tenant security deposits payable

  253,563   241,722 

Loans payable

  10,086,854   5,159,833 

Estimated liquidation and operating costs net of estimated receipts

  9,697,881   11,552,940 

Total Liabilities

  22,126,238   18,419,887 

Net assets in liquidation

 $22,512,969  $22,487,944 

 

See notes to consolidated financial statements

 

3

 

 

GYRODYNE, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

FOR THE NINE-MONTHS ENDED SEPTEMBER 30, 2021

(Liquidation Basis)

(Unaudited)

 

Net assets in liquidation, as of December 31, 2020

     $22,487,944 

Changes in assets and liabilities in liquidation:

        

Change in liquidation value of real estate

 $-     

Remeasurement of assets and liabilities

  25,025     

Net increase in liquidation value

      25,025 

Net assets in liquidation, as of September 30, 2021

     $22,512,969 

 

See notes to consolidated financial statements

 

4

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (LIQUIDATION BASIS) FOR THE NINE-MONTHS ENDED SEPTEMBER 30, 2021 (unaudited)

 

 

1.

The Company

 

Gyrodyne, LLC (including its subsidiaries, “Gyrodyne”, the “Company” or the “Registrant”) is a limited liability company formed under the laws of the State of New York whose primary business is the management of, and the pursuit of entitlements on, a portfolio of medical office and industrial properties located in Suffolk (“Flowerfield”) and Westchester Counties (“Cortlandt Manor”), New York State.

 

Substantially all of our developed properties are subject to leases in which the tenant reimburses the Company for a portion, all of or substantially all of the costs and/or cost increases for utilities, insurance, repairs, maintenance and real estate taxes. Certain leases provide that the Company is responsible for certain operating expenses.

 

Gyrodyne’s corporate strategy is to enhance the value of Flowerfield and Cortlandt Manor by pursuing entitlement opportunities and enhancing the value of its leases. The Company believes the aforementioned strategy will increase the values for such properties. The value of the real estate reported in the consolidated statements of net assets as of September 30, 2021 and December 31, 2020 (predicated on current asset values) includes some, but not all of the potential value impact that may result from such value enhancement efforts. There can be no assurance that our value enhancement efforts will result in property value increases that exceed the costs we incur in such efforts, or even any increase at all.

 

Our efforts to generate the highest values for Flowerfield and Cortlandt Manor may involve in limited circumstances various other strategies to enhance the net value of Flowerfield and Cortlandt Manor to maximize the returns for our shareholders. Gyrodyne intends to dissolve after it completes the disposition of all of its real property assets, applies the proceeds of such dispositions first to settle any debts and claims, pending or otherwise, against Gyrodyne, and then makes distributions to holders of Gyrodyne common shares. The process of seeking entitlements to enhance property values and the amount and timing of distributions from proceeds of asset sales involve risks and uncertainties. As such, it is impossible at this time to determine the ultimate amount of proceeds that will actually be distributed to our shareholders or the timing of such payments. Accordingly, no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in our consolidated statements of net assets. The actual nature, amount and timing of all distributions will be determined by Gyrodyne’s Board in its sole discretion and will depend in part upon the Company’s ability to convert our remaining assets into cash in compliance with our obligations under the Stipulation entered into in connection with the class action lawsuit (See Note 13 – Contingencies) and settle and pay our remaining liabilities and obligations. Under Gyrodyne’s Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”), such dissolution may be effected upon the vote of holders of a majority of Gyrodyne common shares or, in the Company’s discretion and without any separate approval by the holders of Gyrodyne common shares, at any time the value of Gyrodyne’s assets, as determined by the Company in good faith, is less than $1,000,000.

 

The Company’s remaining real estate investments, each of which is held in a single asset limited liability company wholly owned by the Company, consist of:

 

Cortlandt Manor:13.8 acres in Cortlandt Manor, New York, consisting of the 34,000 square foot Cortlandt Manor Medical Center; and

 

Flowerfield: 63 acres in St. James, New York, including a 10-acre multi-tenanted industrial park comprising 127,000 rentable square feet. There were an additional 5 acres comprising of two parcels that were zoned residential and non-contiguous to the Flowerfield property which the Company sold in April 2021 (See Note 6 – Disposition Activities).

 

 

2.

Basis of Quarterly Presentations

 

The accompanying interim quarterly financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements of the Company included herein have been prepared by the Company pursuant to the rules and regulations of the SEC and, in the opinion of management, reflect all adjustments which are necessary to present fairly the results for the nine-months ended September 30, 2021.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations; however, management believes that the disclosures are adequate to make the information presented not misleading.

 

This report should be read in conjunction with the audited consolidated financial statements and footnotes therein included in the Annual Report on Form 10-K for the year ended December 31, 2020.

 

5

 

 

3.

Summary of Significant Accounting Policies

 

Gyrodyne intends to dissolve after it completes the disposition of all of its real property assets, applies the proceeds of such dispositions first to settle any debts and claims, pending or otherwise, against Gyrodyne, and then makes distributions to holders of Gyrodyne common shares. Therefore, effective September 1, 2015 Gyrodyne adopted the liquidation basis of accounting. This basis of accounting is considered appropriate when, among other things, liquidation of the entity is “imminent”, as defined in ASC 205-30, Presentation of Financial Statements Liquidation Basis of Accounting. Under the LLC Agreement, the Company may elect, in its sole discretion and without any separate approval by shareholders, to dissolve the Company at any time the value of the Company’s assets, as determined by the Company in good faith, is less than $1 million. The LLC Agreement also provides that the Company will dissolve, and its affairs wound up, upon the sale, exchange or other disposition of all the real properties of the Company. As a result, liquidation is deemed to be “imminent” in accordance with the guidance provided in ASC 205-30.

 

Principles of Consolidation - The consolidated financial statements include the accounts of Gyrodyne and all subsidiaries. All consolidated subsidiaries are wholly owned. All inter-company balances and transactions have been eliminated.

 

Basis of Presentation - Liquidation Basis of Accounting – Under the liquidation basis of accounting the consolidated balance sheet and consolidated statements of operations, equity, comprehensive income and cash flows are no longer presented. The consolidated statements of net assets and the consolidated statements of changes in net assets are the principal financial statements presented under the liquidation basis of accounting.

 

Under the liquidation basis of accounting, all the Company’s assets have been stated at their estimated net realizable value, or liquidation value, (which represents the estimated amount of cash that Gyrodyne will collect on the disposal of assets as it carries out the plan of liquidation), which is based on current contracts, estimates and other indications of sales value (predicated on current values). All liabilities of the Company, including those estimated costs associated with implementing the plan of liquidation, have been stated at their estimated settlement amounts. These amounts are presented in the accompanying statements of net assets. These estimates are periodically reviewed and adjusted as appropriate. There can be no assurance that these estimated values will be realized. Such amounts should not be taken as an indication of the timing or amount of future distributions or our actual dissolution. The valuation of assets at their net realizable value and liabilities at their anticipated settlement amount represent estimates, based on present facts and circumstances, of the net realizable value of the assets and the costs associated with carrying out the plan of liquidation. The actual values and costs associated with carrying out the plan of liquidation may differ from amounts reflected in the accompanying consolidated financial statements because of the plan’s inherent uncertainty. These differences may be material. In particular, the estimates of our costs will vary with the length of time necessary to complete the plan of liquidation, which is currently anticipated to be completed by December 31, 2022. The Company is in the process of pursuing entitlements and density approvals, and our ability to obtain required permits and authorizations is subject to factors beyond our control, including environmental concerns of governmental entities, community groups and purchasers. The process will involve extensive analysis internally at the government entity level, as well as between government entities such as town planning departments and Gyrodyne and or purchasers and will continue up until such time as entitlement and density decisions are made by the relevant government entities. The Company hopes to secure favorable decisions on entitlements and density so that we can then seek the sale of our remaining properties at higher prices than those achievable under their current entitlements and then proceed with the liquidation and dissolution of the Company. Any deviation in use or density between what we are pursuing in our entitlement efforts and what is ultimately permitted could have a material impact on value. The Company expects the process of pursuing entitlements, density approvals, sales, liquidation and dissolution could extend through December 31, 2022 with the ultimate timing dependent upon and under the control of the applicable municipality’s planning board or other governmental authority and or purchasers. Accordingly, it is not possible to predict with certainty the timing or aggregate amount which may ultimately be distributed to common shareholders and no assurance can be given that the distributions will equal or exceed the estimate presented in the accompanying consolidated statements of net assets.

 

The Company’s assumptions and estimates (including the sales proceeds of all its real estate holdings, selling costs, retention bonus payments, rental revenues, rental expenses, capital expenditures, land entitlement costs, general and administrative fees, director and officer liability and reimbursement, post liquidation insurance tail coverage policy and final liquidation costs) are based on completing the liquidation by December 31, 2022. As previously stated, on an ongoing basis, Gyrodyne evaluates the estimates and assumptions that can have a significant impact on the reported net assets in liquidation and will update respective information accordingly for any costs and value associated with a change in the duration of the liquidation, as we cannot give any assurance on the timing of the ultimate sale of all the Company’s properties.

 

Management Estimates In preparing the consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) and the liquidation basis of accounting, management is required to make estimates and assumptions that affect the reported amounts of assets, including net assets in liquidation, and liabilities, and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of receipts and expenditures for the reporting period. Actual results could differ from those estimates.

 

6

 

Cash equivalents - The Company considers all certificates of deposits, money market funds, treasury securities and other highly liquid debt instruments purchased with short-term maturities to be cash equivalents.

 

Allowance for doubtful accounts – Rent receivable is carried at net realizable value. Management makes estimates of the collectability of rents receivable. Management specifically analyzes receivables and historical bad debts, tenant concentrations, tenant creditworthiness, current economic trends, including the impact of the outbreak of the novel strain of coronavirus (COVID-19) on tenants’ business, and changes in tenant payment patterns when evaluating the adequacy of the allowance for doubtful accounts.

 

Estimated Distributions per Share – Under the liquidation basis of accounting, the Company reports estimated distributions per share data by dividing net assets in liquidation by the number of shares outstanding.  

 

New Accounting Pronouncements - Management has evaluated the impact of newly issued accounting pronouncements, whether effective or not as of September 30, 2021, and has concluded that they will not have a material impact on the Company’s consolidated financial statements since the Company reports on a liquidation basis.

 

 

4.

Statements of Net Assets in Liquidation

 

Net assets in liquidation on September 30, 2021 and December 31, 2020 would result in estimated liquidating distributions of $22,512,969 and $22,487,944, or approximately $15.18 and $15.17 per common share, respectively, based on 1,482,680 shares outstanding. The increase of $25,025 or $0.01 per share is attributable to the change in the estimated liquidation and operating costs net of receipts, mainly due to additional rental revenue, savings in general and administrative expenses and an increase in miscellaneous other income of approximately $362,000, $153,000 and $6,000, respectively, offset by additional interest expense and closing/prepayment fees on the loan that the Company secured in September 2021 (see Note 7) of approximately $117,000 and $266,000, respectively, and additional property operating expenses and selling costs of $91,745 and $20,737, respectively.

 

The cash balance at the end of the liquidation period (currently estimated to be December 31, 2022, although the estimated completion of the liquidation period may change), excluding any interim distributions, is estimated based on adjustments for the following items which are estimated through December 31, 2022:

 

 

1.

The estimated cash receipts from the operation of the Company’s properties net of rental property related expenditures as well as costs expected to be incurred to preserve or improve the net realizable value of the properties at their estimated gross sales proceeds.

 

2.

Net proceeds from the sale of all the Company’s real estate holdings.

 

3.

The general and administrative expenses and or liabilities associated with operations and the liquidation of the Company including severance, director and officer liability coverage including post liquidation tail policy coverage, and financial and legal fees to complete the liquidation.

 

4.

Costs for the pursuit of entitlements on the Flowerfield and Cortlandt Manor properties.

 

5.

Retention bonus amounts (See Note 12).

 

6.

Costs, including principal payments, net of drawdowns on the Company’s credit facilities to fund tenant improvements and working capital and related fees.

 

The Company estimates the net realizable value of its real estate assets by using income and market valuation techniques. The Company may estimate net realizable values using market information such as broker opinions of value, appraisals, and recent sales data for similar assets or discounted cash flow models, which primarily rely on Level 3 inputs, as defined under FASB ASC Topic No. 820, Fair Value Measurement. The cash flow models include estimated cash inflows and outflows over a specified holding period. These cash flows may include contractual rental revenues, projected future rental revenues and expenses and forecasted capital improvements and lease commissions based upon market conditions determined through discussion with local real estate professionals and relevant Company experience with its current and previously owned properties. Capitalization rates and discount rates utilized in these models are estimated by management based upon rates that management believes to be within a reasonable range of current market rates for the respective properties based upon an analysis of factors such as property and tenant quality, geographical location and local supply and demand observations. To the extent the Company underestimates or overestimates forecasted cash outflows (capital improvements, lease commissions and operating costs) or overestimates or underestimates forecasted cash inflows (rental revenue rates), the estimated net realizable value of its real estate assets could be overstated or understated.

 

7

 

The Company estimates that it will incur approximately $998,000 (included in the consolidated statement of net assets as part of the estimated liquidation and operating costs net of receipts, See Note 5) in land entitlement costs from October 2021 through the end of the liquidation period, currently estimated to conclude on or about December 31, 2022, in an effort to obtain entitlements, including special permits. The Company believes the commitment of these resources will enable the Company to position the properties for sale with all entitlements necessary to maximize the Flowerfield and Cortlandt Manor property values and resulting distributions.  During the nine months ended September 30, 2021, the Company incurred approximately $493,000 of land entitlement costs (of which certain of the Company’s service vendors agreed to defer approximately $166,000 until the first post subdivision property lot is sold), consisting predominantly of engineering fees, legal fees and real estate taxes.  The Company believes the remaining balance of $998,000 (approximately $170,000 of which certain of the Company service vendors have agreed to defer until the first post subdivision property lot is sold) will be incurred from October 2021 through the end of the liquidation period. The Company does not intend to develop the properties but rather to commit resources to position the properties for sale in a timely manner with all entitlements necessary to achieve maximum pre-construction values.  The costs and time frame to achieve the entitlements could change due to a range of factors including a shift in the value of certain entitlements making it more profitable to pursue a different mix of entitlements and the dynamics of the real estate market.  As a result, the Company has focused and will continue to focus its land entitlement efforts on achieving the highest and best use while considering the time necessary to achieve such entitlements.  During the process of pursuing such entitlements, the Company may entertain offers from potential buyers who may be willing to pay premiums for the properties that the Company finds more acceptable from a timing or value perspective than completing the entitlement processes itself.  The value of the real estate reported in the statement of net assets as of September 30, 2021 (predicated on current asset values) includes some but not all of the potential value impact that may result from the land entitlement efforts. There can be no assurance that our value enhancement efforts will result in property value increases that exceed the costs we incur in such efforts, or even any increase at all.

 

The net assets as of September 30, 2021 ($22,512,969) and December 31, 2020 ($22,487,944) results in estimated distributions of approximately $15.18 and $15.17, respectively, per common share (based on 1,482,680 shares outstanding), based on estimates and other indications of sales value (predicated on current asset values) which includes some but not all of the potential sales proceeds that may result directly or indirectly from our land entitlement efforts. Some of the additional value that may be derived from the land entitlement efforts is not included in the estimated distributions as of September 30, 2021 because the amount of such additional value that may result from such efforts are too difficult to predict with sufficient certainty. The Company believes the land entitlement efforts will enhance estimated distributions per share through the improved values (a large amount of which has already been included in the reported value for real estate held for sale) from the sales of the Flowerfield and Cortlandt Manor properties net of the costs to achieve the improved values and other expenses. This estimate of distributions includes projections of costs and expenses to be incurred during the period required to complete the plan of liquidation. There is inherent uncertainty with these projections, and they could change materially based on the timing of the sales, change in values of the Cortlandt Manor and/or Flowerfield properties (whether market driven or resulting from the land entitlement efforts) net of any bonuses (if such values exceed the minimum values required to pay bonuses under the retention bonus plan), favorable or unfavorable changes in the land entitlement costs, the performance of the underlying assets, the market for commercial real estate properties generally and any changes in the underlying assumptions of the projected cash flows.

 

 

5.

Estimated Liquidation and Operating Costs Net of Estimated Receipts

 

The liquidation basis of accounting requires the Company to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the plan of liquidation. The Company currently estimates that it will incur liquidation and operating costs net of estimated receipts during the liquidation period of $9,697,881, excluding the gross proceeds from the real estate sales. These amounts can vary significantly due to, among other things, land entitlement costs, the timing and estimates for executing and renewing leases, capital expenditures to maintain the real estate at its current estimated realizable value and estimates of tenant improvement costs, the timing of property sales and any direct/indirect costs incurred that are related to the sales (e.g., retention bonuses on the sale of the Cortlandt Manor and Flowerfield properties, costs to address buy side due diligence inclusive of administrative fees, legal fees and property costs to address items arising from such due diligence and not previously known), the timing and amounts associated with discharging known and contingent liabilities and the costs associated with the winding up of operations. These costs are estimated and are anticipated to be paid during the liquidation period.

 

The change in the liability for estimated operating costs in excess of estimated receipts during liquidation from January 1, 2021 through September 30, 2021 has been calculated as follows:

 

  

January 1,

2021

  

Expenditures/ (Receipts)

  

Remeasurement of

Assets and Liabilities

  

September 30,

2021

 

Assets:

                

Estimated rents and reimbursements

 $4,926,648  $(1,977,425) $362,192  $3,311,415 
Prepaid expenses and other assets  848,972   149,723   -   998,695 

Liabilities:

                

Property operating costs

  (3,061,404)  1,229,711   (91,745)  (1,923,438)

Common area capital expenditures

  (460,638)  92,546   -   (368,092)

Land entitlement costs

  (1,490,699)  492,672   -   (998,027)*

Corporate expenditures

  (6,344,342)  1,773,509   (224,685)  (4,795,518)

Selling costs on real estate assets

  (3,057,997)  69,298   (20,737)  (3,009,436)

Retention bonus payments to Directors, executives and employees**

  (2,913,480)  -   -   (2,913,480)

Liability for estimated liquidation and operating costs net of estimated receipts

 $(11,552,940) $1,830,034  $25,025  $(9,697,881)

 

* The Company reached agreements with certain service vendors to defer payment of approximately $170,000 of the $998,000 until the closing of the first property lot sale that is the subject of either the Flowerfield or Cortlandt Manor subdivision, respectively.

** The amounts reported are based on the provisions of the retention bonus plan and the reported amount of the real estate assets estimated net realizable value. Based on the estimated real estate value of the Cortlandt property, aggregate proceeds from the sale of the two Cortlandt lots would not exceed the adjusted floor under the retention bonus plan and therefore the above table only reflects the projected bonus from the sale of the Flowerfield property.

 

8
 

 

 

6.

Disposition Activities

 

On April 26, 2021, the Company closed on the sale of its 5.0-acre parcel of vacant land that is non-contiguous to and not part of the Flowerfield complex in Smithtown, New York for a purchase price of $500,000 as per the purchase and sale agreement signed on May 11, 2020.

 

Terminated Contracts

 

Flowerfield -

 

On March 16, 2021, the Company received a notice (the “BSL Termination Notice”) from BSL ST. James, LLC, a Delaware limited liability company (“BSL”), that it is terminating the Purchase and Sale Agreement (originally dated August 27, 2019, the “BSL Agreement”) for the sale of a 9.0-acre parcel of vacant land in the Flowerfield complex in Smithtown, New York for $16,800,000.  The BSL Termination Notice referenced the termination right and requested the return of the earnest money deposit to BSL in accordance with the provisions of the BSL Agreement. Such earnest money deposit has been returned to BSL.

 

Cortlandt Manor -

 

On February 1, 2021, the Company received a notice (the “SC Termination Notice”) from Sound Cortlandt, LLC, a Delaware limited liability company (“SC LLC”)  that it is terminating the Purchase and Sale Agreement (the “SC Agreement”) (originally dated December 7, 2019) for the sale of approximately 4.5 acres of its real property located in Cortlandt Manor, New York, together with improvements thereon (the “SC Agreement Property”) for a purchase price of $5,720,000.  The SC Termination Notice referenced the termination right and called for the Escrow Agent (as defined in the SC Agreement) to return the earnest money deposit immediately to SC LLC in accordance with the provisions of the SC Agreement. Such earnest money deposit has been returned to SC LLC.

 

 

7.

Loans Payable

 

The Company secured a non-revolving credit line for up to $3,000,000 (the “Original Line”) with a bank, which closed on March 21, 2018.  The original line included an interest only phase for the first eight months of the loan (as amended the “Interest-Only Phase”).  The Company amended and extended the Original Line which included extending the conversion date of the Interest-Only Phase to the earlier of April 30, 2021 or upon drawing down a total of $3,000,000 after which it automatically converts to a permanent loan maturing on the earlier of April 30, 2028 or 84 months after conversion to a permanent loan (the “Permanent Phase”).  On April 30, 2021, the loan converted to the Permanent Phase with an outstanding principal balance of $2,200,000.  During the Permanent Phase, the Company is paying interest at a fixed rate based on the Federal Home Loan Bank rate for a 7-year maturity as made available by the Federal Home Loan Bank of New York plus a margin of 200 basis points (2%) rounded up to the nearest 1/8 percent, but shall not be less than 3.85%, plus principal based on a 20-year amortization period.  The Permanent Phase interest rate currently is 3.85%. 

 

The first advance of $1.1 million was used to finance the tenant improvements pursuant to the amended and expanded signed lease with Stony Brook University Hospital (“SBU Hospital”). An additional advance of $1.1 million was drawn on March 29, 2019 to finance the buildouts on leases signed through December 31, 2018. The remaining $800,000 went unused and the Company no longer has access to that amount.

 

9

 

To secure access to additional working capital through the final sale date of the Flowerfield industrial buildings, the Company secured a second loan evidenced by a non-revolving business line of credit agreement and promissory note with the Original Line bank for up to $3,000,000, which closed on January 24, 2019.  This loan included an interest only phase for the first twenty-four months of the loan (“Interest-Only Phase”) after which it automatically converts to a permanent loan maturing on January 20, 2028 (84 months after conversion to a permanent loan) (the “Permanent Phase”).  The Company amended and extended the line which included extending the conversion date of the Interest-Only Phase to May 20, 2021 after which it automatically converts to a permanent loan maturing on May 20, 2028 (84 months after conversion to a permanent loan).  On May 20, 2021, the loan converted to the Permanent Phase with an outstanding principal balance of $3,000,000. During the Permanent Phase, the Company pays interest at a fixed rate based on the Federal Home Loan Bank rate for a 7-year maturity as made available by the Federal Home Loan Bank of New York plus a margin of 200 basis points (2%) rounded up to the nearest 1/8 percent, but shall not be less than 3.85%, plus principal based on a 20-year amortization period.  The Permanent Phase interest rate currently is 3.85%. 

 

Both lines are secured by approximately 31.8 acres of the Flowerfield Industrial Park including the related buildings and leases. As of December 31, 2020, the Company is in compliance with the loan covenants. The Company anticipates modifying the terms of the loans following the completion of the subdivision so that the loans remain secured by the subdivided industrial park lot only.

 

To secure access to additional working capital, the Company, through its subsidiary GSD Cortlandt, LLC (“GSD Cortlandt”) secured a loan evidenced by a non-revolving business line of credit agreement and promissory note with the Original Line bank for up to $2,500,000 which closed on July 16, 2020. The term was 24 months, with an option to extend for an additional 12 months. The interest rate was a variable rate equal to the daily highest prime rate published by the Wall Street Journal plus 100 basis points (1%), rounded up to the nearest 1/8 percent, but in no event less than four and three quarters percent (4.75%). The terms of the loan originally limited access to certain amounts, contingent upon GSD Cortlandt securing purchase agreements for one or both Cortlandt Property lots. On February 22, 2021, the loan was amended to remove such limitation on draws. Advances of $379,765 and $670,235, were drawn at closing and on January 28, 2021, respectively. The loan was paid in full and closed on September 15, 2021.

 

On September 15, 2021, the Company, through its subsidiary GSD Cortlandt, LLC (“GSD Cortlandt”), secured a $4.95 million term loan (the “Mortgage Loan”), the proceeds of which was used to pay off the previous GSD Cortlandt debt facility of which $1,050,000 was outstanding.  The term of the Mortgage Loan is five years with an option to extend for an additional five years (the “Extension Period”).  Until the initial maturity date, the Mortgage Loan bears interest at an annual rate equal to 3.75%. If the maturity date is extended for the Extension Period, the rate of interest on the Mortgage Loan will adjust and be fixed for the Extension Period to the greater of (i) 3.75% or (ii) 275 basis points in excess of the weekly average yield on United States Treasury Securities adjusted to a constant maturity of five years as most recently made available by the Federal Reserve Board as of thirty days prior to the first day of the Extension Period.  The Mortgage Loan will be paid in monthly installments of principal and interest calculated on the basis of a thirty-year amortization schedule. If the maturity date is extended for the Extension Period, the amount of each monthly installment will be recalculated for the Extension Period based on the adjusted interest rate on the Mortgage Loan and an amortization schedule of twenty-five years.  The lender has the right, but not the obligation, to decline to extend the term of the Mortgage Loan if the loan to value ratio of the property is greater than seventy (70%) percent on the date the extension is exercised, or the property does not support a debt service coverage ratio (as calculated by the lender) of at least 1.3 to 1 on the date the extension is exercised. The borrower shall also be responsible for all fees and expenses associated with the extension including, but not limited to, the lender’s reasonable legal fees, an inspection fee in the amount of $150.00, and a tax service fee.

 

The Mortgage Loan may be prepaid in whole or in part, at any time, provided the borrower (GSD Cortlandt) pays the bank with each prepayment a prepayment fee equal to (i) during the first loan year and, if applicable, the first loan year of the Extension Period, five percent of the amount of such prepayment; (ii) during the second loan year and, if applicable, during the second loan year of the Extension Period, four percent of the amount of such prepayment; (iii) during the third loan year and, if applicable, during the third loan year of the Extension Period, three percent of the amount of such prepayment; (iv) during the fourth loan year and, if applicable, during the fourth loan year of the Extension Period, two percent of the amount of such prepayment; and (v) during the fifth loan year and, if applicable, during the fifth loan year of the Extension Period, one percent of the amount of such prepayment. There will be no prepayment fee for any prepayment made during the sixty-day period immediately preceding the initial maturity date or the last sixty days of the Extension Period. All prepayments must include accrued and unpaid interest through the date of prepayment. If the Cortlandt property is sold to a bona fide third-party purchaser within the initial two years of the term of the Mortgage Loan, the prepayment fee to be paid upon repayment of the Mortgage Loan in full will be reduced by fifty percent.

 

The Mortgage Loan is secured by the Cortlandt property located at 1985 Crompond Road (5.01 acres).

 

The total debt payable mature as follows:

 

Years Ending September 30,

    

2022

 $269,636 

2023

  280,108 

2024

  290,987 

2025

  302,288 

2026

  314,028 

Thereafter

  8,629,807 

Total

 $10,086,854 

 

10
 

 

 

8.

Accounts payable and Accrued Liabilities

 

  

Accounts Payable

   

Accrued Liabilities

 
  

September 30,

2021

  

December 31,

2020

   

September 30,

2021

  

December 31,

2020

 

Current accounts payable

 $200,501  $241,963 

Accrued liabilities

 $192,728  $188,554 

Deferred accounts payable (a)

  877,207   651,220 

Deferred Compensation to Directors (b)

  642,000   368,372 

Total

 $1,077,708  $893,183 

Total

 $834,728  $556,926 

 

 

(a)

The Company reached agreements with certain service vendors to defer payment until the closing of the first property lot sale that is the subject of either the Flowerfield or Cortlandt Manor subdivision, respectively.

 

(b)

The director fees and interest accrued under the deferred Compensation Plan where each director elected to defer 100% of his fees for 2021 and 2020. This amount also includes the deferred compensation of a former Board advisor per an agreement to defer payments due.

 

 

9.

Income Taxes

 

As a limited liability company, Gyrodyne is not subject to an entity level income tax but rather is treated as a partnership for tax purposes, with its items of income, gain, deduction, loss and credit being reported on the Company’s information return, on Form 1065, and allocated annually on Schedule K-1 to its members pro rata. The Company’s open tax years are 2018, 2019, and 2020.

 

The Bipartisan Budget Act of 2015 (the “2015 Act”) changed the procedure for partnership tax audits and audit adjustments for partnership returns of large partnerships for fiscal years beginning after December 31, 2017. Pursuant to the 2015 Act, if any audit by the IRS of our income tax returns for any fiscal year beginning after December 31, 2017 results in any adjustments, the IRS may collect any resulting taxes, including any applicable penalties and interest, directly from Gyrodyne. IRS tax audit assessments on tax years beginning January 1, 2018 will require Gyrodyne to: a) bear any tax liability resulting from such audit, or b) elect to push out the tax audit adjustments to the respective shareholders once it has been calculated at the company level.

 

 

10.

Credit Quality of Rents Receivable

 

The Company’s standard lease terms include rent due on the first of the month. The Company credit terms extend a standard ten-day grace period across its tenant portfolio and do not normally provide extensions beyond one year.

 

The Company manages its billing and collection process internally to enable timely identification of collection issues. The controls and related processes enable the Company to timely identify and establish payment plans to minimize material losses from defaults. In accordance with generally accepted accounting principles, the Company identifies high risk collectibles, records them on a cash basis and does not include them in revenue or accounts receivable.

 

 

11.

Concentration of Credit Risk

 

Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents. The Company places its temporary cash investments with high credit quality financial institutions and generally limits the amount of credit exposure in any one financial institution. The Company maintains bank account balances, which exceed insured limits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash. Management does not believe significant credit risk existed on September 30, 2021 and December 31, 2020. As the Company executes on the sale of its assets, its regional concentration in tenants will lessen thereby resulting in the increased credit risk from exposure of the local economies.

 

For the nine months ended September 30, 2021 rental income from the Company’s three largest tenants represented approximately 23%, 22% and 10% of total rental income. The three largest tenants by revenue as of September 30, 2021 consist of Stony Brook University Hospital located in the industrial park, the Westchester Medical Practice in the Cortlandt Manor Medical Center and Apex Gymnastics Athletics Inc. in the industrial park.

 

The current economic challenges facing state and local budgets impacted most of the Company’s largest tenants.  In addition, the current economic challenges stemming from the coronavirus are disproportionately impacting tenants that are not part of or affiliated with a major hospital which together comprise 39% of our expected 2021 rental revenue.  There can be no assurance that the Company’s leases will renew for the same square footage, at favorable rates net of tenant improvements, if at all.

 

11

 

 

12.

Commitments

 

As of September 30, 2021, other commitments and contingencies are summarized in the below table:

 

Management employment agreements with bonus* and severance commitment contingencies

 $350,000 

Other employee severance commitment contingencies

  81,716 

Total

 $431,716 

 

*Excludes Retention Bonus Payments

 

Employment agreements - The Company has an employment agreement with its Chief Executive Officer. The agreement provides for a bonus of $125,000 payable upon a change of control as defined in the agreement. In addition, the agreement provides for severance equivalent to 6 months of base salary and the vesting and related payment of the change of control bonus.

 

The Company also has an employment agreement with its Chief Operating Officer (“COO”) executed on May 8, 2014 which provides for severance on a termination without cause equal to 6 months of base salary. On January 25, 2018, Gyrodyne entered into an amendment to the employment agreement with the COO to define with greater specificity the COO’s duties and responsibilities with respect to the Company’s properties.

 

Under Company policy the aggregate severance commitment contingency to other employees is approximately $81,716.

 

Retention Bonus Plan- In May 2014, the Board of Directors approved a retention bonus plan (as amended, the “Plan”) designed to recognize the nature and scope of the responsibilities of our directors, executives and employees related to the Company’s strategic plan to enhance the property values, liquidate and dissolve, to reward and incent performance in connection therewith, to align the interests of directors, executives and employees with our shareholders and to retain such persons during the term of such plan. The Plan provides for bonuses to directors and to officers and employees determined by the gross sales proceeds from the sale of each property and the date of sale. The summary appearing below reflects the terms set forth in the Plan as modified by three amendments. There have been no further amendments to the terms of the Plan during the current reporting period.

 

The Plan provides for a bonus pool funded with an amount equal to 5% of the specified appraised value of such properties (set forth in the Plan), so long as the gross selling price of a property is at least equal to its 2013 appraised value as designated in the bonus plan. Additional funding of the bonus pool will occur on a property-by-property basis only if the gross sales price of a property exceeds the Adjusted Appraised Value defined as the sum of (i) its 2013 appraised value and (ii) land development costs incurred on a property since the date of the 2013 appraisal, as follows: 10% on the first 10% of appreciation, 15% on the next 10% of appreciation and 20% on appreciation greater than 20%.

 

The bonus pool is distributable in the following proportions to the named participants in the bonus plan for so long as they are directors or employees of the Company:

 

Board Members/Employees

 

Bonus Pool Percentage

  

Board Members(a)

  65.000% 

Chief Executive Officer

  15.474% 

Chief Operations Officer

  13.926% 

Officer Discretionary Amount (b)

  1.750% 

Other Employees

  3.850% 

Total

  100.000% 

 

 

(a)

15% for the Chairman and 10% for each of the other five directors.

 

(b)

The officer discretionary amount of 1.75% will be allocated to the officers within the discretion of the Board.

 

Such shares of the bonus pool are earned only upon the completion of the sale of a property at a gross selling price equal to or greater than its Adjusted Appraised Value and is paid to the named beneficiaries of the Plan or their designees within 60 days of the completion of such sale or, if later, within 60 days of receipt of any subsequent post-completion installment payment related to such sale.

 

The Plan provides that no benefits are to be paid to participants from the sale of any individual post-subdivided lot from either of the Company’s Flowerfield or Cortlandt Manor properties until aggregate sale proceeds from all sales of post-subdivided lots from such property exceed a designated aggregate floor for such property. The aggregate floor for each of the Flowerfield and Cortlandt Manor properties is defined in Amendment No. 3 to the Plan as the 2013 appraisal of such property plus land development costs incurred for such property since such appraisal.

 

12

 

The Plan provides for vesting of benefits upon the sale of each individual post-subdivision lot at Flowerfield and Cortlandt Manor. It also provides for entitlement to a future benefit in the event of death, voluntary termination following substantial reduction in compensation or board fees, mutually agreed separation to right-size the board or involuntary termination without cause, except that a participant will only be eligible to receive a benefit to the extent that a property is sold within three years following the separation event and the sale produces an internal rate of return equal to at least four percent of the property’s value as of December 31 immediately preceding such event and that the sale exceeded the Adjusted Appraised Value.

 

Under the Plan, there were no payments made during the nine months ended September 30, 2021.

 

Deferred Compensation Plan - On December 6, 2019, the Company’s Board of Directors approved the Gyrodyne, LLC Nonqualified Deferred Compensation Plan for Employees and Directors (the “DCP”) effective as of January 1, 2020. The DCP is a nonqualified deferred compensation plan maintained for officers and directors of the Company.  Under the DCP, officers and directors may elect to defer a portion of their compensation to the DCP and receive interest on such deferred payments at a fixed rate of 5%.  All DCP benefits will be paid in a single lump sum cash payment on December 15, 2026, unless a Plan of Liquidation is established for Gyrodyne before the distribution date in which case all benefits will be paid in a single lump sum cash payment after execution of an amendment to terminate the DCP. Each of the Directors elected (under the DCP) to defer 100% of their director fees for 2020 and 2021.

 

 

13.

Contingencies

 

Putative Class Action Lawsuit - On August 14, 2015, the Company entered a Stipulation of Settlement (the "Settlement") providing for the settlement of a putative class action lawsuit against the Company and certain related parties. Under the Settlement, Gyrodyne agreed that any sales of its properties would be effected only in arm's-length transactions at prices at or above their appraised values as of 2014.

 

General - In the normal course of business, the Company is a party to various legal proceedings. After reviewing all actions and proceedings pending against or involving the Company, management considers that any loss resulting from such proceedings individually or in the aggregate will not be material to the Company’s financial statements.

 

 

14.

 Fair Value of Financial Instruments

 

Assets and Liabilities Measured at Fair-Value – The Company believes the concepts for determining net realizable value are consistent with the guidance for measuring fair value. As a result, the Company follows authoritative guidance on fair value measurements, which defines fair-value, establishes a framework for measuring fair-value, and expands disclosures about fair-value measurements. The guidance applies to reported balances that are required or permitted to be measured at fair-value under existing accounting pronouncements.

 

The Company follows authoritative guidance on the fair value option for financial assets, which permits companies to choose to measure certain financial instruments and other items at fair-value in order to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently. However, the Company adopted the liquidation basis of accounting, and therefore reports all assets and liabilities at net realizable value.

 

The guidance emphasizes that fair-value is a market-based measurement, not an entity-specific measurement. Therefore, a fair-value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair-value measurements, the guidance establishes a fair-value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy, as defined under FASB ASC Topic No. 820, Fair Value Measurements) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). In instances where the determination of the fair-value measurement is based on inputs from different levels of the fair-value hierarchy, the level in the fair-value hierarchy within which the entire fair-value measurement falls is based on the lowest level input that is significant to the fair-value measurement in its entirety. Our assessment of the significance of a particular input to the fair-value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

 

Fair Value Measurements - The Company adopted the liquidation basis of accounting effective September 1, 2015; accordingly, the Company reports all real estate at their net realizable value.

 

The Company estimates the net realizable value of its real estate assets by using income and market valuation techniques. The Company may estimate net realizable values using market information such as broker opinions of value, appraisals, and recent sales data for similar assets or discounted cash flow models, which primarily rely on Level 3 inputs. The cash flow models include estimated cash inflows and outflows over a specified holding period. These cash flows may include contractual rental revenues, projected future rental revenues and expenses and forecasted capital improvements and lease commissions based upon market conditions determined through discussion with local real estate professionals and relevant Company experience with its current and previously owned properties. Capitalization rates and discount rates utilized in these models are estimated by management based upon rates that management believes to be within a reasonable range of current market rates for the respective properties based upon an analysis of factors such as property and tenant quality, geographical location and local supply and demand observations. To the extent, the Company underestimates or overestimates forecasted cash outflows (capital improvements, lease commissions and operating costs) or overestimates or understates forecasted cash inflows (rental revenue rates), the estimated net realizable value of its real estate assets could be overstated or understated.

 

13
 

 

 

15.

COVID-19

 

The COVID-19 pandemic and the various governmental and market responses intended to contain and mitigate the spread of the virus and its detrimental public health impact, as well as the general uncertainty surrounding the dangers and impact of the pandemic, continue to have a significant impact on the U.S. economy, including the real estate market. To date, the COVID-19 pandemic has impacted operations of our existing properties, and we believe it has had an impact on our strategic plan to enhance the value of our properties and sell them at higher prices. In particular, the pandemic has reduced the gross profit from operations and has been a significant factor in prolonging the entitlement process. We believe it was also a major factor leading to the termination in the first quarter by the purchasers in two purchase agreements for the sale of portions of our Cortlandt Manor and Flowerfield Properties.

 

The U.S economy has been growing as COVID-19 vaccinations are increasingly administered, commercial activities increasingly return to pre-pandemic practices and operations, and as a result of recent and expected future government spending on COVID-19 pandemic relief, infrastructure and other matters. However, this favorable outlook could be affected materially by adverse developments, if any, related to the COVID-19 pandemic, including resurgence of COVID-19 cases due to more contagious variants, such as the Delta variant, or new or more restrictive public health requirements recommended or imposed by federal, state and local authorities. There remains uncertainty as to the ultimate duration and severity of the pandemic on commercial activities, including risks that may arise from mutations or related strains of the virus, and the ability to successfully administer vaccinations to a sufficient number of persons or attain immunity to the virus by natural or other means to achieve herd immunity. Until the COVID-19 pandemic has been resolved as a public health crisis, it retains the potential to cause further and more severe disruption of global and national economies, cause political uncertainty and civil unrest, and diminish consumer confidence, all of which could impact the local real estate market and our business.

 

Beginning March 16, 2020, the Company’s employees began temporarily working remotely to ensure their and their family’s safety and well-being. The Company’s technology infrastructure, for some time, has been set up to handle offsite seamless operations to respond to disaster recovery disruption. As a result, all employees will continue to work remotely unless they report needing sick leave or family leave pursuant to regulated benefits.

 

Small businesses have been and are expected to continue to be adversely affected disproportionately by the economic ramifications of COVID-19. In terms of its own tenants, the Company deems as small businesses those that are not part of or affiliated with a major hospital, which in the aggregate account for approximately 39% ($859,000) of the Company’s projected annual rental revenues for 2021. Although it is difficult to estimate the duration and full extent of the COVID-19 pandemic, its impact on our future results could be significant and will largely depend on future developments which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the novel coronavirus, risks that may arise from mutations or related strains of the virus, the success of actions taken to contain or treat COVID-19 and reactions by real estate developers and investors, consumers, companies, governmental entities and capital markets.  We are actively working with our tenants to manage and mitigate the impact of COVID-19 on the Company’s operations, liquidity and resulting Net Asset Value.

 

The extent of the impact of COVID-19 on the Company's operational and financial performance and ultimately its Net Asset Value, will depend on current and future developments, including the duration and spread of the outbreak and related governmental or other regulatory actions and the effectiveness of the COVID-19 vaccine program.  In addition, the pandemic has resulted in a significant shift toward commercial acceptance of remote working and telemedicine which may adversely impact our occupancy rate and average rate per square foot.  The Company’s ability to operate seamlessly and limit any adverse impact on its forecasted net asset value will also depend, in part, on whether any of its key employees or key advisers are infected by the Coronavirus and become ill from COVID-19. 

 

As a result of the foregoing developments, we are unable to determine what the ultimate impact will be on our timeline for seeking entitlements and selling properties, and ultimately on the amount proceeds and distributions from those sales. For more information and risks relating to the pandemic on us and our business, see “Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations – Impact of COVID-19” and Part I, Item 1A, “Risk Factors”, of our Annual Report for the year ended December 31, 2020 and as amended in this Quarterly Report on Form 10-Q.

 

14

 
 

16.

Related Party Transactions

 

The Company has entered into various leasing arrangements with a not-for-profit organization of which the Company’s Chairman, Paul Lamb, serves as Chairman and a director but receives no compensation or any other financial benefit. A summary of the leasing arrangements is as follows:

 

Term

 

Square

Feet

  

Annual Rent

  

Total Commitment (net of abatement,

excluding renewal options)

 

Jan 2021-Dec 2022

  2,284  $19,414  $38,828 

Jan 2021-Dec 2022

  1,817  

-(a)

  

-(a)

 

Jan 2021-Dec 2022

  1,905  $16,193  $32,385 

 

(a)The Company understood that the tenant’s main intent was to sublease the space to artists, on a short-term basis, after which such subtenant artists would transition into their own space leased directly from the Company. Under the master lease, the tenant has the right to sublease the space without prior written consent for use as an art studio, art school or related use. Under the terms of the master lease, rent is payable by the tenant only to the extent the space is sublet, at the rent amount per square foot payable by the subtenant up to a maximum of $10 per square foot per year. The maximum annual and total lease commitment of up to $18,170 and $36,340, respectively. Any space not subleased may be used by the tenant rent-free for certain stated art uses, although the tenant is responsible for certain passthrough expenses such as electric and heat. Since rent is only due if the space is sublet, the Company believes the fair value of the space to the extent not sublet reflects a below market lease over the nine months ending September 30, 2021 of $13,627 and total commitments of up to $36,340.

 

During the nine-months ended September 30, 2021, the Company received rental revenue of $26,705 related to these lease agreements.

 

The independent members of the Board of the Company approved all of the leasing transactions described above.

 

The Chairman is also a partner of the firm Lamb & Barnosky, LLP that provided pro bono legal representation to the aforementioned not-for-profit corporation on the lease.

 

 

Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations.

 

When we use the terms “Gyrodyne,” the “Company,” “we,” “us,” and “our,” we mean Gyrodyne, LLC and all entities owned or controlled by us, including non-consolidated entities. References to “common shares” in this report refer to Gyrodyne, LLC’s common shares representing limited liability company interests. References herein to our Quarterly Report are to this Quarterly Report on Form 10-Q for the nine-months ended September 30, 2021.

 

Cautionary Statements Concerning ForwardLooking Statements

 

The statements made in this Form 10-Q that are not historical facts, contain “forward-looking information” within the meaning of the Private Securities Litigation Reform Act of 1995, and Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, which can be identified by the use of forward-looking terminology such as “may,” “will,” “anticipates,” “expects,” “projects,” “estimates,” “believes,” “seeks,” “could,” “should,” or “continue,” the negative thereof, and other variations or comparable terminology as well as statements regarding the evaluation of strategic alternatives and liquidation contingencies. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those reflected in such forward-looking statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties relating to our efforts to enhance the values of our remaining properties and seek the orderly, strategic sale of such properties as soon as reasonably practicable, the effect of economic and business conditions, risks inherent in the real estate markets of Suffolk and Westchester Counties in New York, the ability to obtain additional capital in order to enhance the value of the Flowerfield and Cortlandt Manor properties, the potential effects of the ongoing COVID-19 pandemic on our business, operations and timelines for seeking entitlements and pursuing the sale of our properties and distributions to our shareholders, risks and uncertainties associated with community activism, regulatory enforcement and any litigation that may develop in connection with our efforts to sell our properties strategically, including related enhancement efforts, and other risks detailed from time to time in the Company’s SEC reports. These and other matters the Company discusses in this Report, or in the documents it incorporates by reference into this Report, may cause actual results to differ from those the Company describes. The Company assumes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

 

15

 

New factors emerge from time to time, and it is not possible for us to predict which factors will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. In particular, it is difficult to fully assess the impact of COVID-19 at this time due to, among other factors, uncertainty regarding the continuing severity and duration of the outbreak, uncertainty regarding the effectiveness of federal, state and local governments’ efforts to contain the spread of COVID-19 and respond to its direct and indirect impact on the U.S. economy and economic activity. The Company assumes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

 

Overview

 

Gyrodyne, LLC (including its subsidiaries, “Gyrodyne”, the “Company” or the “Registrant”) is a limited liability company formed under the laws of the State of New York whose primary business is the management of a portfolio of medical office and industrial properties and the pursuit of entitlements on such properties located in Suffolk (“Flowerfield”) and Westchester (“Cortlandt Manor”) Counties, New York.

 

Substantially all of our developed properties are subject to leases in which the tenant reimburses the Company for a portion, all of or substantially all of the costs and/or cost increases for utilities, insurance, repairs, maintenance and real estate taxes. Certain leases provide that the Company is responsible for certain operating expenses.

 

Gyrodyne’s corporate strategy is to enhance the value of Flowerfield and Cortlandt Manor by pursuing entitlement opportunities and enhancing the value of its leases. The Board believes the aforementioned strategy will increase the values for such properties. The value of the real estate reported in the consolidated statement of net assets as of September 30, 2021 (predicated on current asset values) includes some, but not all of the potential value impact that may result from such value enhancement efforts. There can be no assurance that our value enhancement efforts will result in property value increases that exceed the costs we incur in such efforts, or even any increase at all.

 

Our efforts to generate the highest values for Flowerfield and Cortlandt Manor may involve in limited circumstances various other strategies to enhance the net value of Flowerfield and Cortlandt Manor to maximize the returns for our shareholders. Gyrodyne intends to dissolve after it completes the disposition of all of its real property assets, applies the proceeds of such dispositions first to settle any debts and claims, pending or otherwise, against Gyrodyne, and then makes liquidating distributions to holders of Gyrodyne common shares. The process of seeking entitlements to enhance property values and the amount and timing of distributions from proceeds of asset sales involve risks and uncertainties. As such, it is impossible at this time to determine the ultimate amount of proceeds that will actually be distributed to our shareholders or the timing of such payments. Accordingly, no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in our Consolidated Statements of Net Assets. The actual nature, amount and timing of all distributions will be determined by Gyrodyne’s Board in its sole discretion and will depend in part upon the Company’s ability to convert our remaining assets into cash in compliance with our obligations under the Stipulation of Settlement entered into in connection with the class action lawsuit (See Item 1 – Legal Proceedings) and settle and pay our remaining liabilities and obligations. Under Gyrodyne’s Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”), dissolution of the Company may be effected upon the vote of holders of a majority of Gyrodyne common shares or, in the Board’s discretion and without any separate approval by the holders of Gyrodyne common shares, at any time the value of Gyrodyne’s assets, as determined by the Board in good faith, is less than $1,000,000.

 

We remain committed on (1) enhancing the net value of Flowerfield and Cortlandt Manor to maximize the returns for our shareholders, (2) completing the disposition of our assets, (3) making timely distributions to our shareholders, (4) managing capital and liquidity, (5) mitigating risks relating to interest rates and real estate cycles and (6) completing the liquidation of the Company.

 

After giving effect to the Company’s dispositions of real property through September 30, 2021, the Company owns the following properties:

 

Cortlandt Manor: 13.8 acres in Cortlandt Manor, New York, including the 34,000 square foot Cortlandt Medical Center; and

 

Flowerfield: 63 acres in St. James, New York, including a 10-acre multi-tenanted industrial park comprising 127,000 rentable square feet. There were an additional 5 acres comprising of two parcels that were zoned residential and non-contiguous to the Flowerfield property which the Company sold in April 2021.

 

Each of the medical office park in Cortlandt Manor and the Flowerfield Industrial Park (including its undeveloped portion) is individually owned in a single asset limited liability company wholly owned by the Company.

 

16

 

Strategic Plan to Enhance Property Values, Liquidate, Distribute Proceeds and Dissolve

 

Our corporate strategy is to pursue entitlement opportunities intended to increase the values of our two remaining properties so that they can be sold to one or more developers at higher prices (than those achievable under their current entitlements) that will maximize value and distributions. Gyrodyne intends to dissolve after it completes the disposition of all of its real property assets, applies the proceeds of such dispositions first to settle any debts and claims, pending or otherwise, against Gyrodyne, and then makes liquidating distributions to holders of Gyrodyne common shares. We are unable to predict the precise nature, amount or timing of such distributions. To accomplish this, the Company’s plan consists of:

 

 

managing the real estate portfolio to improve operating cash flow while simultaneously increasing the market values of the underlying properties;

 

managing the strategic sale of real estate assets;

 

pursuing the entitlement efforts of the Flowerfield and Cortlandt Manor properties, to maximize value;

 

focusing use of capital by the Company to preserve or improve the market value of the real estate portfolio; and

 

balancing working capital and funds available for the entitlement process.

 

Gyrodyne’s dual strategy is to enhance the value of Flowerfield and Cortlandt Manor by pursuing entitlement opportunities while simultaneously enhancing the value of its leases. The Company believes the aforementioned dual strategy will increase the values for such properties. The value of the real estate reported in the consolidated statement of net assets as of September 30, 2021 (predicated on current asset values) includes some but not all of the potential value impact that may result from such value enhancement efforts. There can be no assurance that our value enhancement efforts will result in property value increases that exceed the costs we incur in such efforts, or even any increase at all. Our efforts to generate the highest values for Flowerfield and Cortlandt Manor may involve, in limited circumstances, strategies to maximize the returns for our shareholders.

 

Sales of properties by Gyrodyne could take the form of individual sales of assets, sales of groups of assets, a single sale of all or substantially all of the assets or some other form of sale. The assets may be sold to one or more purchasers in one or more transactions over a period of time.

 

A sale of substantially all of the assets of the Company would require shareholder approval under New York law. However, in the event of the sale of individual properties, that do not constitute substantially all of the Company’s assets, it is not required or anticipated that any shareholder votes will be solicited. The prices at which the various assets may be sold depend largely on factors beyond our control, including, without limitation, the condition of financial and real estate markets, the availability of financing to prospective purchasers of the assets, regulatory approvals, public market perceptions, and limitations on transferability of certain assets.

 

We cannot give any assurance on the timing of the ultimate sale of all of the Company’s properties. Assuming the process of seeking entitlements and selling the assets is completed by December 31, 2022 and giving effect to the estimated cash flows from the operation of our existing properties, we expect that Gyrodyne will have a cash balance at December 31, 2022 of approximately $22.51 million, prior to any future special distributions based on the estimate of net assets in liquidation presented in our Consolidated Statement of Net Assets. Such cash would equate to future liquidating distributions of $15.18 per share based on Gyrodyne having 1,482,680 common shares outstanding. These estimated distributions are based on values on September 30, 2021 and include some but not all the potential value that may be derived from the entitlement efforts to maximize the value of Flowerfield and Cortlandt Manor.

 

The Consolidated Statements of Net Assets are based on certain estimates. Uncertainties as to the precise value of our non-cash assets, which include some but not all of the estimated potential additional value from the costs incurred to pursue the maximum value on Flowerfield and Cortlandt Manor through the entitlement efforts (including the pursuit of special permits) and the ultimate amount of our liabilities make it impracticable to predict the aggregate net value ultimately distributable to shareholders in a liquidation. Land entitlement costs, claims, liabilities and expenses from operations, including operating costs, salaries, real estate taxes, payroll and local taxes, legal, accounting and consulting fees and miscellaneous office expenses, will continue to be incurred during our process of seeking entitlements and selling assets, which includes certain enhancement efforts. Excluding the value that may be achieved from the entitlement efforts, expenses incurred in pursuing the Company’s business plan will reduce the amount of assets available for ultimate distribution to shareholders, and, while a precise estimate of those expenses cannot currently be made, management and our Board believe that available cash (including amounts available under our credit facilities) and amounts received on the sale of assets will be adequate to provide for our obligations, liabilities, expenses and claims (including contingent liabilities) and to make cash distributions to shareholders. However, no assurances can be given that available cash (including amounts available under our credit facilities) and amounts received on the sale of assets will be adequate to provide for our obligations, liabilities, expenses and claims and to make cash distributions to shareholders. If such available cash and amounts received on the sale of assets are not adequate to provide for our obligations, liabilities, expenses and claims, distributions of cash and other assets to our shareholders would be eliminated. In the event our shareholders receive distributions from Gyrodyne and there are insufficient funds to pay any creditors who seek payment of claims against Gyrodyne, shareholders could be held liable for payments made to them and could be required to return all or a part of the distributions made to them.

 

17

 

Properties Transactions

 

Flowerfield -

 

On March 16, 2021, the Company received a notice (the “BSL Termination Notice”) from BSL ST. James, LLC, a Delaware limited liability company (“BSL”), that it is terminating the Purchase and Sale Agreement (originally dated August 27, 2019, the “BSL Agreement”) for the sale of a 9.0-acre parcel of vacant land in the Flowerfield complex in Smithtown, New York for $16,800,000.  The BSL Termination Notice referenced the termination right and requested the return of the earnest money deposit to BSL in accordance with the provisions of the BSL Agreement. Such earnest money deposit has been returned to BSL.

 

Cortlandt Manor -

 

On February 1, 2021, the Company received a notice (the “SC Termination Notice”) from Sound Cortlandt, LLC, a Delaware limited liability company (“SC LLC”) that it is terminating the Purchase and Sale Agreement (the “SC Agreement”) (originally dated December 7, 2019) for the sale of approximately 4.5 acres of its real property located in Cortlandt Manor, New York, together with improvements thereon (the “SC Agreement Property”) for a purchase price of $5,720,000. The SC Termination Notice referenced the termination right and called for the Escrow Agent (as defined in the SC Agreement) to return the earnest money deposit immediately to SC LLC in accordance with the provisions of the SC Agreement. Such earnest money deposit has been returned to SC LLC.

 

Property Value Enhancement

 

The Company is pursuing entitlements to maximize the value of the Flowerfield and Cortlandt Manor properties. During the nine-months ended September 30, 2021, the Company incurred approximately $493,000 of land entitlement costs (of which certain of the Company’s service vendors agreed to defer approximately $166,000 until the first post subdivision property lot is sold), consisting primarily of engineering costs, legal fees and real estate taxes to support the Company’s respective entitlement efforts. We estimate that the Company may incur approximately $998,000 in additional land entitlement costs through December 31, 2022 in pursuit of entitlements (approximately $358,000 in Cortlandt Manor and $640,000 in Flowerfield).

 

The Company is focusing its resources on positioning the properties to be sold with all entitlements necessary to achieve maximum pre-construction values in the shortest period of time with the least amount of risk to the Company. During the process of pursuing such entitlements, the Company may entertain offers from potential buyers who may be willing to pay prices for the properties that the Company finds more attractive from a timing or value perspective than values we believe may be reasonably achievable through completing the entitlement process ourselves.

 

Cortlandt Manor. On March 15, 2016, the Town of Cortlandt Manor (the “Town”) adopted a 2016 Sustainable Comprehensive Plan (the “Plan”) of which one key strategy was the simultaneous creation of a Medical Oriented District (“MOD”). The purpose of the proposed MOD is to expand the Town’s existing medical infrastructure and encourage economic development, including capital investment, job creation and housing options. The MOD would allow for a continuum of care, i.e., independent living, assisted living and nursing/hospital care, within or in neighboring facilities by centralizing medical services and related activities. As a designated zoning district, the MOD could include hospital, ambulatory surgery, primary and urgent care, hospice, laboratories, social services, boutique hotels, retail and a wide range of housing.

 

The Company’s existing 33,871 square foot Cortlandt Medical Center, inclusive of 13.8 acres, is located directly opposite New York Presbyterian’s Hudson Valley Hospital Center and within the boundaries of the MOD. The Company has committed resources toward both market research and feasibility studies in support of achieving entitlements to maximize the value of the property. For approximately four years the Company along with its planner and engineers have been working closely with the Town to identify issues and solutions involved in creating the Plan and more specifically, the MOD.

 

On March 31, 2017, The Company filed an application with the Town to develop the Cortlandt Manor property, as follows:

 

SUBDIVISION LOT #

BUILDING SIZE/YIELD

Medical office

100,000 sft

Multi-family apartments

200 units

Retail

4,000 sft

 

18

 

In response to the extensive public comments and Town Board input received during the State Environmental Quality Review “(SEQR”) Draft Generic Environmental Impact Statement (“DGEIS”) public hearing process, the Company amended the site plan and subdivision application with the Town to develop the Cortlandt property as follows:

 

SUBDIVISION LOT #

BUILDING SIZE/YIELD

Medical office Lot #1

100,000 sft

Retail (Lot #1) 4,000 sft

Medical Office Lot #2

84,600 sft

 

The entitlement costs for the nine-months ended September 30, 2021 associated with the ownership and development of this property were approximately $162,000.

 

As a property owner with eligible parcels in this district, Gyrodyne submitted an Environmental Assessment Form to the Town of Cortlandt Planning Department in December 2017 to support its application to receive a MOD campus designation. Once designated, the parcels would be governed by the use, dimensional and other provisions of the MOD zoning regulations and MOD zoning would replace the existing zoning. While the MOD zoning has not been formally adopted, Gyrodyne is currently proposing a two-phase medical office campus with limited retail and has designed the site to function as part of a future "hamlet center” with streetscape improvements. The existing medical office will remain operational until phase 2 is implemented.

 

In addition to the primary proposal noted above, an alternate mixed-use plan was submitted as part of the SEQRA process. The alternate mixed-use plan includes the following:

 

SUBDIVISION LOT #

BUILDING SIZE/YIELD

Medical office Lot #1

83,500 sft

Retail (Lot #1) 1,500 sft

Multi-Family Residential Lot #2

 160 Units

 

The alternate is being reviewed for all categories of impacts in the SEQRA documentation similar to the primary proposal, and if approved as anticipated, will allow Gyrodyne the option to proceed with either program following MOD designation and subdivision. The alternate is not anticipated to impact the estimated timeline of approvals.

 

The Town of Cortlandt Planning Department hosted two public community outreach meetings in June and August 2018 where the Company presented its development plan for the Cortlandt Manor property. As anticipated, on August 7, 2018, the Town Board formally issued a “positive declaration” under the State Environmental Quality Review Act (“SEQRA”), i.e., a declaration that the project may result in one or more significant environmental impacts and will require the preparation of an Environmental Impact Statement (“EIS”), the scope of which was also adopted. On August 28, 2018, the Town filed the Scope for a DGEIS with input from Gyrodyne for both the MOD zoning and the proposed uses so that upon adoption, minimal further SEQRA review should be required to develop the property. On September 17, 2019, the Town of Cortlandt Town Board as Lead Agency under SEQR adopted a resolution accepting the DGEIS as complete for public review. The Town of Cortlandt Town Board hosted two public hearings on the DGEIS on November 19, 2019 and January 14, 2020. The Town of Cortlandt Planning Board extended the public comment period 90 days with the next public hearing scheduled for April 14, 2020. As a result of the New York State’s stay-at-home-order, the April 14, 2020 public hearing was postponed to June 2020. The public hearing was then held on June 16, 2020 on a virtual platform. The Town closed the public comment period on June 30, 2020 and is in the process of reviewing the public comments and preparing the Final Generic Environmental Impact Statement (“GEIS”). The Company anticipates the Final GEIS will reflect the Company’s Cortlandt Manor property proposed uses comprising 184,600 square feet of medical office space and 4,000 square feet of retail space. It is anticipated that the Final GEIS will be accepted by the Town Board with SEQR completed in late 2021. The Town Board is anticipated to adopt a MOD designation for the property in early 2022 with subdivision approval granted by the Town Planning Board occurring in the first quarter of 2022. The Company does not plan on developing the property but rather positioning the property to be sold with all entitlements necessary to achieve maximum pre-construction value for the Company in the shortest period of time with the least amount of risk to the Company.

 

Flowerfield. Following market research and related feasibility studies, we identified the entitlements that we believe will maximize the value of Flowerfield in the shortest amount of time with the lowest amount of risk. The Company has been in discussions with the Town of Smithtown on the potential real estate development projects identified by the market research and feasibility studies, all of which currently fall within our “as of right to build” zoning. We are also exploring with the Town of Smithtown whether it would be amenable to certain entitlements, special permits, or other concessions that would allow for the identified development projects.

 

In March 2017, the Company filed a pre-subdivision application with the Town of Smithtown (the “Pre-application”) for the Flowerfield property along with the previously sold (2002) catering hall facility for an eight-lot subdivision which the Town of Smithtown has determined must be processed as a nine-lot subdivision in response to certain comments received from the planning department the final approved (in 2021) FEIS included an eight-lot subdivision). In June 2017, the Company filed a subdivision application with the Town of Smithtown based on feedback provided by the Town of Smithtown staff in the pre-application process. Because of the property’s location within 500 feet of a municipal boundary and a state road, the Town of Smithtown referred the Company’s subdivision application to the Suffolk County Planning Commission as required by the Suffolk County Administrative Code and the New York State General Municipal Law.

 

19

 

On August 2, 2017, the Suffolk County Planning Commission voted 11-0 to approve Gyrodyne’s subdivision application without conditions. Although the approval by the Suffolk County Planning Commission is not binding on the Town of Smithtown, the approval without conditions means that the requisite vote threshold for the application at the Town of Smithtown’s Planning Board is a simple majority.

 

On November 15, 2017, the Town of Smithtown Planning Board conducted a public hearing where the Company presented its subdivision plan of the Flowerfield property. On April 11, 2018, the Planning Board determined that the subdivision plan may result in one or more significant environmental impacts which will require the preparation of an EIS.  As a result, at the April 11, 2018 Planning Board meeting, the Planning Board issued a SEQRA Positive Declaration, which was rescinded and re-issued by Planning Board Resolution dated May 9, 2018 to include a public scoping process. The then current Town Planning Board Chairman communicated that a Positive Declaration would require up to one year to complete the SEQRA process. The Town issued the Final Scope on July 7, 2018. On August 15, 2018, the Company submitted the EIS to the Town of Smithtown Planning Department prior to the public hearing. The Company received comments on its EIS at the end of the third quarter of 2018 and submitted its response to the Town of Smithtown Planning Department on February 15, 2019. In May 2019, the Company received additional comments on its EIS and submitted its responses to the Town on June 4, 2019. On July 3, 2019, the Company received additional comments on its EIS and submitted its response to the Town of Smithtown Planning Department on August 28, 2019. On September 24, 2019, the company received additional comments on its EIS and submitted its response to the Town of Smithtown Planning Department on September 25, 2019. The Town of Smithtown Planning Board as Lead Agency under SEQRA adopted a resolution accepting the DEIS as complete for public review on December 11, 2019 and announced a public comment period that closed on January 24, 2020. Furthermore, the Town Planning Board held and closed the public hearing for the DEIS on January 8, 2020. Following the closing of the public comment period, the Company received a copy of the public comments in February 2020, accordingly. The company reviewed the public comments and responded by submitting a Final EIS (“FEIS”) on April 20, 2020. Following the receipt of additional comments in June 2020, the Company filed its FEIS in September 2020 and received final comments on October 16th, 2020.  The Company filed its Final FEIS in November 2020 reflecting an eight-lot subdivision. The FEIS was accepted by the Town Planning Board on March 10, 2021.  Following a public comment period that closed on March 31, 2021, the Town of Smithtown forwarded the public comments and the FEIS to the Suffolk County Planning Commission.  On May 5, 2021, the Suffolk County Planning Commission voted 5 to 4 to approve the application as a matter for local determination.  Based on the fact that less than a majority of the 18 total members (10 members needed) voted to either approve or deny the application, the application is deemed approved as a matter for local determination. Thus, the Smithtown Planning Board may act and approve the matter with a simple majority vote.  On September 20, 2021, the Town of Smithtown Conservation Board voted unanimously to recommend the Town of Smithtown Planning Board issue a SEQRA Negative Declaration, Determination of Non -Significance (an environmental Impact Statement is Not necessary based on certain stated reasons and approve the Subdivision Application (eight lots inclusive of the lot for the proposed sewage treatment plant). The Town of Smithtown will review the County determination and the Town Planning Board will issue a Findings Statement.  Preliminary Approval of the subdivision may occur simultaneously or shortly after the Findings Statement.  Following Preliminary Approval, the Company will pursue Final Subdivision approval.

         

The entitlement costs for the nine-months ended September 30, 2021 associated with the ownership and development of this property consisted of architectural and engineering costs, legal expenses, economic analysis, soil management and surveys were approximately $331,000.

 

While we cannot predict the outcome of the subdivision application, we have undertaken to subdivide the Flowerfield property in a manner that we believe will result in maximum pre-construction values in the shortest amount of time and limited risk. The pandemic has negatively impacted demand for office (including medical office) and hotel development “on spec”. The Company’s subdivision plan at Flowerfield will allow for any combination of the aforementioned uses and is marketing the undeveloped lots to reflect such flexibility.

 

Healthcare Industry

 

Our tenants in our Cortlandt Manor property are healthcare service providers. Furthermore, the Company has expanded its leasing relationship with Stony Brook University (“SBU”), SBU Hospital and affiliates of SBU Hospital at our Flowerfield property which increased its exposure to the healthcare industry. The healthcare industry is subject to substantial regulation and faces increased regulation particularly relating to fraud, waste and abuse, cost control and healthcare management. The healthcare industry may experience a significant expansion of applicable federal, state or local laws and regulations, previously enacted or future healthcare reform, new interpretations of existing laws and regulations or changes in enforcement priorities, all of which could materially impact the business and operations of our tenants and therefore the marketability of our properties.

 

20

 

Our tenants are subject to extensive federal, state, and local licensure laws, regulations and industry standards governing business operations, the physical plant and structure, patient rights and privacy and security of health information. Our tenants’ failure to comply with any of these laws could result in loss of licensure, denial of reimbursement, imposition of fines or other penalties, suspension or exclusion from the government sponsored Medicare and Medicaid programs, loss of accreditation or certification, or closure of the facility. In addition, efforts by third-party payors, such as the Medicare and Medicaid programs and private insurance carriers, including health maintenance organizations and other health plans, impose greater discounts and more stringent cost controls upon healthcare provider operations (through changes in reimbursement rates and methodologies, discounted fee structures, the assumption by healthcare providers of all or a portion of the financial risk or otherwise). Our tenants may also face significant limits on the scope of services reimbursed and on reimbursement rates and fees, all of which could impact their ability to pay rent or other obligations to us.

 

Impact of COVID-19

 

The following discussion is intended to provide shareholders with certain information regarding the impacts of the COVID-19 pandemic on the Company’s business and management’s efforts to respond to those impacts. Unless otherwise specified, the statistical and other information regarding the Company’s properties and tenants are estimates based on information available to the Company. As a result of the rapid development, fluidity and uncertainty surrounding this situation, the Company expects that such statistical and other information will change, potentially significantly, going forward, and may not be indicative of the actual impact of the COVID-19 pandemic on the Company’s business, operations, cash flows and financial condition for the first three quarters of 2021 and future periods.

 

The spread of COVID-19 is having a significant impact on the global economy, the U.S. economy, the economies of the local markets in which the Company’s properties are located and the broader financial markets. Nearly every industry has been impacted directly or indirectly, and has come under severe pressure due to numerous factors, including preventative measures taken by local, state and federal authorities to alleviate the public health crisis such as mandatory business closures, quarantines, restrictions on travel and “shelter-in-place” or “stay-at-home” orders. These containment measures, which generally do not apply to businesses designated as “essential,” have affected the operations of our tenants, and non-essential businesses generally forced to close. There is uncertainty as to the time, date and extent to which these restrictions will be relaxed or lifted, businesses of tenants that have closed, either voluntarily or by mandate, will reopen or when customers will re-engage with tenants as they have in the past. The Company’s properties and tenants have been impacted by these and other factors as follows:

 

 

As of the date of this Quarterly Report on Form 10-Q, both of the Company’s properties are open and the Company believes are operating in compliance with federal, state and local COVID-19 guidelines and mandates. Both of the Company’s properties feature tenants designated as “essential”.

 

 

Approximately 39% of the Company’s tenants (based on 2021 projected annual rental revenues) are from tenants that are not part of or affiliated with a major hospital.

 

The U.S economy has been growing as COVID-19 vaccinations are increasingly administered, commercial activities increasingly return to pre-pandemic practices and operations, and as a result of recent and expected future government spending on COVID-19 pandemic relief, infrastructure and other matters. However, this favorable outlook could be affected materially by adverse developments, if any, related to the COVID-19 pandemic, including resurgence of COVID-19 cases due to more contagious variants, such as the Delta variant, or new or more restrictive public health requirements recommended or imposed by federal, state and local authorities. There remains uncertainty as to the ultimate duration and severity of the pandemic on commercial activities, including risks that may arise from mutations or related strains of the virus, and the ability to successfully administer vaccinations to a sufficient number of persons or attain immunity to the virus by natural or other means to achieve herd immunity. Until the COVID-19 pandemic has been resolved as a public health crisis, it retains the potential to cause further and more severe disruption of global and national economies, cause political uncertainty and civil unrest, and diminish consumer confidence, all of which could impact the local real estate market and our business.

 

21

 

The Company has taken a number of proactive measures to maintain the strength of its business and manage the impact of COVID-19 on the Company’s operations and liquidity, including the following:

 

 

Along with the Company’s tenants and the communities they and the Company together serve, the health and safety of the Company’s employees and their families is a top priority. The Company has adapted its operations to protect employees, including by implementing a work from home policy, and the Company’s IT systems have enabled its team to work seamlessly.

 

 

To enhance our liquidity position and maintain financial flexibility, the Company secured a loan for up to $2,500,000, evidenced by a non-revolving business line of credit agreement and promissory note, which closed on July 16, 2020.

 

 

On February 22, 2021, the working capital GSD Cortlandt loan was amended to remove the contingency of purchase agreements to be able to draw on the line. Consequently, the Company was not required to make a principal reduction under the credit facility and the remaining undrawn balance was available at the lender’s discretion. This loan was paid in full and closed on September 15, 2021.

 

 

On September 15, 2021, the Company secured a loan for $4.95 million. Part of the proceeds were used to payoff the existing working capital GSD Cortlandt loan.

 

 

The Company has taken proactive measures to manage costs, including securing agreements from certain of the Company’s major service vendors to defer approximately $877,000 of land development fees and other professional fees incurred to date plus approximately $170,000 of forecasted land development fees and $68,000 in other professional fees until the first post subdivision property lot is sold. The only significant expenditures the Company plans to make at this time on our properties relate to obtaining entitlements. Further, the Company expects that the only material capital expenditures at the Company’s properties will be tenant improvements and/or other leasing costs associated with existing and new leases.

 

 

The Company adopted a Deferred Compensation Plan effective as of January 1, 2020 pursuant to which officers and directors may elect to defer a portion of their compensation until the earlier of December 15, 2026 or adoption of a Plan of Liquidation, together with interest on such deferred payments at a fixed rate of 5%.

 

The extent of the impact of COVID-19 on the Company's operational and financial performance and ultimately its net asset value, will depend on current and future developments, including the duration and spread of the outbreak and related governmental or other regulatory actions. The Company’s ability to operate seamlessly and limit any adverse impact on its forecasted net asset value will also depend, in part, on whether any of its key employees or key advisers are infected by the Coronavirus and become ill from COVID-19.

 

As a result of the foregoing developments, we are unable to determine what the ultimate impact will be on our timeline for seeking entitlements and selling properties, and ultimately on the amount proceeds and distributions from those sales. For more information and risks relating to the pandemic on us and our business, see “Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations – Impact of COVID-19” and Part I, Item 1A, “Risk Factors”, of our Annual Report for the year ended December 31, 2020 and as amended in this Report on Form 10-Q.

 

Transaction Summary for the Nine-Months Ended September 30, 2021

 

The following summarizes our significant transactions and other activity during the nine-months ended September 30, 2021.

 

Debt Facility. The Company secured a non-revolving credit line for up to $3,000,000 (the “Original Line”) with a bank, which closed on March 21, 2018. The original line included an interest only phase for the first eight months of the loan (as amended the “Interest-Only Phase”). The Company amended and extended the Original Line which included extending the conversion date of the Interest-Only Phase to the earlier of April 30, 2021 or upon drawing down a total of $3,000,000 after which it automatically converts to a permanent loan maturing on the earlier of April 30, 2028 or 84 months after conversion to a permanent loan (the “Permanent Phase”). On April 30, 2021, the loan converted to the Permanent Phase with an outstanding principal balance of $2,200,000. During the Permanent Phase, the Company is paying interest at a fixed rate based on the Federal Home Loan Bank rate for a 7-year maturity as made available by the Federal Home Loan Bank of New York plus a margin of 200 basis points (2%) rounded up to the nearest 1/8 percent, but shall not be less than 3.85%, plus principal based on a 20-year amortization period. The Permanent Phase interest rate currently is 3.85%.

 

22

 

To secure access to additional working capital through the final sale date of the Flowerfield industrial buildings, the Company secured a second loan evidenced by a non-revolving business line of credit agreement and promissory note with the Original Line bank for up to $3,000,000 (“Working Capital Line”), which closed on January 24, 2019.  The Working Capital Line included an interest only phase for the first twenty-four months of the loan (“Interest-Only Phase”) after which it automatically converts to a permanent loan maturing on January 20, 2028 (84 months after conversion to a permanent loan) (the “Permanent Phase”).  The Company amended and extended the Working Capital Line which included extending the conversion date of the Interest-Only Phase to May 20, 2021 after which it automatically converted to a permanent loan maturing on May 20, 2028 (84 months after conversion to a permanent loan).  During the Permanent Phase, the Company pays interest at a fixed rate based on the Federal Home Loan Bank rate for a 7-year maturity as made available by the Federal Home Loan Bank of New York plus a margin of 200 basis points (2%) rounded up to the nearest 1/8 percent, but shall not be less than 3.85%, plus principal based on a 20-year amortization period.  Permanent Phase interest rate currently is 3.85%. 

 

The Original and Working Capital Lines are secured by 31.8 acres of the Flowerfield Industrial Park including the related buildings and leases. The only significant financial covenant associated with the loan is a debt service ratio on GSD Flowerfield, LLC of 1.25 to 1, per latest modification. The Company is in compliance with the loan covenants. The Company anticipates modifying the terms of the loan following the completion of its subdivision so that the loans are secured by the subdivided industrial park lot only.

 

To secure access to additional working capital, the Company, through its subsidiary GSD Cortlandt, LLC (“GSD Cortlandt”) secured a loan evidenced by a non-revolving business line of credit agreement and promissory note with the Original Line bank for up to $2,500,000 (the “Cortlandt Line”) which closed on July 16, 2020. The term was 24 months, with an option to extend for an additional 12 months. The interest rate was a variable rate equal to the daily highest prime rate published by the Wall Street Journal plus 100 basis points (1%), rounded up to the nearest 1/8 percent, but in no event less than four and three quarters percent (4.75%). The terms of the Cortlandt Line originally limited access to certain amounts, contingent upon GSD Cortlandt securing purchase and sale agreements for one or both Cortlandt Property lots.  On February 22, 2021, the Cortlandt line was amended to remove such limitation on draws. Advances of $379,765 and $670,235, were drawn at closing and on January 28, 2021, respectively. The Cortlandt Line was paid on full and closed on September 15, 2021.

 

The Cortlandt Line was secured by the Cortlandt property (13.8 acres) and cross collateralized by 31.8 acres of the Flowerfield Industrial Park including the related buildings and leases.

 

On September 15, 2021, the Company, through its subsidiary GSD Cortlandt, LLC (“GSD Cortlandt”), secured a $4.95 million term loan (the “Mortgage Loan”), the proceeds of which was used to pay off the Cortlandt Line of which $1,050,000 was outstanding.  The term of the Mortgage Loan is five years with an option to extend for an additional five years (the “Extension Period”).  Until the initial maturity date, the Mortgage Loan bears interest at an annual rate equal to 3.75%. If the maturity date is extended for the Extension Period, the rate of interest on the Mortgage Loan will adjust and be fixed for the Extension Period to the greater of (i) 3.75% or (ii) 275 basis points in excess of the weekly average yield on United States Treasury Securities adjusted to a constant maturity of five years as most recently made available by the Federal Reserve Board as of thirty days prior to the first day of the Extension Period.  The Mortgage Loan will be paid in monthly installments of principal and interest calculated on the basis of a thirty-year amortization schedule. If the maturity date is extended for the Extension Period, the amount of each monthly installment will be recalculated for the Extension Period based on the adjusted interest rate on the Mortgage Loan and an amortization schedule of twenty-five years.   The lender has the right, but not the obligation, to decline to extend the term of the Mortgage Loan if the loan to value ratio of the property is greater than seventy (70%) percent on the date the extension is exercised, or the property does not support a debt service coverage ratio (as calculated by the lender) of at least 1.3 to 1 on the date the extension is exercised. The borrower shall also be responsible for all fees and expenses associated with the extension including, but not limited to, the lender’s reasonable legal fees, an inspection fee in the amount of $150.00, and a tax service fee.

 

The Mortgage Loan may be prepaid in whole or in part, at any time, provided the borrower (GSD Cortlandt) pays the bank with each prepayment a prepayment fee equal to (i) during the first loan year and, if applicable, the first loan year of the Extension Period, five percent of the amount of such prepayment; (ii) during the second loan year and, if applicable, during the second loan year of the Extension Period, four percent of the amount of such prepayment; (iii) during the third loan year and, if applicable, during the third loan year of the Extension Period, three percent of the amount of such prepayment; (iv) during the fourth loan year and, if applicable, during the fourth loan year of the Extension Period, two percent of the amount of such prepayment; and (v) during the fifth loan year and, if applicable, during the fifth loan year of the Extension Period, one percent of the amount of such prepayment. There will be no prepayment fee for any prepayment made during the sixty-day period immediately preceding the initial maturity date or the last sixty days of the Extension Period. All prepayments must include accrued and unpaid interest through the date of prepayment. If the Cortlandt property is sold to a bona fide third-party purchaser within the initial two years of the term of the Mortgage Loan, the prepayment fee to be paid upon repayment of the Mortgage Loan in full will be reduced by fifty percent.

 

The Mortgage Loan is secured by the Cortlandt property located at 1985 Crompond Road (5.01 acres).

 

COVID-19. Small businesses are expected to be adversely affected disproportionately by the economic ramifications of COVID-19. In terms of its own tenants, the Company has deferred approximately $94,000 of rental revenue due to tenants who were closed due to the Executive Order entitled “New York State on PAUSE”. All deferred rent is expected to be collected under alternate arrangements made with tenants.

 

Leasing Activity. During the nine-months ended September 30, 2021, the Company executed seven new leases and eighteen renewals comprising approximately 6,900 and 33,000 square feet and annual revenue of approximately $83,000 and $821,000, respectively. There were also two expansions during the nine months ended September 30, 2021 comprising approximately 4,100 square feet and approximately $112,000 in annual revenue.

 

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There was one termination during the nine-months ended September 30, 2021 comprising approximately 2,800 square feet and approximately $70,600 in annual revenue.

 

The Company incurred commission fees of approximately $19,000 relating to total rental revenue of approximately $209,000.

 

Disposition Activities. On April 26, 2021, the Company closed on the sale of its approximate 5.0 acres comprising of two parcels of vacant land that is non-contiguous to and not part of the Flowerfield complex in Smithtown, New York for a purchase price of $500,000 as per the purchase and sale agreement signed on May 11, 2020.

 

Termination of Purchase Agreements.

 

Flowerfield -

 

On March 16, 2021, the Company received a notice (the “BSL Termination Notice”) from BSL that it is terminating the BSL Agreement (originally dated August 27, 2019) for the sale of a 9.0-acre parcel of vacant land (the “BSL Agreement Property”) in the Flowerfield complex in Smithtown, New York for $16,800,000 to BSL St. James LLC, a Delaware limited liability company (“BSL”).  The BSL Termination Notice referenced the termination right and requested the return of the earnest money deposit to BSL in accordance with the provisions of the BSL Agreement.  Such earnest money deposit has been returned to BSL.

 

Cortlandt Manor -

 

On February 1, 2021, the Company received a notice (the “SC Termination Notice”) from SC, LLC that it is terminating the SC Agreement (originally dated December 7, 2019) for the sale of approximately 4.5 acres of its real property located in Cortlandt Manor, New York, together with improvements thereon (the “SC Agreement Property”) to Sound Cortlandt, LLC, a Delaware limited liability company (“SC LLC”) for a purchase price of $5,720,000.  The SC Termination Notice referenced the termination right and called for the Escrow Agent (as defined in the SC Agreement) to return the earnest money deposit immediately to SC LLC in accordance with the provisions of the SC Agreement.  Such earnest money deposit has been returned to SC LLC.

 

Critical Accounting Policies

 

Gyrodyne intends to dissolve after it completes the disposition of all of its real property assets, applies the proceeds of such dispositions first to settle any debts and claims, pending or otherwise, against Gyrodyne, and then makes distributions to holders of Gyrodyne common shares. Therefore, effective September 1, 2015 Gyrodyne adopted the liquidation basis of accounting. This basis of accounting is considered appropriate when, among other things, liquidation of the entity is “imminent”, as defined in ASC 205-30, Presentation of Financial Statements Liquidation Basis of Accounting. Under the LLC Agreement, the Board may elect, in its sole discretion and without any separate approval by shareholders, to dissolve the Company at any time the value of the Company’s assets, as determined by the Board in good faith, is less than $1 million. The LLC Agreement also provides that the Company will dissolve, and its affairs wound up upon the sale, exchange or other disposition of all the real properties of the Company. As a result, liquidation is deemed to be “imminent” in accordance with the guidance provided in ASC 205-30.

 

Principles of consolidation - The consolidated financial statements include the accounts of Gyrodyne and all subsidiaries. All consolidated subsidiaries are wholly owned. All inter-company balances and transactions have been eliminated.

 

Basis of Presentation - Liquidation Basis of Accounting – Under the liquidation basis of accounting the consolidated balance sheet and consolidated statements of operations, equity, comprehensive income and cash flows are no longer presented. The consolidated statements of net assets and changes in net assets are the principal financial statements presented under the liquidation basis of accounting.

 

Under the liquidation basis of accounting, all the Company’s assets have been stated at their estimated net realizable value, or liquidation value, (which represents the estimated amount of cash that Gyrodyne will collect on the disposal of assets as it carries out the plan of liquidation), which is based on current contracts, estimates and other indications of sales value (predicated on current values). All liabilities of the Company, including those estimated costs associated with implementing the plan of liquidation, have been stated at their estimated settlement amounts. These amounts are presented in the accompanying statements of net assets. These estimates are periodically reviewed and adjusted as appropriate. There can be no assurance that these estimated values will be realized. Such amounts should not be taken as an indication of the timing or amount of future distributions or our actual dissolution. The valuation of assets at their net realizable value and liabilities at their anticipated settlement amount represent estimates, based on present facts and circumstances, of the net realizable value of the assets and the costs associated with carrying out the plan of liquidation. The actual values and costs associated with carrying out the plan of liquidation may differ from amounts reflected in the accompanying financial statements because of the plan’s inherent uncertainty. These differences may be material. In particular, the estimates of our costs will vary with the length of time necessary to complete the plan of liquidation, which is currently anticipated to be completed by December 31, 2022. The Company is in the process of pursuing entitlements and density approvals, and our ability to obtain required permits and authorizations is subject to factors beyond our control, including environmental concerns of governmental entities, community groups and purchasers (Purchase and Sale Agreement entered but not yet closed/prospective purchasers). The process will involve extensive analysis internally at the government entity level, as well as between government entities such as town planning departments and Gyrodyne and or purchasers, and will continue up until such time as entitlement and density decisions are made by the relevant government entities. The Company hopes to secure favorable decisions on entitlements, and density so that we can then seek the sale of our remaining properties at higher prices (than those achievable under their current entitlements) and then proceed with the liquidation and dissolution of the Company. Any deviation in use or density between what we are pursuing in our entitlement efforts and what is ultimately permitted could have a material impact on value. The Company expects the process of pursuing entitlements, density approvals, sales, liquidation and dissolution could extend through December 31, 2022 with the ultimate timing dependent upon and under the control of the applicable municipality’s planning board or other governmental authority and or purchasers. Accordingly, it is not possible to predict with certainty the timing or aggregate amount which may ultimately be distributed to common shareholders and no assurance can be given that the distributions will equal or exceed the estimate presented in the accompanying consolidated statements of net assets.

 

24

 

The Company’s assumptions and estimates (including the sales proceeds of all its real estate holdings, selling costs, retention bonus payments, rental revenues, rental expenses, capital expenditures, land entitlement costs, general and administrative fees, director and officer liability and reimbursement, post liquidation insurance tail coverage policy and final liquidation costs) are based on completing the liquidation by December 31, 2022. As previously stated, on an ongoing basis, Gyrodyne evaluates the estimates and assumptions that can have a significant impact on the reported net assets in liquidation and will update relevant information accordingly, for any costs and value associated with a change in the duration of the liquidation, as we cannot give any assurance on the timing of the ultimate sale of all the Company’s properties.

 

Management Estimates – In preparing the consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) and the liquidation basis of accounting, management is required to make estimates and assumptions that affect the reported amounts of assets, including net assets in liquidation, and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of receipts and expenditures for the reporting period. Actual results could differ from those estimates.

 

The most significant estimates are the estimates on the net realizable value from the sale of our real estate, the estimated costs/time to pursue entitlements and the related timeline to complete the liquidation.

 

Cash equivalents - The Company considers all certificates of deposits, money market funds, treasury securities and other highly liquid debt instruments purchased with short-term maturities to be cash equivalents.

 

Allowance for doubtful accounts – Rent receivable is carried at net realizable value. Management makes estimates of the collectability of rents receivable. Management specifically analyzes receivables and historical bad debts, tenant concentrations, tenant creditworthiness, current economic trends, including the impact of the outbreak of the novel strain of coronavirus (COVID-19) on tenants’ businesses, and changes in tenant payment patterns when evaluating the adequacy of the allowance for doubtful accounts.

 

Fair Value Measurements  The Company believes the concepts for determining net realizable value are consistent with the guidance for measuring fair value. As a result, the Company follows the guidance of FASB Accounting Standards Codification, Fair Value Measurements and Disclosures to determine the fair value of financial and non-financial instruments. The guidance defines fair value, establishes a hierarchy framework for measuring fair value and expands disclosures related to the fair value. The guidance establishes a hierarchy breaking down observable and unobservable inputs into three levels: Level 1 – observable inputs in an active market on or around the measurement date, Level 2 – observable inputs that are based on prices not quoted on active markets but corroborated by market data and Level 3 – unobservable inputs utilized when no other data is available.

 

Estimated Distributions per Share – Under the liquidation basis of accounting, the Company reports estimated distributions per share data by dividing net assets by the number of shares outstanding.  

 

New accounting pronouncements - Management has evaluated the impact of newly issued accounting pronouncements, whether effective or not as of September 30, 2021, and has concluded that they will not have a material impact on the Company’s consolidated financial statements since the Company reports on a liquidation basis.

 

Discussion of the Statements of Net Assets

 

Net assets in liquidation on September 30, 2021 and December 31, 2020 would result in estimated liquidating distributions of $22,512,969 and $22,487,944, or approximately $15.18 and $15.17 per common share, respectively, based on 1,482,680 shares outstanding. The increase of $25,025 or $0.01 per share is attributable to the change in the estimated liquidation and operating costs net of receipts, mainly due to additional rental revenue, savings in general and administrative expenses and an increase in miscellaneous other income of approximately $362,000, $153,000 and $6,000, respectively, offset by additional interest expense and closing/prepayment fees on the loan that the Company secured in September 2021 (see Note 7) of approximately $117,000 and $266,000, respectively, and additional property operating expenses and selling costs of $92,000 and $21,000, respectively.

 

25

 

The cash balance at the end of the liquidation period (currently estimated to be December 31, 2022, although the estimated completion of the liquidation period may change), excluding any interim distributions, is estimated based on the September 30, 2021 cash balance of $6.02 million (includes net proceeds from the new mortgage loan) plus adjustments for the following items which are estimated through December 31, 2022:

 

1.

The estimated cash receipts from the operation of the properties net of rental property related expenditures as well as costs expected to be incurred to preserve or improve the net realizable value of the properties at their estimated gross sales proceeds.

2.

Net proceeds from the sale of all the Company’s real estate holdings.

3.

The general and administrative expenses and or liabilities associated with operations and the liquidation of the Company including severance, director and officer liability coverage including post liquidation tail policy coverage, and financial and legal fees to complete the liquidation.

4.

Costs for the pursuit of the entitlement of the Flowerfield and Cortlandt Manor properties.

5.

Retention bonus amounts.

6.

Costs, including principal payments, net of drawdowns on the credit facilities to fund tenant improvements and working capital and related fees.

 

The Company estimates the net realizable value of its real estate assets by using market information such as broker opinions of value, appraisals, and recent sales data for similar assets or discounted cash flow models, which primarily rely on Level 3 inputs as defined under FASB ASC Topic No. 820, Fair Value Measurement. To the extent the Company underestimates or overestimates forecasted cash outflows (capital improvements, lease commissions and operating costs) or overestimates or underestimates forecasted cash inflows (rental revenue rates), the estimated net realizable value of its real estate assets could be overstated or understated.

 

The Company estimates that it will incur approximately $998,000 (included in the statements of net assets as part of the estimated liquidation and operating costs net of receipts) in land entitlement costs from October 2021 through the end of the liquidation period, currently estimated to conclude on or about December 31, 2022, in an effort to obtain entitlements, including special permits. The Company believes the commitment of these resources will enable the Company to position the properties for sale with all entitlements necessary to maximize the Flowerfield and Cortlandt Manor property values. During the nine-months ended September 30, 2021, the Company incurred approximately $493,000 of land entitlement  costs (of which certain of the Company’s service vendors agreed to defer approximately $166,000 until the first post subdivision property lot is sold), consisting primarily of engineering fees, legal fees and real estate taxes. The Company believes the remaining balance of $998,000 (approximately $170,000 of which the Company’s service vendors have agreed to defer until the first post subdivision property lot is sold) will be incurred from October 2021 through the end of the liquidation period. The Company does not intend to develop the properties but rather to commit resources to position the properties for sale in a timely manner with all entitlements necessary to achieve maximum pre-construction values. The costs and time frame to achieve the entitlements could change due to a range of factors including a shift in the value of certain entitlements making it more profitable to pursue a different mix of entitlements and the dynamics of the real estate market. As a result, the Company has focused and will continue to focus its land entitlement efforts on achieving the highest and best use while considering the time necessary to achieve such entitlements. During the process of pursuing such entitlements, the Company may entertain offers from potential buyers who may be willing to pay premiums for the properties that the Company finds more acceptable from a timing or value perspective than completing the entitlement processes itself. The value of the real estate reported in the statement of net assets as of September 30, 2021 (predicated on current asset values) includes some but not all of the potential value impact that may result from the land entitlement efforts. There can be no assurance that our value enhancement efforts will result in property value increases that exceed the costs we incur in such efforts, or even any increase at all.

 

The net assets in liquidation at September 30, 2021 ($22,512,969) results in estimated liquidating distributions of approximately $15.18 per common share (based on 1,482,680 shares outstanding), based on estimates and other indications of sales value (predicated on current asset values) which includes some but not all of the actual potential sales proceeds that may result directly or indirectly from our land entitlement efforts. Some of the additional value that may be derived from the land entitlement efforts is not included in the estimated liquidating distributions as of September 30, 2021 because the amount of such additional value is too difficult to predict with sufficient certainty. The Company believes the land entitlement efforts will enhance estimated distributions per share through the improved values (a large amount of which has already been included in the reported value for real estate held for sale) from the sales of the Flowerfield and Cortlandt Manor properties net of the costs to achieve the improved values and other expenses. This estimate of liquidating distributions includes projections of costs and expenses to be incurred during the period required to complete the plan of liquidation. There is inherent uncertainty with these projections, and they could change materially based on the timing of the sales, changes in values of the Cortlandt Manor and/or Flowerfield properties (whether market driven or resulting from the land entitlement efforts) net of any bonuses (if such values exceed the minimum values required to pay bonuses under the retention bonus plan), favorable or unfavorable changes in the land entitlement costs, the performance of the underlying assets, the market for commercial real estate properties generally and any changes in the underlying assumptions of the projected cash flows. 

 

26

 

The following table summarizes the estimates to arrive at the Net Assets in Liquidation as of September 30, 2021 (dollars are in millions).

 

September 30, 2021 cash and cash equivalents balance

  $ 6.02    

Principal payments on loan

    (10.09 )  

Free cash flow from rental operations

    1.02  

(i)

General and administrative expenses

    (2.65 )

(ii)

Land entitlement costs in pursuit of the highest and best use

    (1.00 )

 

Gross real estate proceeds

    38.55    

Selling costs on real estate

    (3.01 )  

Retention bonus plan for directors, officers and employees

    (2.91 )  

Final liquidation and dissolution costs

    (1.53 )

(iii)

Other

    (1.89 )

(iv)

Net Assets in Liquidation

  $ 22.51    

 

(i)

The Company estimates the cash proceeds from rental operations net commissions and rental costs, inclusive of expenditures to preserve or improve the properties at its current estimated market value will total $1.02.

(ii)

The general and administrative expenses, excluding final liquidation costs, is estimated to be ($2.65).

(iii)

The costs represent all anticipated costs to liquidate the Company including D&O tail, severance and professional fees.

(iv)

The Company estimates interest income will be offset by interest expense and the settlement of its working capital accounts resulting in a balance of $(1.89).

 

Discussion of Changes in Net Assets

 

Gyrodyne’s strategy is to enhance the value of Flowerfield and Cortlandt Manor, by pursuing various entitlement opportunities, which the Gyrodyne Board believes will improve the potential of obtaining better values for such properties. The pursuit of the highest and best use of Flowerfield and Cortlandt Manor may involve other strategies to maximize the returns for our shareholders. Gyrodyne intends to dissolve after it completes the disposition of all of its real property assets, applies the proceeds of such dispositions first to settle any debts and claims, pending or otherwise, against Gyrodyne, and then makes liquidating distributions to holders of Gyrodyne common shares. Therefore, the Company includes in its financial statements the Consolidated Statement of Changes in Net Assets for the nine-months ended September 30, 2021, which is discussed below:

 

Net assets in liquidation on January 1, 2021   $ 22,487,944  
Changes in net assets in liquidation from January 1 through September 30, 2021:        
Change in liquidation value of real estate     -  
Remeasurement of assets and liabilities in liquidation     25,025  
Total change in net assets in liquidation   $ 25,025  
Net assets in liquidation on September 30, 2021   $ 22,512,969  

 

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Liquidity and Capital Resources

 

Cash Flows:

 

As we pursue our plan to sell our properties strategically, including certain enhancement efforts, we believe that a main focus of management is to effectively manage our net assets through cash flow management of our tenant leases, maintaining or improving occupancy, and enhancing the value of the Flowerfield and Cortlandt Manor properties via the pursuit of the associated change in entitlements.

 

As the Company executes on the liquidation plan, it will review its capital needs and make prudent distribution decisions regarding any excess cash. Upon completion of these activities, Gyrodyne will distribute the remaining cash to its shareholders and then proceed to complete the dissolution of the Company, delist its shares from Nasdaq or other exchange platform and terminate its registration and reporting obligations under the Securities Exchange Act of 1934, as Amended (the “Exchange Act”).  Gyrodyne is required to make adequate provisions to satisfy its known and unknown liabilities which could substantially delay or limit its ability to make future distributions to shareholders. The process of accounting for liabilities, including those that are currently unknown or whose amounts are uncertain may involve difficult valuation decisions which could adversely impact the amount or timing of any future distributions.

 

We finance our operations through cash on hand, supplemented by cash available under the Company’s credit facilities. Certain of the Company’s major vendors (including land development vendors) have agreed to defer payment on 50% of their fees until the subdivided lot is sold. Additionally, on December 6, 2019, the Company’s Board of Directors approved the Gyrodyne, LLC Nonqualified Deferred Compensation Plan for Employees and Directors (the “DCP”) effective as of January 1, 2020. The plan is a nonqualified deferred compensation plan maintained for officers and directors of the Company.  Under the DCP, officers and directors may elect to defer a portion of their compensation to the DCP and receive interest on such deferred payments at a fixed rate of 5%.  All DCP benefits will be paid in a single lump sum cash payment on December 15, 2026, unless a Plan of Liquidation is established for Gyrodyne before the distribution date in which case all benefits will be paid in a single lump sum cash payment after execution of an amendment to terminate the DCP (See Deferred Compensation Plan above).

 

We entered into a credit facility on March 21, 2018 which was amended and extended that provided up to $3.0 million in financing for tenant improvements (the “Original Line”). The Company has drawn down approximately $2.2 million for tenant and associated common area improvements. Pursuant to the terms of the loan, on April 30, 2021, the loan converted to the Permanent Phase with an outstanding principal balance of $2,200,000. The Company no longer has access to the $800,000 unused balance.

 

On January 24, 2019, the Company secured a loan evidenced by a secured non-revolving business line of credit and promissory note with the Original Line bank for up to $3,000,000 to provide access to additional working capital to fund entitlements and operations through final liquidation. As of January 28, 2021, the line is fully drawn. Pursuant to the terms of the loan, on May 20, 2021, the loan converted to the Permanent Phase with an outstanding principal balance of $3,000,000.

 

To secure access to additional working capital, the Company, through its subsidiary GSD Cortlandt, LLC (“GSD Cortlandt”) secured a loan evidenced by a non-revolving business line of credit agreement and promissory note with the Original Line bank for up to $2,500,000 which closed on July 16, 2020. The term was 24 months, with an option to extend for an additional 12 months. The interest rate was a variable rate equal to the daily highest prime rate published by the Wall Street Journal plus 100 basis points (1%), rounded up to the nearest 1/8 percent, but in no event less than four and three quarters percent (4.75%). The terms of the loan originally limited access to certain amounts, contingent upon GSD Cortlandt securing purchase agreements for one or both Cortlandt Property lots. On February 22, 2021, the loan was amended to remove such limitation on draws. Advances of $379,765 and $670,235, were drawn at closing and on January 28, 2021, respectively. The line was paid in full and closed on September 15, 2021.

 

On September 15, 2021, the Company, through its subsidiary GSD Cortlandt, LLC (“GSD Cortlandt”), secured a $4.95 million term loan (the “Mortgage Loan”), the proceeds of which was used to pay off the existing GSD Cortlandt debt facility of which $1,050,000 was outstanding.  The term of the Mortgage Loan is five years with an option to extend for an additional five years (the “Extension Period”).  Until the initial maturity date, the Mortgage Loan bears interest at an annual rate equal to 3.75%. If the maturity date is extended for the Extension Period, the rate of interest on the Mortgage Loan will to the greater of (i) 3.75% or (ii) 275 basis points in excess of the weekly average yield on United States Treasury Securities adjusted to a constant maturity of five years as most recently made available by the Federal Reserve Board as of thirty days prior to the first day of the Extension Period.  The Mortgage Loan will be paid in monthly installments of principal and interest calculated on the basis of a thirty-year amortization schedule. If the maturity date is extended for the Extension Period, the amount of each monthly installment will be recalculated for the Extension Period based on the adjusted interest rate on the Mortgage Loan and an amortization schedule of twenty-five years The lender has the right, but not the obligation, to decline to extend the term of the Mortgage Loan if the loan to value ratio of the property is greater than seventy (70%) percent on the date the extension is exercised, or the property does not support a debt service coverage ratio (as calculated by the lender) of at least 1.3 to 1 on the date the extension is exercised. The borrower shall also be responsible for all fees and expenses associated with the extension including, but not limited to, the lender’s reasonable legal fees, an inspection fee in the amount of $150.00, and a tax service fee.

 

28

 

The Mortgage Loan may be prepaid in whole or in part, at any time, provided the borrower (GSD Cortlandt) pays the bank with each prepayment a prepayment fee equal to (i) during the first loan year and, if applicable, the first loan year of the Extension Period, five percent of the amount of such prepayment; (ii) during the second loan year and, if applicable, during the second loan year of the Extension Period, four percent of the amount of such prepayment; (iii) during the third loan year and, if applicable, during the third loan year of the Extension Period, three percent of the amount of such prepayment; (iv) during the fourth loan year and, if applicable, during the fourth loan year of the Extension Period, two percent of the amount of such prepayment; and (v) during the fifth loan year and, if applicable, during the fifth loan year of the Extension Period, one percent of the amount of such prepayment. There will be no prepayment fee for any prepayment made during the sixty-day period immediately preceding the initial maturity date or the last sixty days of the Extension Period. All prepayments must include accrued and unpaid interest through the date of prepayment. If the Cortlandt property is sold to a bona fide third-party purchaser within the initial two years of the term of the Mortgage Loan, the prepayment fee to be paid upon repayment of the Mortgage Loan in full will be reduced by fifty percent.

 

The Mortgage Loan is secured by the Cortlandt property located at 1985 Crompond Road (5.01 acres).

 

We believe leveraging our capital improvements will allow us to continue focusing our cash on funding the pursuit of entitlements and our operations. The Company believes the combination of the investments in tenant improvements related to strategically important leases and the pursuit of entitlements will enable the Company to maximize the ultimate real estate value and the distributions per share.

 

As of September 30, 2021, the Company had cash and cash equivalents totaling approximately $6.02 million. The Company anticipates that its current cash and cash equivalent balance and access to credit facilities will be adequate to fund its process of seeking entitlements and selling assets and subsequent dissolution. The $6.02 million of cash will be partially used to fund our efforts to generate the highest values for the Flowerfield and Cortlandt Manor properties while simultaneously pursuing the strategic sale of these properties. The pursuit of the highest values of Flowerfield and Cortlandt Manor may involve the other investments and or other strategies to maximize the returns for our shareholders. The Company is estimating and reporting in the consolidated statements of net assets total gross cash proceeds from the sale of its assets of approximately $38.55 million. Based on the Company’s current cash balance and the above forecast, the Company estimates distributable cash stemming from the liquidation of the Company of approximately $22.51 million.

 

The Company’s primary sources of funds are as follows:

 

current cash and cash equivalents;

 

rents and tenant reimbursements received on our remaining real estate operating assets;

 

sale of assets; and

 

credit facilities.

 

Excluding gross proceeds from the sale of assets, the Company’s gross rents and tenant reimbursements net of rental expenses is less than the combined total annual general and administrative costs, capital expenditures and land entitlement costs creating a net use of cash on an annual basis through the liquidation process. The Company believes the cash and cash equivalents plus the proceeds from the sale of assets and funds available through its credit facilities will exceed the costs to complete the liquidation of the Company. In addition, the Company has and will continue to review operating activities for possible cost reductions throughout the liquidation process.

 

Major elements of the Company’s cashflows for the nine-months ended September 30, 2021 were as follows:

 

 

Operating cashflows

   

$1,977,425 in rent and reimbursements.

   

($1,229,711) in operating costs.

   

($92,546) in capital expenditures.

 

($1,362,775) in corporate expenditures.

 

($226,672) in interest expense.

 

($184,062) in non-recurring loan closing fees.

 

($492,672) of land entitlement costs.

 

$430,702 of net proceeds from the sale of real estate.

 

$4,927,021 of proceeds from the Company’s available debt facilities net of principal payments.

         

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

 

The Company places its temporary cash investments with high credit quality financial institutions. Certain financial instruments could potentially subject the Company to concentrations of credit risk, such as cash equivalents and longer-term investments. The Company maintains bank account balances, which exceed FDIC insurance limits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash. Management does not believe significant credit risk exists on September 30, 2021.

 

29

 

The Company believes there have been no significant changes in market risk from that disclosed in the Company's Report on Form 10-K for the twelve months ended December 31, 2020, filed with the Securities and Exchange Commission on April 13, 2021.

 

Item 4. Controls and Procedures.

 

The Company’s management, including the Chief Executive Officer (“CEO”)/ Chief Financial Officer (“CFO”), has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report (the “Evaluation Date”). Based on such evaluation, our management concluded that our disclosure controls and procedures were effective, at a reasonable assurance level, as of the Evaluation Date, to ensure that information required to be disclosed in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management in a manner that allows timely decisions regarding required disclosures.

 

An evaluation was performed under the supervision and with the participation of the Company’s management of the effectiveness of the design and operation of the Company’s procedures and internal control over financial reporting as of December 31, 2020. In making this assessment, the Company used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework of 2013 (the “2013 COSO Framework”). Based on that evaluation, the Company’s management concluded that the Company’s internal controls over financial reporting were effective as of September 30, 2021.

 

Changes in Internal Control Over Financial Reporting

 

There was no change in our internal control over financial reporting identified with our evaluation that occurred during the fiscal quarter ended September 30, 2021, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

Putative Class Action Lawsuit

 

On August 14, 2015, the Company entered a Stipulation of Settlement (the "Settlement") providing for the settlement of a putative class action lawsuit against the Company and certain related parties.  Under the Settlement, Gyrodyne agreed that any sales of its properties would be effected only in arm's-length transactions at prices at or above their appraised values as of 2014. 

 

The 2014 aggregate appraised value for our properties was approximately $100,000 higher than the 2013 aggregate appraised value for such properties. As of September 30, 2021, the aggregate appraised value of our remaining unsold properties exceeded the respective 2014 aggregate appraised value for such properties. See, “Risk Factors – Stipulation of Settlement prohibits us from selling our remaining properties at prices below the December 2014 appraised values” in the Company’s annual report.

 

General

 

In addition to the foregoing, in the normal course of business, Gyrodyne is a party to various legal proceedings. After reviewing all actions and proceedings pending against or involving Gyrodyne, management considers that any loss resulting from such proceedings individually or in the aggregate will not be material to Gyrodyne’s financial condition or results of operations.

 

Item 1A. Risk Factors

 

For information regarding factors that could affect our business, results of operations, financial condition and liquidity, see the risk factors discussed under Part I, Item 1A of our 2020 Form 10-K filed with the Securities and Exchange Commission on April 13, 2021.

 

30

 

The following risk factors which appear in our 2020 Form 10-K were updated in our Quarterly Report on 10-Q for the quarter ended June 30, 2021, filed with the Securities and Exchange Commission on August 6, 2021, as follows:

 

Community opposition could adversely impact our efforts to obtain entitlements and enhance the value of our properties.

 

The process of seeking required entitlements, permits and approvals is sometimes delayed or prevented due to community opposition and adverse publicity from neighboring property owners, members of the general public or non-governmental organizations, or other third parties and other factors beyond our control. The Company’s efforts to seek entitlements, permits or other approvals have been the subject of protests by civic groups asserting environmental, traffic and congestion issues as well as adverse impact to the historic nature of the area. Such community opposition could lead to the denial of entitlements, permits or other approvals essential to our efforts to increase the value of our properties or to the imposition of restrictive conditions with which it is not practicable or feasible to comply and could impact our ability to enhance the value of our properties.

 

Even if the Company is successful in securing approval of its subdivision application, there is a substantial risk that opponents of our subdivision plan, and other aspect of our entitlement efforts may challenge the approval through a lawsuit under Article 78 of New York’s Civil Practice Law & Rules, naming both the Town of Smithtown and the Company as defendants. Challenging a government decision in an Article 78 proceeding can lead to delay in enforcement of the government action, whether or not the suit is successful. Petitioners often seek a temporary restraining order, preliminary injunction or other form of stay of some or all of the challenged action, and the government sometimes agrees to delay implementation until legal challenges are resolved. Although Article 78 proceedings take place on an expedited timeline and generally without discovery, an Article 78 proceeding could take two years or more to run its course given the likelihood of appeal and the impact the ongoing pandemic has had on the court system. Consequently, the commencement of an Article 78 proceeding with respect to an approval of our subdivision application and other aspect of our entitlement efforts could result in a further extension of the Company’s timeline for completing the process of securing entitlements, selling our properties and distributing net proceeds.

 

Our business, operations and timelines for pursuing entitlements, property sales and distributions of proceeds could be adversely affected by the Coronavirus pandemic.

 

The global health crisis caused by the novel coronavirus (“COVID-19”) pandemic and its resurgences has and may continue to negatively impact economic activity, which, despite progress in vaccination efforts, remains uncertain and cannot be predicted with confidence. In addition, the new Delta variant of COVID-19, which appears to be the most transmissible variant to date, continues to spread domestically. The long-term impact of the pandemic on our liquidation plan cannot be predicted at this time, and could depend on numerous factors, including vaccination rates among the population, effectiveness of COVID-19 vaccines and responses by governmental bodies and regulators, including in particular those local authorities that preside over our entitlement process.

 

Although the Company’s ongoing operations have appeared to recover generally from the effects of the COVID-19 pandemic, the pandemic has resulted and may continue to result in delays in necessary interactions with local authorities and ultimately delays in receiving approvals from such authorities due to limitations in employee resources or forced furlough of government employees. Such effects will likely for the foreseeable future to continue to impact our timeline for pursuing entitlements, selling our properties and making distributions.

 

Also, the Company’s ability to operate seamlessly and limit any adverse impact on our forecasted Net Asset Value will depend in part on whether any of our key employees are infected by the Coronavirus and become ill from COVID-19.

 

As the impact of the COVID-19 pandemic on our efforts to secure entitlements evolves, the Company will continue to monitor the impact on the Company and respond appropriately. At this time, however, it is difficult to predict to what degree further disruption might impact the Company’s operations and financial results or how the potential strategic impacts of COVID-19 will affect our entitlement process.

 

Items 2 through 5 are not applicable to the Company in the nine-months ended September 30, 2021.

 

31

 

Item 6. Exhibits.

 

  3.1 Articles of Organization of Gyrodyne, LLC, dated as of October 3, 2013 (1)
     
 

3.2

Amended and Restated Limited Liability Company Agreement of Gyrodyne, LLC (2)

 

  10.1 Amended and Restated Retention Bonus Plan (3)
     
  10.2 Amendment No. 2 to the Retention Bonus Plan (4)
     
  10.3 Amendment No. 3 to the Retention Bonus Plan (5)
     
  31.1 Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer and Chief Financial Officer, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (6)
     
  32.1 CEO and CFO Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (7)

 

  101.INS Inline XBRL Instance (6)
     
  101.SCH Inline XBRL Taxonomy Extension Schema (6)
     
  101.CAL Inline XBRL Taxonomy Extension Calculation (6)
     
  101.DEF Inline XBRL Taxonomy Extension Definition (6)
     
  101.LAB Inline XBRL Taxonomy Extension Labels (6)
     
  101.PRE Inline XBRL Taxonomy Extension Presentation (6)
     
  104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

  (1) Incorporated herein by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-4 filed with the Securities and Exchange Commission on October 21, 2013.
     
  (2) Incorporated herein by reference to Exhibit 3.2 to the Company’s Registration Statement on Form 8-A12B filed with the Securities and Exchange Commission on September 1, 2015.
     
 

(3)

Incorporated herein by reference to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on May 26, 2016.

     
 

(4)

Incorporated herein by reference to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on January 31, 2018.

     
 

(5)

Incorporated herein by reference to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on November 2, 2018.

     
 

(6)

Filed as part of this Report.

     
 

(7)

Furnished herewith in accordance with Item 601(b)(32) of Regulation S-K. This Exhibit is not deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certification will not be deemed incorporated by reference into any filings under the Securities Act, expect to the extent that the registrant specifically incorporates it by reference.

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

GYRODYNE, LLC

 

Date: November 10, 2021

/s/ Gary Fitlin

 

By Gary Fitlin

 

President and Chief Executive Officer

Chief Financial Officer and Treasurer

 

32

 

EXHIBIT INDEX

 

  3.1 Articles of Organization of Gyrodyne, LLC, dated as of October 3, 2013 (1)
     
 

3.2

Amended and Restated Limited Liability Company Agreement of Gyrodyne, LLC (2)

 

  10.1 Amended and Restated Retention Bonus Plan (3)
     
  10.2 Amendment No. 2 to the Retention Bonus Plan (4)
     
  10.3 Amendment No. 3 to the Retention Bonus Plan (5)
     
  31.1 Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer and Chief Financial Officer, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (6)
     
  32.1 CEO and CFO Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (7)

 

  101.INS Inline XBRL Instance (6)
     
  101.SCH Inline XBRL Taxonomy Extension Schema (6)
     
  101.CAL Inline XBRL Taxonomy Extension Calculation (6)
     
  101.DEF Inline XBRL Taxonomy Extension Definition (6)
     
  101.LAB Inline XBRL Taxonomy Extension Labels (6)
     
  101.PRE Inline XBRL Taxonomy Extension Presentation (6)
     
  104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

  (1) Incorporated herein by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-4 filed with the Securities and Exchange Commission on October 21, 2013.
     
  (2) Incorporated herein by reference to Exhibit 3.2 to the Company’s Registration Statement on Form 8-A12B filed with the Securities and Exchange Commission on September 1, 2015.
     
 

(3)

Incorporated herein by reference to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on May 26, 2016.

     
 

(4)

Incorporated herein by reference to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on January 31, 2018.

     
 

(5)

Incorporated herein by reference to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on November 2, 2018.

     
 

(6)

Filed as part of this Report.

     
 

(7)

Furnished herewith in accordance with Item 601(b)(32) of Regulation S-K. This Exhibit is not deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certification will not be deemed incorporated by reference into any filings under the Securities Act, expect to the extent that the registrant specifically incorporates it by reference.

 

33
EX-31.1 2 ex_300660.htm EXHIBIT 31.1 ex_300660.htm

 

Exhibit 31.1

 

Rule 13a-14(a)/15d-14(a) Certification

 

I, Gary Fitlin, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Gyrodyne, LLC;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

 

 

Date: November 10, 2021          

                                                                                                                                                                  

 

/s/ Gary Fitlin

 

 

By Gary Fitlin, 

 

 

President and Chief Executive Officer, 

 

  Chief Financial Officer and Treasurer  

 

 
EX-32.1 3 ex_300661.htm EXHIBIT 32.1 ex_300661.htm

 

Exhibit 32.1

 

CFO CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of Gyrodyne, LLC (the “Company”) on Form 10-Q for the period ended September 30, 2021, as filed with the Securities and Exchange Commission (the “Report”), I, Gary Fitlin, Chief Executive Officer and Chief Financial Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the consolidated financial condition of the Company as of the dates presented and consolidated results of operations of the Company for the periods presented.

 

 

 

Date: November 10, 2021                                                                                                                               

 

 

/s/ Gary Fitlin

 

 

By Gary Fitlin,

 

 

President and Chief Executive Officer,

 

  Chief Financial Officer and Treasurer  

 

 
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584-5400 Yes Yes Non-accelerated Filer true false false Common Shares of Limited Liability Company Interests GYRO NASDAQ 1482680 38550000 39050000 6024268 1632231 0 169000 34626 21849 30313 34751 44639207 40907831 1077708 893183 834728 556926 175504 15283 253563 241722 10086854 5159833 9697881 11552940 22126238 18419887 22512969 22487944 22487944 25025 25025 22512969 <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">1.</em></b></p> </td><td style="width: auto;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><b>The Company</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">Gyrodyne, LLC (including its subsidiaries, “Gyrodyne”, the “Company” or the “Registrant”) is a limited liability company formed under the laws of the State of New York whose primary business is the management of, and the pursuit of entitlements on, a portfolio of medical office and industrial properties located in Suffolk (“Flowerfield”) and Westchester Counties (“Cortlandt Manor”), New York State.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">Substantially all of our developed properties are subject to leases in which the tenant reimburses the Company for a portion, all of or substantially all of the costs and/or cost increases for utilities, insurance, repairs, maintenance and real estate taxes. Certain leases provide that the Company is responsible for certain operating expenses.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">Gyrodyne’s corporate strategy is to enhance the value of Flowerfield and Cortlandt Manor by pursuing entitlement opportunities and enhancing the value of its leases. The Company believes the aforementioned strategy will increase the values for such properties. The value of the real estate reported in the consolidated statements of net assets as of <em style="font: inherit;"> September 30, 2021 </em>and <em style="font: inherit;"> December 31, 2020 (</em>predicated on current asset values) includes some, but <em style="font: inherit;">not</em> all of the potential value impact that <em style="font: inherit;"> may </em>result from such value enhancement efforts. There can be <em style="font: inherit;">no</em> assurance that our value enhancement efforts will result in property value increases that exceed the costs we incur in such efforts, or even any increase at all.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">Our efforts to generate the highest values for Flowerfield and Cortlandt Manor <em style="font: inherit;"> may </em>involve in limited circumstances various other strategies to enhance the net value of Flowerfield and Cortlandt Manor to maximize the returns for our shareholders. Gyrodyne intends to dissolve after it completes the disposition of all of its real property assets, applies the proceeds of such dispositions <em style="font: inherit;">first</em> to settle any debts and claims, pending or otherwise, against Gyrodyne, and then makes distributions to holders of Gyrodyne common shares. The process of seeking entitlements to enhance property values and the amount and timing of distributions from proceeds of asset sales involve risks and uncertainties. As such, it is impossible at this time to determine the ultimate amount of proceeds that will actually be distributed to our shareholders or the timing of such payments. Accordingly, <em style="font: inherit;">no</em> assurance can be given that the distributions will equal or exceed the estimate of net assets presented in our consolidated statements of net assets. The actual nature, amount and timing of all distributions will be determined by Gyrodyne’s Board in its sole discretion and will depend in part upon the Company’s ability to convert our remaining assets into cash in compliance with our obligations under the Stipulation entered into in connection with the class action lawsuit (See Note <em style="font: inherit;">13</em> – Contingencies) and settle and pay our remaining liabilities and obligations. Under Gyrodyne’s Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”), such dissolution <em style="font: inherit;"> may </em>be effected upon the vote of holders of a majority of Gyrodyne common shares or, in the Company’s discretion and without any separate approval by the holders of Gyrodyne common shares, at any time the value of Gyrodyne’s assets, as determined by the Company in good faith, is less than $1,000,000.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The Company’s remaining real estate investments, each of which is held in a single asset limited liability company wholly owned by the Company, consist of:</p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 36pt;"> </td><td style="width: 18pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">●</p> </td><td style="width: auto;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Cortlandt <span style="-sec-ix-hidden:c78920529">Manor:13.8</span> acres in Cortlandt Manor, New York, consisting of the 34,000 square foot Cortlandt Manor Medical Center; and</p> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 36pt;"> </td><td style="width: 18pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">●</p> </td><td style="width: auto;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Flowerfield: 63 acres in St. James, New York, including a 10-acre multi-tenanted industrial park comprising 127,000 rentable square feet. There were an additional 5 acres comprising of <em style="font: inherit;">two</em> parcels that were zoned residential and non-contiguous to the Flowerfield property which the Company sold in <em style="font: inherit;"> April 2021 (</em>See Note <em style="font: inherit;">6</em> – Disposition Activities).</p> </td></tr> </tbody></table> 1000000 34000 63 10 127000 5 <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">2.</em></b></p> </td><td style="width: auto;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Basis of Quarterly Presentations</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The accompanying interim quarterly financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements of the Company included herein have been prepared by the Company pursuant to the rules and regulations of the SEC and, in the opinion of management, reflect all adjustments which are necessary to present fairly the results for the <em style="font: inherit;">nine</em>-months ended <em style="font: inherit;"> September 30, 2021.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations; however, management believes that the disclosures are adequate to make the information presented <em style="font: inherit;">not</em> misleading.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">This report should be read in conjunction with the audited consolidated financial statements and footnotes therein included in the Annual Report on Form <em style="font: inherit;">10</em>-K for the year ended <em style="font: inherit;"> December 31, 2020.</em><b><i> </i></b></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">3.</em></b></p> </td><td style="width: auto;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Summary of Significant Accounting Policies</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">Gyrodyne intends to dissolve after it completes the disposition of all of its real property assets, applies the proceeds of such dispositions <em style="font: inherit;">first</em> to settle any debts and claims, pending or otherwise, against Gyrodyne, and then makes distributions to holders of Gyrodyne common shares. Therefore, effective <em style="font: inherit;"> September 1, 2015 </em>Gyrodyne adopted the liquidation basis of accounting. This basis of accounting is considered appropriate when, among other things, liquidation of the entity is “imminent”, as defined in ASC <em style="font: inherit;">205</em>-<em style="font: inherit;">30,</em> Presentation of Financial Statements Liquidation Basis of Accounting. Under the LLC Agreement, the Company <em style="font: inherit;"> may </em>elect, in its sole discretion and without any separate approval by shareholders, to dissolve the Company at any time the value of the Company’s assets, as determined by the Company in good faith, is less than $1 million. The LLC Agreement also provides that the Company will dissolve, and its affairs wound up, upon the sale, exchange or other disposition of all the real properties of the Company. As a result, liquidation is deemed to be “imminent” in accordance with the guidance provided in ASC <em style="font: inherit;">205</em>-<em style="font: inherit;">30.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i/></b></p><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i>Principles of Consolidation -</i></b> The consolidated financial statements include the accounts of Gyrodyne and all subsidiaries. All consolidated subsidiaries are wholly owned. All inter-company balances and transactions have been eliminated.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"/> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i/></b></p><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i>Basis of Presentation - Liquidation Basis of Accounting </i></b>– Under the liquidation basis of accounting the consolidated balance sheet and consolidated statements of operations, equity, comprehensive income and cash flows are <em style="font: inherit;">no</em> longer presented. The consolidated statements of net assets and the consolidated statements of changes in net assets are the principal financial statements presented under the liquidation basis of accounting.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">Under the liquidation basis of accounting, all the Company’s assets have been stated at their estimated net realizable value, or liquidation value, (which represents the estimated amount of cash that Gyrodyne will collect on the disposal of assets as it carries out the plan of liquidation), which is based on current contracts, estimates and other indications of sales value (predicated on current values). All liabilities of the Company, including those estimated costs associated with implementing the plan of liquidation, have been stated at their estimated settlement amounts. These amounts are presented in the accompanying statements of net assets. These estimates are periodically reviewed and adjusted as appropriate. There can be <em style="font: inherit;">no</em> assurance that these estimated values will be realized. Such amounts should <em style="font: inherit;">not</em> be taken as an indication of the timing or amount of future distributions or our actual dissolution. The valuation of assets at their net realizable value and liabilities at their anticipated settlement amount represent estimates, based on present facts and circumstances, of the net realizable value of the assets and the costs associated with carrying out the plan of liquidation. The actual values and costs associated with carrying out the plan of liquidation <em style="font: inherit;"> may </em>differ from amounts reflected in the accompanying consolidated financial statements because of the plan’s inherent uncertainty. These differences <em style="font: inherit;"> may </em>be material. In particular, the estimates of our costs will vary with the length of time necessary to complete the plan of liquidation, which is currently anticipated to be completed by <em style="font: inherit;"> December 31, 2022. </em>The Company is in the process of pursuing entitlements and density approvals, and our ability to obtain required permits and authorizations is subject to factors beyond our control, including environmental concerns of governmental entities, community groups and purchasers. The process will involve extensive analysis internally at the government entity level, as well as between government entities such as town planning departments and Gyrodyne and or purchasers and will continue up until such time as entitlement and density decisions are made by the relevant government entities. The Company hopes to secure favorable decisions on entitlements and density so that we can then seek the sale of our remaining properties at higher prices than those achievable under their current entitlements and then proceed with the liquidation and dissolution of the Company. Any deviation in use or density between what we are pursuing in our entitlement efforts and what is ultimately permitted could have a material impact on value. The Company expects the process of pursuing entitlements, density approvals, sales, liquidation and dissolution could extend through <em style="font: inherit;"> December 31, 2022 </em>with the ultimate timing dependent upon and under the control of the applicable municipality’s planning board or other governmental authority and or purchasers. Accordingly, it is <em style="font: inherit;">not</em> possible to predict with certainty the timing or aggregate amount which <em style="font: inherit;"> may </em>ultimately be distributed to common shareholders and <em style="font: inherit;">no</em> assurance can be given that the distributions will equal or exceed the estimate presented in the accompanying consolidated statements of net assets.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The Company’s assumptions and estimates (including the sales proceeds of all its real estate holdings, selling costs, retention bonus payments, rental revenues, rental expenses, capital expenditures, land entitlement costs, general and administrative fees, director and officer liability and reimbursement, post liquidation insurance tail coverage policy and final liquidation costs) are based on completing the liquidation by <em style="font: inherit;"> December 31, 2022. </em>As previously stated, on an ongoing basis, Gyrodyne evaluates the estimates and assumptions that can have a significant impact on the reported net assets in liquidation and will update respective information accordingly for any costs and value associated with a change in the duration of the liquidation, as we cannot give any assurance on the timing of the ultimate sale of all the Company’s properties.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"/> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i/></b></p><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i>Management Estimates </i></b>–<b><i> </i></b>In preparing the consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) and the liquidation basis of accounting, management is required to make estimates and assumptions that affect the reported amounts of assets, including net assets in liquidation, and liabilities, and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of receipts and expenditures for the reporting period. Actual results could differ from those estimates.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"/> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i/></b></p><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i>Cash equivalents -</i></b> The Company considers all certificates of deposits, money market funds, treasury securities and other highly liquid debt instruments purchased with short-term maturities to be cash equivalents.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"/> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i/></b></p><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i>Allowance for doubtful accounts </i></b>– Rent receivable is carried at net realizable value. Management makes estimates of the collectability of rents receivable. Management specifically analyzes receivables and historical bad debts, tenant concentrations, tenant creditworthiness, current economic trends, including the impact of the outbreak of the novel strain of coronavirus (COVID-<em style="font: inherit;">19</em>) on tenants’ business, and changes in tenant payment patterns when evaluating the adequacy of the allowance for doubtful accounts.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"/> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i/></b></p><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i>Estimated Distributions per Share</i></b> – Under the liquidation basis of accounting, the Company reports estimated distributions per share data by dividing net assets in liquidation by the number of shares outstanding.  </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"/> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i/></b><b><i>New Accounting Pronouncements -</i></b> Management has evaluated the impact of newly issued accounting pronouncements, whether effective or <em style="font: inherit;">not</em> as of <em style="font: inherit;"> September 30, 2021, </em>and has concluded that they will <em style="font: inherit;">not</em> have a material impact on the Company’s consolidated financial statements since the Company reports on a liquidation basis.</p> 1000000 <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i>Principles of Consolidation -</i></b> The consolidated financial statements include the accounts of Gyrodyne and all subsidiaries. All consolidated subsidiaries are wholly owned. All inter-company balances and transactions have been eliminated.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i>Basis of Presentation - Liquidation Basis of Accounting </i></b>– Under the liquidation basis of accounting the consolidated balance sheet and consolidated statements of operations, equity, comprehensive income and cash flows are <em style="font: inherit;">no</em> longer presented. The consolidated statements of net assets and the consolidated statements of changes in net assets are the principal financial statements presented under the liquidation basis of accounting.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">Under the liquidation basis of accounting, all the Company’s assets have been stated at their estimated net realizable value, or liquidation value, (which represents the estimated amount of cash that Gyrodyne will collect on the disposal of assets as it carries out the plan of liquidation), which is based on current contracts, estimates and other indications of sales value (predicated on current values). All liabilities of the Company, including those estimated costs associated with implementing the plan of liquidation, have been stated at their estimated settlement amounts. These amounts are presented in the accompanying statements of net assets. These estimates are periodically reviewed and adjusted as appropriate. There can be <em style="font: inherit;">no</em> assurance that these estimated values will be realized. Such amounts should <em style="font: inherit;">not</em> be taken as an indication of the timing or amount of future distributions or our actual dissolution. The valuation of assets at their net realizable value and liabilities at their anticipated settlement amount represent estimates, based on present facts and circumstances, of the net realizable value of the assets and the costs associated with carrying out the plan of liquidation. The actual values and costs associated with carrying out the plan of liquidation <em style="font: inherit;"> may </em>differ from amounts reflected in the accompanying consolidated financial statements because of the plan’s inherent uncertainty. These differences <em style="font: inherit;"> may </em>be material. In particular, the estimates of our costs will vary with the length of time necessary to complete the plan of liquidation, which is currently anticipated to be completed by <em style="font: inherit;"> December 31, 2022. </em>The Company is in the process of pursuing entitlements and density approvals, and our ability to obtain required permits and authorizations is subject to factors beyond our control, including environmental concerns of governmental entities, community groups and purchasers. The process will involve extensive analysis internally at the government entity level, as well as between government entities such as town planning departments and Gyrodyne and or purchasers and will continue up until such time as entitlement and density decisions are made by the relevant government entities. The Company hopes to secure favorable decisions on entitlements and density so that we can then seek the sale of our remaining properties at higher prices than those achievable under their current entitlements and then proceed with the liquidation and dissolution of the Company. Any deviation in use or density between what we are pursuing in our entitlement efforts and what is ultimately permitted could have a material impact on value. The Company expects the process of pursuing entitlements, density approvals, sales, liquidation and dissolution could extend through <em style="font: inherit;"> December 31, 2022 </em>with the ultimate timing dependent upon and under the control of the applicable municipality’s planning board or other governmental authority and or purchasers. Accordingly, it is <em style="font: inherit;">not</em> possible to predict with certainty the timing or aggregate amount which <em style="font: inherit;"> may </em>ultimately be distributed to common shareholders and <em style="font: inherit;">no</em> assurance can be given that the distributions will equal or exceed the estimate presented in the accompanying consolidated statements of net assets.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The Company’s assumptions and estimates (including the sales proceeds of all its real estate holdings, selling costs, retention bonus payments, rental revenues, rental expenses, capital expenditures, land entitlement costs, general and administrative fees, director and officer liability and reimbursement, post liquidation insurance tail coverage policy and final liquidation costs) are based on completing the liquidation by <em style="font: inherit;"> December 31, 2022. </em>As previously stated, on an ongoing basis, Gyrodyne evaluates the estimates and assumptions that can have a significant impact on the reported net assets in liquidation and will update respective information accordingly for any costs and value associated with a change in the duration of the liquidation, as we cannot give any assurance on the timing of the ultimate sale of all the Company’s properties.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i>Management Estimates </i></b>–<b><i> </i></b>In preparing the consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) and the liquidation basis of accounting, management is required to make estimates and assumptions that affect the reported amounts of assets, including net assets in liquidation, and liabilities, and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of receipts and expenditures for the reporting period. Actual results could differ from those estimates.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i>Cash equivalents -</i></b> The Company considers all certificates of deposits, money market funds, treasury securities and other highly liquid debt instruments purchased with short-term maturities to be cash equivalents.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i>Allowance for doubtful accounts </i></b>– Rent receivable is carried at net realizable value. Management makes estimates of the collectability of rents receivable. Management specifically analyzes receivables and historical bad debts, tenant concentrations, tenant creditworthiness, current economic trends, including the impact of the outbreak of the novel strain of coronavirus (COVID-<em style="font: inherit;">19</em>) on tenants’ business, and changes in tenant payment patterns when evaluating the adequacy of the allowance for doubtful accounts.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i>Estimated Distributions per Share</i></b> – Under the liquidation basis of accounting, the Company reports estimated distributions per share data by dividing net assets in liquidation by the number of shares outstanding.  </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <b><i>New Accounting Pronouncements -</i></b> Management has evaluated the impact of newly issued accounting pronouncements, whether effective or <em style="font: inherit;">not</em> as of <em style="font: inherit;"> September 30, 2021, </em>and has concluded that they will <em style="font: inherit;">not</em> have a material impact on the Company’s consolidated financial statements since the Company reports on a liquidation basis. <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">4.</em></b></p> </td><td style="width: auto;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Statements of Net Assets in Liquidation</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">Net assets in liquidation on <em style="font: inherit;"> September 30, 2021 </em>and <em style="font: inherit;"> December 31, 2020 </em>would result in estimated liquidating distributions of $22,512,969 and $22,487,944, or approximately $15.18 and $15.17 per common share, respectively, based on 1,482,680 shares outstanding. The increase of $25,025 or $0.01 per share is attributable to the change in the estimated liquidation and operating costs net of receipts, mainly due to additional rental revenue, savings in general and administrative expenses and an increase in miscellaneous other income of approximately $362,000, $153,000 and $6,000, respectively, offset by additional interest expense and closing/prepayment fees on the loan that the Company secured in <em style="font: inherit;"> September 2021 (</em>see Note <em style="font: inherit;">7</em>) of approximately $117,000 and $266,000, respectively, and additional property operating expenses and selling costs of $91,745 and $20,737, respectively.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The cash balance at the end of the liquidation period (currently estimated to be <em style="font: inherit;"> December 31, 2022, </em>although the estimated completion of the liquidation period <em style="font: inherit;"> may </em>change), excluding any interim distributions, is estimated based on adjustments for the following items which are estimated through <em style="font: inherit;"> December 31, 2022:</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 36pt;"> </td><td style="width: 18pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><em style="font: inherit;">1.</em></p> </td><td style="width: auto;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The estimated cash receipts from the operation of the Company’s properties net of rental property related expenditures as well as costs expected to be incurred to preserve or improve the net realizable value of the properties at their estimated gross sales proceeds.</p> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 36pt;"> </td><td style="width: 18pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><em style="font: inherit;">2.</em></p> </td><td style="width: auto;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Net proceeds from the sale of all the Company’s real estate holdings.</p> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 36pt;"> </td><td style="width: 18pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><em style="font: inherit;">3.</em></p> </td><td style="width: auto;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The general and administrative expenses and or liabilities associated with operations and the liquidation of the Company including severance, director and officer liability coverage including post liquidation tail policy coverage, and financial and legal fees to complete the liquidation.</p> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 36pt;"> </td><td style="width: 18pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><em style="font: inherit;">4.</em></p> </td><td style="width: auto;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Costs for the pursuit of entitlements on the Flowerfield and Cortlandt Manor properties.</p> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 36pt;"> </td><td style="width: 18pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><em style="font: inherit;">5.</em></p> </td><td style="width: auto;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Retention bonus amounts (See Note <em style="font: inherit;">12</em>).</p> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 36pt;"> </td><td style="width: 18pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><em style="font: inherit;">6.</em></p> </td><td style="width: auto;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Costs, including principal payments, net of drawdowns on the Company’s credit facilities to fund tenant improvements and working capital and related fees.</p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The Company estimates the net realizable value of its real estate assets by using income and market valuation techniques. The Company <em style="font: inherit;"> may </em>estimate net realizable values using market information such as broker opinions of value, appraisals, and recent sales data for similar assets or discounted cash flow models, which primarily rely on Level <em style="font: inherit;">3</em> inputs, as defined under FASB ASC Topic <em style="font: inherit;">No.</em> <em style="font: inherit;">820,</em> Fair Value Measurement. The cash flow models include estimated cash inflows and outflows over a specified holding period. These cash flows <em style="font: inherit;"> may </em>include contractual rental revenues, projected future rental revenues and expenses and forecasted capital improvements and lease commissions based upon market conditions determined through discussion with local real estate professionals and relevant Company experience with its current and previously owned properties. Capitalization rates and discount rates utilized in these models are estimated by management based upon rates that management believes to be within a reasonable range of current market rates for the respective properties based upon an analysis of factors such as property and tenant quality, geographical location and local supply and demand observations. To the extent the Company underestimates or overestimates forecasted cash outflows (capital improvements, lease commissions and operating costs) or overestimates or underestimates forecasted cash inflows (rental revenue rates), the estimated net realizable value of its real estate assets could be overstated or understated.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The Company estimates that it will incur approximately $998,000 (included in the consolidated statement of net assets as part of the estimated liquidation and operating costs net of receipts, See Note <em style="font: inherit;">5</em>) in land entitlement costs from <em style="font: inherit;"> October 2021 </em>through the end of the liquidation period, currently estimated to conclude on or about <em style="font: inherit;"> December 31, 2022, </em>in an effort to obtain entitlements, including special permits. The Company believes the commitment of these resources will enable the Company to position the properties for sale with all entitlements necessary to maximize the Flowerfield and Cortlandt Manor property values and resulting distributions.  During the <em style="font: inherit;">nine</em> months ended <em style="font: inherit;"> September 30, 2021, </em>the Company incurred approximately $493,000 of land entitlement costs (of which certain of the Company’s service vendors agreed to defer approximately $166,000 until the <em style="font: inherit;">first</em> post subdivision property lot is sold), consisting predominantly of engineering fees, legal fees and real estate taxes.  The Company believes the remaining balance of <em style="font: inherit;">$998,000</em> (approximately <em class="GFJY4-DIN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font: inherit;">$170,000</em> of which certain of the Company service vendors have agreed to defer until the <em style="font: inherit;">first</em> post subdivision property lot is sold) will be incurred from <em style="font: inherit;"> October 2021 </em>through the end of the liquidation period. The Company does <em style="font: inherit;">not</em> intend to develop the properties but rather to commit resources to position the properties for sale in a timely manner with all entitlements necessary to achieve maximum pre-construction values.  The costs and time frame to achieve the entitlements could change due to a range of factors including a shift in the value of certain entitlements making it more profitable to pursue a different mix of entitlements and the dynamics of the real estate market.  As a result, the Company has focused and will continue to focus its land entitlement efforts on achieving the highest and best use while considering the time necessary to achieve such entitlements.  During the process of pursuing such entitlements, the Company <em style="font: inherit;"> may </em>entertain offers from potential buyers who <em style="font: inherit;"> may </em>be willing to pay premiums for the properties that the Company finds more acceptable from a timing or value perspective than completing the entitlement processes itself.  The value of the real estate reported in the statement of net assets as of <em style="font: inherit;"> September 30, 2021 (</em>predicated on current asset values) includes some but <em style="font: inherit;">not</em> all of the potential value impact that <em style="font: inherit;"> may </em>result from the land entitlement efforts. There can be <em style="font: inherit;">no</em> assurance that our value enhancement efforts will result in property value increases that exceed the costs we incur in such efforts, or even any increase at all.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The net assets as of <em style="font: inherit;"> September 30, 2021 (</em>$22,512,969) and <em style="font: inherit;"> December 31, 2020 (</em>$22,487,944) results in estimated distributions of approximately $15.18 and $15.17, respectively, per common share (based on 1,482,680 shares outstanding), based on estimates and other indications of sales value (predicated on current asset values) which includes some but <em style="font: inherit;">not</em> all of the potential sales proceeds that <em style="font: inherit;"> may </em>result directly or indirectly from our land entitlement efforts. Some of the additional value that <em style="font: inherit;"> may </em>be derived from the land entitlement efforts is <em style="font: inherit;">not</em> included in the estimated distributions as of <em style="font: inherit;"> September 30, 2021 </em>because the amount of such additional value that <em style="font: inherit;"> may </em>result from such efforts are too difficult to predict with sufficient certainty. The Company believes the land entitlement efforts will enhance estimated distributions per share through the improved values (a large amount of which has already been included in the reported value for real estate held for sale) from the sales of the Flowerfield and Cortlandt Manor properties net of the costs to achieve the improved values and other expenses. This estimate of distributions includes projections of costs and expenses to be incurred during the period required to complete the plan of liquidation. There is inherent uncertainty with these projections, and they could change materially based on the timing of the sales, change in values of the Cortlandt Manor and/or Flowerfield properties (whether market driven or resulting from the land entitlement efforts) net of any bonuses (if such values exceed the minimum values required to pay bonuses under the retention bonus plan), favorable or unfavorable changes in the land entitlement costs, the performance of the underlying assets, the market for commercial real estate properties generally and any changes in the underlying assumptions of the projected cash flows.</p> 22512969 22487944 15.18 15.17 1482680 25025 0.01 362000 153000 6000 -117000 -266000 -91745 -20737 998000 493000 166000 22512969 22487944 15.18 15.17 1482680 <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">5.</em></b></p> </td><td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Estimated Liquidation and Operating Costs Net of Estimated Receipts</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The liquidation basis of accounting requires the Company to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the plan of liquidation. The Company currently estimates that it will incur liquidation and operating costs net of estimated receipts during the liquidation period of $9,697,881, excluding the gross proceeds from the real estate sales. These amounts can vary significantly due to, among other things, land entitlement costs, the timing and estimates for executing and renewing leases, capital expenditures to maintain the real estate at its current estimated realizable value and estimates of tenant improvement costs, the timing of property sales and any direct/indirect costs incurred that are related to the sales (e.g., retention bonuses on the sale of the Cortlandt Manor and Flowerfield properties, costs to address buy side due diligence inclusive of administrative fees, legal fees and property costs to address items arising from such due diligence and <em style="font: inherit;">not</em> previously known), the timing and amounts associated with discharging known and contingent liabilities and the costs associated with the winding up of operations. These costs are estimated and are anticipated to be paid during the liquidation period.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The change in the liability for estimated operating costs in excess of estimated receipts during liquidation from <em style="font: inherit;"> January 1, 2021 </em>through <em style="font: inherit;"> September 30, 2021 </em>has been calculated as follows:</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; margin-left: 18pt; width: 95%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">January 1,</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2021</p> </td><td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Expenditures/ (Receipts)</p> </td><td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Remeasurement of</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Assets and Liabilities</p> </td><td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">September 30,</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2021</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Assets:</p> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 10%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 10%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 14%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 10%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Estimated rents and reimbursements</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">4,926,648</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(1,977,425</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">362,192</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">3,311,415</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr class="GFJY4-DFU-com-rdg-thunderdome-client-resources-CssResource-html-lineItem-v2v-addition" style="background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%; padding-left: 9pt;">Prepaid expenses and other assets</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">848,972</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">149,723</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">-</em></td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">998,695</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Liabilities:</p> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 10%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 10%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 14%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 10%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Property operating costs</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(3,061,404</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,229,711</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(91,745</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(1,923,438</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Common area capital expenditures</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(460,638</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">92,546</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(368,092</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Land entitlement costs</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(1,490,699</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">492,672</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(998,027</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)*</td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Corporate expenditures</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(6,344,342</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,773,509</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(224,685</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(4,795,518</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Selling costs on real estate assets</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(3,057,997</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">69,298</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(20,737</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(3,009,436</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt; text-indent: -9pt;">Retention bonus payments to Directors, executives and employees**</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(2,913,480</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(2,913,480</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt; text-indent: -9pt;">Liability for estimated liquidation and operating costs net of estimated receipts</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(11,552,940</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">1,830,034</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">25,025</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(9,697,881</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td></tr> </tbody></table> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">* The Company reached agreements with certain service vendors to defer payment of approximately $170,000 of the $998,000 until the closing of the <em style="font: inherit;">first</em> property lot sale that is the subject of either the Flowerfield or Cortlandt Manor subdivision, respectively.</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">** The amounts reported are based on the provisions of the retention bonus plan and the reported amount of the real estate assets estimated net realizable value. Based on the estimated real estate value of the Cortlandt property, aggregate proceeds from the sale of the <em style="font: inherit;">two</em> Cortlandt lots would <em style="font: inherit;">not</em> exceed the adjusted floor under the retention bonus plan and therefore the above table only reflects the projected bonus from the sale of the Flowerfield property.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> 9697881 <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; margin-left: 18pt; width: 95%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">January 1,</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2021</p> </td><td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Expenditures/ (Receipts)</p> </td><td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Remeasurement of</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Assets and Liabilities</p> </td><td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">September 30,</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2021</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Assets:</p> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 10%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 10%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 14%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 10%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Estimated rents and reimbursements</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">4,926,648</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(1,977,425</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">362,192</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">3,311,415</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr class="GFJY4-DFU-com-rdg-thunderdome-client-resources-CssResource-html-lineItem-v2v-addition" style="background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%; padding-left: 9pt;">Prepaid expenses and other assets</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">848,972</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">149,723</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">-</em></td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">998,695</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Liabilities:</p> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 10%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 10%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 14%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 10%;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Property operating costs</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(3,061,404</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,229,711</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(91,745</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(1,923,438</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Common area capital expenditures</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(460,638</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">92,546</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(368,092</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Land entitlement costs</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(1,490,699</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">492,672</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(998,027</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)*</td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Corporate expenditures</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(6,344,342</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,773,509</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(224,685</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(4,795,518</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Selling costs on real estate assets</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(3,057,997</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">69,298</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(20,737</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(3,009,436</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt; text-indent: -9pt;">Retention bonus payments to Directors, executives and employees**</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(2,913,480</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(2,913,480</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 44%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt; text-indent: -9pt;">Liability for estimated liquidation and operating costs net of estimated receipts</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(11,552,940</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">1,830,034</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">25,025</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(9,697,881</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td></tr> </tbody></table> 4926648 1977425 -362192 3311415 848972 -149723 998695 3061404 -1229711 -91745 1923438 460638 -92546 0 368092 1490699 -492672 0 998027 6344342 -1773509 -224685 4795518 3057997 -69298 -20737 3009436 2913480 -0 0 2913480 11552940 1830034 25025 9697881 170000 998000 <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">6.</em></b></p> </td><td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Disposition Activities</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">On <em style="font: inherit;"> April 26, 2021, </em>the Company closed on the sale of its 5.0-acre parcel of vacant land that is non-contiguous to and <em style="font: inherit;">not</em> part of the Flowerfield complex in Smithtown, New York for a purchase price of $500,000 as per the purchase and sale agreement signed on <em style="font: inherit;"> May 11, 2020.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i>Terminated Contracts</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><i>Flowerfield - </i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">On <em style="font: inherit;"> March 16, 2021, </em>the Company received a notice (the “BSL Termination Notice”) from BSL ST. James, LLC, a Delaware limited liability company (“BSL”), that it is terminating the Purchase and Sale Agreement (originally dated <em style="font: inherit;"> August 27, 2019, </em>the “BSL Agreement”) for the sale of a 9.0-acre parcel of vacant land in the Flowerfield complex in Smithtown, New York for $16,800,000.  The BSL Termination Notice referenced the termination right and requested the return of the earnest money deposit to BSL in accordance with the provisions of the BSL Agreement. Such earnest money deposit has been returned to BSL.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><i>Cortlandt Manor</i><b><i> - </i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">On <em style="font: inherit;"> February 1, 2021, </em>the Company received a notice (the “SC Termination Notice”) from Sound Cortlandt, LLC, a Delaware limited liability company (“SC LLC”)  that it is terminating the Purchase and Sale Agreement (the “SC Agreement”) (originally dated <em style="font: inherit;"> December 7, 2019) </em>for the sale of approximately 4.5 acres of its real property located in Cortlandt Manor, New York, together with improvements thereon (the “SC Agreement Property”) for a purchase price of $5,720,000.  The SC Termination Notice referenced the termination right and called for the Escrow Agent (as defined in the SC Agreement) to return the earnest money deposit immediately to SC LLC in accordance with the provisions of the SC Agreement. Such earnest money deposit has been returned to SC LLC.</p> <p style="margin: 0pt;"> </p> 5.0 500000 9.0 16800000 4.5 5720000 <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">7.</em></b></p> </td><td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Loans Payable</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The Company secured a non-revolving credit line for up to $3,000,000 (the “Original Line”) with a bank, which closed on <em style="font: inherit;"> March 21, 2018.  </em>The original line included an interest only phase for the <em style="font: inherit;">first</em> <span style="-sec-ix-hidden:c78920666">eight</span> months of the loan (as amended the “Interest-Only Phase”).  The Company amended and extended the Original Line which included extending the conversion date of the Interest-Only Phase to the earlier of <em style="font: inherit;"> April 30, 2021 </em>or upon drawing down a total of $3,000,000 after which it automatically converts to a permanent loan maturing on the earlier of <em style="font: inherit;"> April 30, 2028 </em>or 84 months after conversion to a permanent loan (the “Permanent Phase”).  On <em style="font: inherit;"> April 30, 2021, </em>the loan converted to the Permanent Phase with an outstanding principal balance of $2,200,000.  During the Permanent Phase, the Company is paying interest at a fixed rate based on the Federal Home Loan Bank rate for a <span style="-sec-ix-hidden:c78920670">7</span>-year maturity as made available by the Federal Home Loan Bank of New York plus a margin of 200 basis points (<em style="font: inherit;">2%</em>) rounded up to the nearest <em style="font: inherit;">1/8</em> percent, but shall <em style="font: inherit;">not</em> be less than 3.85%, plus principal based on a 20-year amortization period.  The Permanent Phase interest rate currently is 3.85%. </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The <em style="font: inherit;">first</em> advance of $1.1 million was used to finance the tenant improvements pursuant to the amended and expanded signed lease with Stony Brook University Hospital (“SBU Hospital”). An additional advance of $1.1 million was drawn on <em style="font: inherit;"> March 29, 2019 </em>to finance the buildouts on leases signed through <em style="font: inherit;"> December 31, 2018. </em>The remaining $800,000 went unused and the Company <em style="font: inherit;">no</em> longer has access to that amount.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">To secure access to additional working capital through the final sale date of the Flowerfield industrial buildings, the Company secured a <em style="font: inherit;">second</em> loan evidenced by a non-revolving business line of credit agreement and promissory note with the Original Line bank for up to $3,000,000, which closed on <em style="font: inherit;"> January 24, 2019.  </em>This loan included an interest only phase for the <em style="font: inherit;">first</em> <span style="-sec-ix-hidden:c78920687">twenty-four</span> months of the loan (“Interest-Only Phase”) after which it automatically converts to a permanent loan maturing on <em style="font: inherit;"> January 20, 2028 (</em>84 months after conversion to a permanent loan) (the “Permanent Phase”).  The Company amended and extended the line which included extending the conversion date of the Interest-Only Phase to <em style="font: inherit;"> May 20, 2021 </em>after which it automatically converts to a permanent loan maturing on <em style="font: inherit;"> May 20, 2028 (</em>84 months after conversion to a permanent loan).  On <em style="font: inherit;"> May 20, 2021, </em>the loan converted to the Permanent Phase with an outstanding principal balance of $3,000,000. During the Permanent Phase, the Company pays interest at a fixed rate based on the Federal Home Loan Bank rate for a <span style="-sec-ix-hidden:c78920691">7</span>-year maturity as made available by the Federal Home Loan Bank of New York plus a margin of 200 basis points (<em style="font: inherit;">2%</em>) rounded up to the nearest <em style="font: inherit;">1/8</em> percent, but shall <em style="font: inherit;">not</em> be less than 3.85%, plus principal based on a 20-year amortization period.  The Permanent Phase interest rate currently is 3.85%. </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">Both lines are secured by approximately 31.8 acres of the Flowerfield Industrial Park including the related buildings and leases. As of <em style="font: inherit;"> December 31, 2020, </em>the Company is in compliance with the loan covenants. The Company anticipates modifying the terms of the loans following the completion of the subdivision so that the loans remain secured by the subdivided industrial park lot only.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">To secure access to additional working capital, the Company, through its subsidiary GSD Cortlandt, LLC (“GSD Cortlandt”) secured a loan evidenced by a non-revolving business line of credit agreement and promissory note with the Original Line bank for up to $2,500,000 which closed on <em style="font: inherit;"> July 16, 2020. </em>The term was 24 months, with an option to extend for an additional <em style="font: inherit;">12</em> months. The interest rate was a variable rate equal to the daily highest prime rate published by the Wall Street Journal plus 100 basis points (<em style="font: inherit;">1%</em>), rounded up to the nearest <em style="font: inherit;">1/8</em> percent, but in <em style="font: inherit;">no</em> event less than <em style="font: inherit;">four</em> and <em style="font: inherit;">three</em> quarters percent (4.75%). The terms of the loan originally limited access to certain amounts, contingent upon GSD Cortlandt securing purchase agreements for <em style="font: inherit;">one</em> or both Cortlandt Property lots. On <em style="font: inherit;"> February 22, 2021, </em>the loan was amended to remove such limitation on draws. Advances of $379,765 and $670,235, were drawn at closing and on <em style="font: inherit;"> January 28, 2021, </em>respectively. The loan was paid in full and closed on <em style="font: inherit;"> September 15, 2021.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">On <em style="font: inherit;"> September 15, 2021, </em>the Company, through its subsidiary GSD Cortlandt, LLC (“GSD Cortlandt”), secured a $4.95 million term loan (the “Mortgage Loan”), the proceeds of which was used to pay off the previous GSD Cortlandt debt facility of which $1,050,000 was outstanding.  The term of the Mortgage Loan is <span style="-sec-ix-hidden:c78920715">five</span> years with an option to extend for an additional <span style="-sec-ix-hidden:c78920716">five</span> years (the “Extension Period”).  Until the initial maturity date, the Mortgage Loan bears interest at an annual rate equal to 3.75%. If the maturity date is extended for the Extension Period, the rate of interest on the Mortgage Loan will adjust and be fixed for the Extension Period to the greater of (i) <em style="font: inherit;">3.75%</em> or (ii) 275 basis points in excess of the weekly average yield on United States Treasury Securities adjusted to a constant maturity of <em style="font: inherit;">five</em> years as most recently made available by the Federal Reserve Board as of <em style="font: inherit;">thirty</em> days prior to the <em style="font: inherit;">first</em> day of the Extension Period.  The Mortgage Loan will be paid in monthly installments of principal and interest calculated on the basis of a <span style="-sec-ix-hidden:c78920723">thirty</span>-year amortization schedule. If the maturity date is extended for the Extension Period, the amount of each monthly installment will be recalculated for the Extension Period based on the adjusted interest rate on the Mortgage Loan and an amortization schedule of <span style="-sec-ix-hidden:c78920724">twenty-five</span> years.  The lender has the right, but <em style="font: inherit;">not</em> the obligation, to decline to extend the term of the Mortgage Loan if the loan to value ratio of the property is greater than <em style="font: inherit;">seventy</em> (70%) percent on the date the extension is exercised, or the property does <em style="font: inherit;">not</em> support a debt service coverage ratio (as calculated by the lender) of at least 1.3 to <em style="font: inherit;">1</em> on the date the extension is exercised. The borrower shall also be responsible for all fees and expenses associated with the extension including, but <em style="font: inherit;">not</em> limited to, the lender’s reasonable legal fees, an inspection fee in the amount of $150.00, and a tax service fee.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The Mortgage Loan <em style="font: inherit;"> may </em>be prepaid in whole or in part, at any time, provided the borrower (GSD Cortlandt) pays the bank with each prepayment a prepayment fee equal to (i) during the <em style="font: inherit;">first</em> loan year and, if applicable, the <em style="font: inherit;">first</em> loan year of the Extension Period, <em style="font: inherit;">five</em> percent of the amount of such prepayment; (ii) during the <em style="font: inherit;">second</em> loan year and, if applicable, during the <em style="font: inherit;">second</em> loan year of the Extension Period, <em style="font: inherit;">four</em> percent of the amount of such prepayment; (iii) during the <em style="font: inherit;">third</em> loan year and, if applicable, during the <em style="font: inherit;">third</em> loan year of the Extension Period, <em style="font: inherit;">three</em> percent of the amount of such prepayment; (iv) during the <em style="font: inherit;">fourth</em> loan year and, if applicable, during the <em style="font: inherit;">fourth</em> loan year of the Extension Period, <em style="font: inherit;">two</em> percent of the amount of such prepayment; and (v) during the <em style="font: inherit;">fifth</em> loan year and, if applicable, during the <em style="font: inherit;">fifth</em> loan year of the Extension Period, <em style="font: inherit;">one</em> percent of the amount of such prepayment. There will be <em style="font: inherit;">no</em> prepayment fee for any prepayment made during the <em style="font: inherit;">sixty</em>-day period immediately preceding the initial maturity date or the last <em style="font: inherit;">sixty</em> days of the Extension Period. All prepayments must include accrued and unpaid interest through the date of prepayment. If the Cortlandt property is sold to a bona fide <em style="font: inherit;">third</em>-party purchaser within the initial <em style="font: inherit;">two</em> years of the term of the Mortgage Loan, the prepayment fee to be paid upon repayment of the Mortgage Loan in full will be reduced by <em style="font: inherit;">fifty</em> percent.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The Mortgage Loan is secured by the Cortlandt property located at <em style="font: inherit;">1985</em> Crompond Road (<em style="font: inherit;">5.01</em> acres).</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The total debt payable mature as follows:</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 36pt; width: 90%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 83%; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Years Ending September 30,</p> </td><td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="text-align: justify; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">2022</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">269,636</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">2023</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">280,108</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">2024</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">290,987</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">2025</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">302,288</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">2026</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">314,028</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Thereafter</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">8,629,807</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Total</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">10,086,854</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <p style="margin: 0pt;"> </p> 3000000 3000000 P84M 2200000 0.0200 0.0385 P20Y 0.0385 1100000 1100000 800000 3000000 P84M P84M 3000000 0.0200 0.0385 P20Y 0.0385 31.8 2500000 P24M 0.0100 0.0475 379765 670235 4950000 1050000 0.0375 0.0275 0.70 1.3 150.00 <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 36pt; width: 90%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 83%; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Years Ending September 30,</p> </td><td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="text-align: justify; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">2022</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">269,636</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">2023</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">280,108</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">2024</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">290,987</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">2025</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">302,288</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">2026</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">314,028</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Thereafter</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">8,629,807</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Total</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">10,086,854</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> 269636 280108 290987 302288 314028 8629807 10086854 <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">8.</em></b></p> </td><td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Accounts payable and Accrued Liabilities</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; margin-left: 18pt; width: 95%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 20%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 15%; border-bottom: 1px solid black; border-top: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;"><em style="font: inherit;">Accounts Payable</em></em></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 24%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"><em style="font: inherit;"> </em></td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 15%; border-bottom: 1px solid black; border-top: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;"><em style="font: inherit;">Accrued Liabilities</em></em></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 20%; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">September 30,</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2021</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">December 31,</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2020</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 24%; border-bottom: 1px solid black; border-left: 1px solid black;"><em style="font: inherit;"> </em></td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">September 30,</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2021</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">December 31,</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2020</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 20%; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Current accounts payable</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">200,501</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">241,963</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 24%; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;"><em style="font: inherit;">Accrued liabilities</em></p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">192,728</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">188,554</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"> </td></tr> <tr class="GFJY4-DFU-com-rdg-thunderdome-client-resources-CssResource-html-lineItem-v2v-addition GFJY4-DIN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 20%; border-bottom: 1px solid black; border-left: 1px solid black; vertical-align: top;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Deferred accounts payable (a)</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black; vertical-align: top;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; vertical-align: top;"> </td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; vertical-align: top;">877,207</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; vertical-align: top;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black; vertical-align: top;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; vertical-align: top;"> </td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; vertical-align: top;">651,220</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; vertical-align: top;"> </td><td style="font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 24%; border-bottom: 1px solid black; border-left: 1px solid black; vertical-align: top;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;"><em style="font: inherit;">Deferred Compensation to Directors (b)</em></p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black; vertical-align: top;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; vertical-align: top;"> </td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; vertical-align: top;">642,000</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; vertical-align: top;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black; vertical-align: top;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; vertical-align: top;"> </td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; vertical-align: top;">368,372</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 20%; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Total</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">1,077,708</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">893,183</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 24%; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;"><em style="font: inherit;">Total</em></p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">834,728</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">556,926</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"> </td></tr> </tbody></table> <p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 36pt;"> </td><td style="width: 18pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p> </td><td style="width: auto;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">The Company reached agreements with certain service vendors to defer payment until the closing of the <em style="font: inherit;">first</em> property lot sale that is the subject of either the Flowerfield or Cortlandt Manor subdivision, respectively.</p> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 36pt;"> </td><td style="width: 18pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p> </td><td style="width: auto;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">The director fees and interest accrued under the deferred Compensation Plan where each director elected to defer <span style="-sec-ix-hidden:c78920759"><span style="-sec-ix-hidden:c78920760">100%</span></span> of his fees for <em style="font: inherit;">2021</em> and <em style="font: inherit;">2020.</em> This amount also includes the deferred compensation of a former Board advisor per an agreement to defer payments due.</p> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; margin-left: 18pt; width: 95%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 20%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 15%; border-bottom: 1px solid black; border-top: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;"><em style="font: inherit;">Accounts Payable</em></em></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 24%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"><em style="font: inherit;"> </em></td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 15%; border-bottom: 1px solid black; border-top: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><em style="font: inherit;"><em style="font: inherit;">Accrued Liabilities</em></em></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 20%; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">September 30,</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2021</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">December 31,</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2020</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 24%; border-bottom: 1px solid black; border-left: 1px solid black;"><em style="font: inherit;"> </em></td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">September 30,</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2021</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">December 31,</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2020</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 20%; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Current accounts payable</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">200,501</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">241,963</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 24%; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;"><em style="font: inherit;">Accrued liabilities</em></p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">192,728</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">188,554</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"> </td></tr> <tr class="GFJY4-DFU-com-rdg-thunderdome-client-resources-CssResource-html-lineItem-v2v-addition GFJY4-DIN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 20%; border-bottom: 1px solid black; border-left: 1px solid black; vertical-align: top;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Deferred accounts payable (a)</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black; vertical-align: top;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; vertical-align: top;"> </td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; vertical-align: top;">877,207</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; vertical-align: top;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black; vertical-align: top;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; vertical-align: top;"> </td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; vertical-align: top;">651,220</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; vertical-align: top;"> </td><td style="font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 24%; border-bottom: 1px solid black; border-left: 1px solid black; vertical-align: top;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;"><em style="font: inherit;">Deferred Compensation to Directors (b)</em></p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black; vertical-align: top;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; vertical-align: top;"> </td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; vertical-align: top;">642,000</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; vertical-align: top;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black; vertical-align: top;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; vertical-align: top;"> </td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; vertical-align: top;">368,372</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 20%; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Total</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">1,077,708</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">893,183</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 24%; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;"><em style="font: inherit;">Total</em></p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">834,728</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">556,926</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"> </td></tr> </tbody></table> 200501 241963 192728 188554 877207 651220 642000 368372 1077708 893183 834728 556926 <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">9.</em></b></p> </td><td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Income Taxes</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">As a limited liability company, Gyrodyne is <em style="font: inherit;">not</em> subject to an entity level income tax but rather is treated as a partnership for tax purposes, with its items of income, gain, deduction, loss and credit being reported on the Company’s information return, on Form <em style="font: inherit;">1065,</em> and allocated annually on Schedule K-<em style="font: inherit;">1</em> to its members pro rata. The Company’s open tax years are <span style="-sec-ix-hidden:c78920792">2018,</span> <em style="font: inherit;">2019,</em> and <em style="font: inherit;">2020.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The Bipartisan Budget Act of <em style="font: inherit;">2015</em> (the <em style="font: inherit;">“2015</em> Act”) changed the procedure for partnership tax audits and audit adjustments for partnership returns of large partnerships for fiscal years beginning after <em style="font: inherit;"> December 31, 2017. </em>Pursuant to the <em style="font: inherit;">2015</em> Act, if any audit by the IRS of our income tax returns for any fiscal year beginning after <em style="font: inherit;"> December 31, 2017 </em>results in any adjustments, the IRS <em style="font: inherit;"> may </em>collect any resulting taxes, including any applicable penalties and interest, directly from Gyrodyne. IRS tax audit assessments on tax years beginning <em style="font: inherit;"> January 1, 2018 </em>will require Gyrodyne to: a) bear any tax liability resulting from such audit, or b) elect to push out the tax audit adjustments to the respective shareholders once it has been calculated at the company level.</p> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">10.</em></b></p> </td><td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Credit Quality of Rents Receivable</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The Company’s standard lease terms include rent due on the <em style="font: inherit;">first</em> of the month. The Company credit terms extend a standard <em style="font: inherit;">ten</em>-day grace period across its tenant portfolio and do <em style="font: inherit;">not</em> normally provide extensions beyond <em style="font: inherit;">one</em> year.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The Company manages its billing and collection process internally to enable timely identification of collection issues. The controls and related processes enable the Company to timely identify and establish payment plans to minimize material losses from defaults. In accordance with generally accepted accounting principles, the Company identifies high risk collectibles, records them on a cash basis and does <em style="font: inherit;">not</em> include them in revenue or accounts receivable.</p> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">11.</em></b></p> </td><td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Concentration of Credit Risk</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents. The Company places its temporary cash investments with high credit quality financial institutions and generally limits the amount of credit exposure in any <em style="font: inherit;">one</em> financial institution. The Company maintains bank account balances, which exceed insured limits. The Company has <em style="font: inherit;">not</em> experienced any losses in such accounts and believes that it is <em style="font: inherit;">not</em> exposed to any significant credit risk on cash. Management does <em style="font: inherit;">not</em> believe significant credit risk existed on <em style="font: inherit;"> September 30, 2021 </em>and <em style="font: inherit;"> December 31, 2020. </em>As the Company executes on the sale of its assets, its regional concentration in tenants will lessen thereby resulting in the increased credit risk from exposure of the local economies.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">For the <em style="font: inherit;">nine</em> months ended <em style="font: inherit;"> September 30, 2021 </em>rental income from the Company’s <em style="font: inherit;">three</em> largest tenants represented approximately 23%, 22% and 10% of total rental income. The <em style="font: inherit;">three</em> largest tenants by revenue as of <em style="font: inherit;"> September 30, 2021 </em>consist of Stony Brook University Hospital located in the industrial park, the Westchester Medical Practice in the Cortlandt Manor Medical Center and Apex Gymnastics Athletics Inc. in the industrial park.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt; text-align: justify;">The current economic challenges facing state and local budgets impacted most of the Company’s largest tenants.  In addition, the current economic challenges stemming from the coronavirus are disproportionately impacting tenants that are <em style="font: inherit;">not</em> part of or affiliated with a major hospital which together comprise 39% of our expected <em style="font: inherit;">2021</em> rental revenue.  There can be <em style="font: inherit;">no</em> assurance that the Company’s leases will renew for the same square footage, at favorable rates net of tenant improvements, if at all.</p> 0.23 0.22 0.10 0.39 <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">12.</em></b></p> </td><td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Commitments</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">As of <em style="font: inherit;"> September 30, 2021, </em>other commitments and contingencies are summarized in the below table:</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 36pt; width: 90%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 83%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Management employment agreements with bonus* and severance commitment contingencies</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 2pt; border-bottom: 1px solid black; border-top: 1px solid black;">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 2pt; border-bottom: 1px solid black; border-top: 1px solid black;">350,000</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; border-top: 1px solid black; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Other employee severance commitment contingencies</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 2pt; border-bottom: 1px solid black;">81,716</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Total</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 2pt; border-bottom: 1px solid black;">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 2pt; border-bottom: 1px solid black;">431,716</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"> </td></tr> </tbody></table> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 41pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 41pt;"><i>*Excludes Retention Bonus Payments</i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i>Employment agreements -</i></b> The Company has an employment agreement with its Chief Executive Officer. The agreement provides for a bonus of $125,000 payable upon a change of control as defined in the agreement. In addition, the agreement provides for severance equivalent to <em style="font: inherit;">6</em> months of base salary and the vesting and related payment of the change of control bonus.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The Company also has an employment agreement with its Chief Operating Officer (“COO”) executed on <em style="font: inherit;"> May 8, 2014 </em>which provides for severance on a termination without cause equal to <em style="font: inherit;">6</em> months of base salary. On <em style="font: inherit;"> January 25, 2018, </em>Gyrodyne entered into an amendment to the employment agreement with the COO to define with greater specificity the COO’s duties and responsibilities with respect to the Company’s properties.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">Under Company policy the aggregate severance commitment contingency to other employees is approximately $81,716.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i>Retention Bonus Plan-</i></b> In <em style="font: inherit;"> May 2014, </em>the Board of Directors approved a retention bonus plan (as amended, the “Plan”) designed to recognize the nature and scope of the responsibilities of our directors, executives and employees related to the Company’s strategic plan to enhance the property values, liquidate and dissolve, to reward and incent performance in connection therewith, to align the interests of directors, executives and employees with our shareholders and to retain such persons during the term of such plan. The Plan provides for bonuses to directors and to officers and employees determined by the gross sales proceeds from the sale of each property and the date of sale. The summary appearing below reflects the terms set forth in the Plan as modified by <em style="font: inherit;">three</em> amendments. There have been <em style="font: inherit;">no</em> further amendments to the terms of the Plan during the current reporting period.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The Plan provides for a bonus pool funded with an amount equal to 5% of the specified appraised value of such properties (set forth in the Plan), so long as the gross selling price of a property is at least equal to its <em style="font: inherit;">2013</em> appraised value as designated in the bonus plan. Additional funding of the bonus pool will occur on a property-by-property basis only if the gross sales price of a property exceeds the Adjusted Appraised Value defined as the sum of (i) its <em style="font: inherit;">2013</em> appraised value and (ii) land development costs incurred on a property since the date of the <em style="font: inherit;">2013</em> appraisal, as follows: 10% on the <em style="font: inherit;">first</em> <em style="font: inherit;">10%</em> of appreciation, 15% on the next <em style="font: inherit;">10%</em> of appreciation and 20% on appreciation greater than <em style="font: inherit;">20%.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The bonus pool is distributable in the following proportions to the named participants in the bonus plan for so long as they are directors or employees of the Company:</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table cellpadding="0" cellspacing="0" class="finTable" style="margin-right: auto; margin-left: 72pt; width: 80%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px;"><tbody><tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 76%; border-left: 1px solid black; border-bottom: 1px solid black; border-top: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;"><b>Board Members/Employees</b></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"> </td><td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><b>Bonus Pool Percentage</b></b></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%; border-right: 1px solid black; border-bottom: 1px solid black; border-top: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; width: 76%;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Board Members(a)</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 20%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">65.000</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; width: 76%;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Chief Executive Officer</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 20%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">15.474</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; width: 76%;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Chief Operations Officer</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 20%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">13.926</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; width: 76%;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Officer Discretionary Amount (b)</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 20%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">1.750</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; width: 76%; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Other Employees</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 20%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">3.850</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">%</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-right: 1px solid black; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; width: 76%; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Total</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> </td><td style="width: 20%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">100.000</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; border-bottom: 1px solid black;">%</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; border-right: 1px solid black; border-bottom: 1px solid black;"> </td></tr> </tbody></table> <p style="margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 36pt;"> </td><td style="width: 18pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p> </td><td style="width: auto;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">15% for the Chairman and 10% for each of the other <em style="font: inherit;">five</em> directors.</p> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 36pt;"> </td><td style="width: 18pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p> </td><td style="width: auto;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">The officer discretionary amount of 1.75% will be allocated to the officers within the discretion of the Board.</p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">Such shares of the bonus pool are earned only upon the completion of the sale of a property at a gross selling price equal to or greater than its Adjusted Appraised Value and is paid to the named beneficiaries of the Plan or their designees within <em style="font: inherit;">60</em> days of the completion of such sale or, if later, within <em style="font: inherit;">60</em> days of receipt of any subsequent post-completion installment payment related to such sale.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The Plan provides that <em style="font: inherit;">no</em> benefits are to be paid to participants from the sale of any individual post-subdivided lot from either of the Company’s Flowerfield or Cortlandt Manor properties until aggregate sale proceeds from all sales of post-subdivided lots from such property exceed a designated aggregate floor for such property. The aggregate floor for each of the Flowerfield and Cortlandt Manor properties is defined in Amendment <em style="font: inherit;">No.</em> <em style="font: inherit;">3</em> to the Plan as the <em style="font: inherit;">2013</em> appraisal of such property plus land development costs incurred for such property since such appraisal.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The Plan provides for vesting of benefits upon the sale of each individual post-subdivision lot at Flowerfield and Cortlandt Manor. It also provides for entitlement to a future benefit in the event of death, voluntary termination following substantial reduction in compensation or board fees, mutually agreed separation to right-size the board or involuntary termination without cause, except that a participant will only be eligible to receive a benefit to the extent that a property is sold within <em style="font: inherit;">three</em> years following the separation event and the sale produces an internal rate of return equal to at least <em style="font: inherit;">four</em> percent of the property’s value as of <em style="font: inherit;"> December 31 </em>immediately preceding such event and that the sale exceeded the Adjusted Appraised Value.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">Under the Plan, there were <span style="-sec-ix-hidden:c78920850">no</span> payments made during the <em style="font: inherit;">nine</em> months ended <em style="font: inherit;"> September 30, 2021.</em></p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 9pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i>Deferred Compensation Plan -</i></b><b> </b>On <em style="font: inherit;"> December 6, 2019, </em>the Company’s Board of Directors approved the Gyrodyne, LLC Nonqualified Deferred Compensation Plan for Employees and Directors (the “DCP”) effective as of <em style="font: inherit;"> January 1, 2020. </em>The DCP is a nonqualified deferred compensation plan maintained for officers and directors of the Company.  Under the DCP, officers and directors <em style="font: inherit;"> may </em>elect to defer a portion of their compensation to the DCP and receive interest on such deferred payments at a fixed rate of 5%.  All DCP benefits will be paid in a single lump sum cash payment on <em style="font: inherit;"> December 15, 2026, </em>unless a Plan of Liquidation is established for Gyrodyne before the distribution date in which case all benefits will be paid in a single lump sum cash payment after execution of an amendment to terminate the DCP. Each of the Directors elected (under the DCP) to defer <em style="font: inherit;"><span style="-sec-ix-hidden:c78920855">100%</span></em> of their director fees for <em style="font: inherit;">2020</em> and <em style="font: inherit;">2021.</em></p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 36pt; width: 90%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 83%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Management employment agreements with bonus* and severance commitment contingencies</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 2pt; border-bottom: 1px solid black; border-top: 1px solid black;">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 2pt; border-bottom: 1px solid black; border-top: 1px solid black;">350,000</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; border-top: 1px solid black; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Other employee severance commitment contingencies</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 2pt; border-bottom: 1px solid black;">81,716</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Total</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 2pt; border-bottom: 1px solid black;">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 2pt; border-bottom: 1px solid black;">431,716</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"> </td></tr> </tbody></table> 350000 81716 431716 125000 81716 0.05 0.10 0.15 0.20 <table cellpadding="0" cellspacing="0" class="finTable" style="margin-right: auto; margin-left: 72pt; width: 80%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px;"><tbody><tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 76%; border-left: 1px solid black; border-bottom: 1px solid black; border-top: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;"><b>Board Members/Employees</b></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"> </td><td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><b>Bonus Pool Percentage</b></b></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%; border-right: 1px solid black; border-bottom: 1px solid black; border-top: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; width: 76%;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Board Members(a)</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 20%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">65.000</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; width: 76%;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Chief Executive Officer</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 20%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">15.474</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; width: 76%;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Chief Operations Officer</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 20%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">13.926</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; width: 76%;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Officer Discretionary Amount (b)</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 20%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">1.750</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; width: 76%; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Other Employees</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 20%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">3.850</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">%</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-right: 1px solid black; border-bottom: 1px solid rgb(0, 0, 0);"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; width: 76%; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Total</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> </td><td style="width: 20%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">100.000</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; border-bottom: 1px solid black;">%</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; border-right: 1px solid black; border-bottom: 1px solid black;"> </td></tr> </tbody></table> 0.65000 0.15474 0.13926 0.01750 0.03850 1.00000 0.15 0.10 0.0175 0.05 1 <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">13.</em></b></p> </td><td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Contingencies</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i>Putative Class Action Lawsuit - </i></b>On <em style="font: inherit;"> August 14, 2015, </em>the Company entered a Stipulation of Settlement (the "Settlement") providing for the settlement of a putative class action lawsuit against the Company and certain related parties. Under the Settlement, Gyrodyne agreed that any sales of its properties would be effected only in arm's-length transactions at prices at or above their appraised values as of <em style="font: inherit;">2014.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i>General -</i></b> In the normal course of business, the Company is a party to various legal proceedings. After reviewing all actions and proceedings pending against or involving the Company, management considers that any loss resulting from such proceedings individually or in the aggregate will <em style="font: inherit;">not</em> be material to the Company’s financial statements.</p> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">14.</em></b></p> </td><td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> <b>Fair Value of Financial Instruments</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i>Assets and Liabilities Measured at Fair-Value </i></b>– The Company believes the concepts for determining net realizable value are consistent with the guidance for measuring fair value. As a result, the Company follows authoritative guidance on fair value measurements, which defines fair-value, establishes a framework for measuring fair-value, and expands disclosures about fair-value measurements. The guidance applies to reported balances that are required or permitted to be measured at fair-value under existing accounting pronouncements.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The Company follows authoritative guidance on the fair value option for financial assets, which permits companies to choose to measure certain financial instruments and other items at fair-value in order to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently. However, the Company adopted the liquidation basis of accounting, and therefore reports all assets and liabilities at net realizable value.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The guidance emphasizes that fair-value is a market-based measurement, <em style="font: inherit;">not</em> an entity-specific measurement. Therefore, a fair-value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair-value measurements, the guidance establishes a fair-value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels <em style="font: inherit;">1</em> and <em style="font: inherit;">2</em> of the hierarchy, as defined under FASB ASC Topic <em style="font: inherit;">No.</em> <em style="font: inherit;">820,</em> Fair Value Measurements) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level <em style="font: inherit;">3</em> of the hierarchy). In instances where the determination of the fair-value measurement is based on inputs from different levels of the fair-value hierarchy, the level in the fair-value hierarchy within which the entire fair-value measurement falls is based on the lowest level input that is significant to the fair-value measurement in its entirety. Our assessment of the significance of a particular input to the fair-value measurement in its entirety requires judgment and considers factors specific to the asset or liability.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><b><i>Fair Value Measurements -</i></b> The Company adopted the liquidation basis of accounting effective <em style="font: inherit;"> September 1, 2015; </em>accordingly, the Company reports all real estate at their net realizable value.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The Company estimates the net realizable value of its real estate assets by using income and market valuation techniques. The Company <em style="font: inherit;"> may </em>estimate net realizable values using market information such as broker opinions of value, appraisals, and recent sales data for similar assets or discounted cash flow models, which primarily rely on Level <em style="font: inherit;">3</em> inputs. The cash flow models include estimated cash inflows and outflows over a specified holding period. These cash flows <em style="font: inherit;"> may </em>include contractual rental revenues, projected future rental revenues and expenses and forecasted capital improvements and lease commissions based upon market conditions determined through discussion with local real estate professionals and relevant Company experience with its current and previously owned properties. Capitalization rates and discount rates utilized in these models are estimated by management based upon rates that management believes to be within a reasonable range of current market rates for the respective properties based upon an analysis of factors such as property and tenant quality, geographical location and local supply and demand observations. To the extent, the Company underestimates or overestimates forecasted cash outflows (capital improvements, lease commissions and operating costs) or overestimates or understates forecasted cash inflows (rental revenue rates), the estimated net realizable value of its real estate assets could be overstated or understated.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">15.</em></b></p> </td><td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>COVID-<em style="font: inherit;">19</em></b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The COVID-<em style="font: inherit;">19</em> pandemic and the various governmental and market responses intended to contain and mitigate the spread of the virus and its detrimental public health impact, as well as the general uncertainty surrounding the dangers and impact of the pandemic, continue to have a significant impact on the U.S. economy, including the real estate market. To date, the COVID-<em style="font: inherit;">19</em> pandemic has impacted operations of our existing properties, and we believe it has had an impact on our strategic plan to enhance the value of our properties and sell them at higher prices. In particular, the pandemic has reduced the gross profit from operations and has been a significant factor in prolonging the entitlement process. We believe it was also a major factor leading to the termination in the <em style="font: inherit;">first</em> quarter by the purchasers in <em style="font: inherit;">two</em> purchase agreements for the sale of portions of our Cortlandt Manor and Flowerfield Properties.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The U.S economy has been growing as COVID-<em style="font: inherit;">19</em> vaccinations are increasingly administered, commercial activities increasingly return to pre-pandemic practices and operations, and as a result of recent and expected future government spending on COVID-<em style="font: inherit;">19</em> pandemic relief, infrastructure and other matters. However, this favorable outlook could be affected materially by adverse developments, if any, related to the COVID-<em style="font: inherit;">19</em> pandemic, including resurgence of COVID-<em style="font: inherit;">19</em> cases due to more contagious variants, such as the Delta variant, or new or more restrictive public health requirements recommended or imposed by federal, state and local authorities. There remains uncertainty as to the ultimate duration and severity of the pandemic on commercial activities, including risks that <em style="font: inherit;"> may </em>arise from mutations or related strains of the virus, and the ability to successfully administer vaccinations to a sufficient number of persons or attain immunity to the virus by natural or other means to achieve herd immunity. Until the COVID-<em style="font: inherit;">19</em> pandemic has been resolved as a public health crisis, it retains the potential to cause further and more severe disruption of global and national economies, cause political uncertainty and civil unrest, and diminish consumer confidence, all of which could impact the local real estate market and our business.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">Beginning <em style="font: inherit;"> March 16, 2020, </em>the Company’s employees began temporarily working remotely to ensure their and their family’s safety and well-being. The Company’s technology infrastructure, for some time, has been set up to handle offsite seamless operations to respond to disaster recovery disruption. As a result, all employees will continue to work remotely unless they report needing sick leave or family leave pursuant to regulated benefits.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">Small businesses have been and are expected to continue to be adversely affected disproportionately by the economic ramifications of COVID-<em style="font: inherit;">19.</em> In terms of its own tenants, the Company deems as small businesses those that are <em style="font: inherit;">not</em> part of or affiliated with a major hospital, which in the aggregate account for approximately 39% ($859,000) of the Company’s projected annual rental revenues for <em style="font: inherit;">2021.</em> Although it is difficult to estimate the duration and full extent of the COVID-<em style="font: inherit;">19</em> pandemic, its impact on our future results could be significant and will largely depend on future developments which are highly uncertain and cannot be predicted, including new information which <em style="font: inherit;"> may </em>emerge concerning the severity of the novel coronavirus, risks that <em style="font: inherit;"> may </em>arise from mutations or related strains of the virus, the success of actions taken to contain or treat COVID-<em style="font: inherit;">19</em> and reactions by real estate developers and investors, consumers, companies, governmental entities and capital markets.  We are actively working with our tenants to manage and mitigate the impact of COVID-<em style="font: inherit;">19</em> on the Company’s operations, liquidity and resulting Net Asset Value.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The extent of the impact of COVID-<em style="font: inherit;">19</em> on the Company's operational and financial performance and ultimately its Net Asset Value, will depend on current and future developments, including the duration and spread of the outbreak and related governmental or other regulatory actions and the effectiveness of the COVID-<em style="font: inherit;">19</em> vaccine program.  In addition, the pandemic has resulted in a significant shift toward commercial acceptance of remote working and telemedicine which <em style="font: inherit;"> may </em>adversely impact our occupancy rate and average rate per square foot.  The Company’s ability to operate seamlessly and limit any adverse impact on its forecasted net asset value will also depend, in part, on whether any of its key employees or key advisers are infected by the Coronavirus and become ill from COVID-<em style="font: inherit;">19.</em> </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">As a result of the foregoing developments, we are unable to determine what the ultimate impact will be on our timeline for seeking entitlements and selling properties, and ultimately on the amount proceeds and distributions from those sales. For more information and risks relating to the pandemic on us and our business, see “Part I, Item <em style="font: inherit;">2,</em> Management’s Discussion and Analysis of Financial Condition and Results of Operations – Impact of COVID-<em style="font: inherit;">19”</em> and Part I, Item <em style="font: inherit;">1A,</em> “Risk Factors”, of our Annual Report for the year ended <em style="font: inherit;"> December 31, 2020 </em>and as amended in this Quarterly Report on Form <em style="font: inherit;">10</em>-Q.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> 0.39 859000 <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align:top;width:18pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">16.</em></b></p> </td><td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Related Party Transactions</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The Company has entered into various leasing arrangements with a <em style="font: inherit;">not</em>-for-profit organization of which the Company’s Chairman, Paul Lamb, serves as Chairman and a director but receives <em style="font: inherit;">no</em> compensation or any other financial benefit. A summary of the leasing arrangements is as follows:</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 36pt; width: 90%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 29%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>Term</b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><b>Square</b></b></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><b>Feet</b></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><b><em style="font: inherit;">Annual Rent</em></b></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><b>Total Commitment (net of abatement,</b></b></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><b>excluding renewal options)</b></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 29%; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;">Jan 2021-Dec 2022</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">2,284</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">19,414</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 34%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">38,828</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 29%; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;">Jan 2021-Dec 2022</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">1,817</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td colspan="2" style="text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><span style="-sec-ix-hidden:c78920929">-(a)</span></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td colspan="2" style="text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><span style="-sec-ix-hidden:c78920930">-(a)</span></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 29%; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;">Jan 2021-Dec 2022</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">1,905</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">16,193</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 34%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">32,385</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"> </td></tr> </tbody></table> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 45pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 45pt;">(a)The Company understood that the tenant’s main intent was to sublease the space to artists, on a short-term basis, after which such subtenant artists would transition into their own space leased directly from the Company. Under the master lease, the tenant has the right to sublease the space without prior written consent for use as an art studio, art school or related use. Under the terms of the master lease, rent is payable by the tenant only to the extent the space is sublet, at the rent amount per square foot payable by the subtenant up to a maximum of $10 per square foot per year. The maximum annual and total lease commitment of up to $18,170 and $36,340, respectively. Any space <em style="font: inherit;">not</em> subleased <em style="font: inherit;"> may </em>be used by the tenant rent-free for certain stated art uses, although the tenant is responsible for certain passthrough expenses such as electric and heat. Since rent is only due if the space is sublet, the Company believes the fair value of the space to the extent <em style="font: inherit;">not</em> sublet reflects a below market lease over the <em style="font: inherit;">nine</em> months ending <em style="font: inherit;"> September 30, 2021 </em>of $13,627 and total commitments of up to $36,340.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">During the <em style="font: inherit;">nine</em>-months ended <em style="font: inherit;"> September 30, 2021, </em>the Company received rental revenue of $26,705 related to these lease agreements.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The independent members of the Board of the Company approved all of the leasing transactions described above.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;">The Chairman is also a partner of the firm Lamb &amp; Barnosky, LLP that provided pro bono legal representation to the aforementioned <em style="font: inherit;">not</em>-for-profit corporation on the lease.</p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 36pt; width: 90%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 29%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>Term</b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><b>Square</b></b></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><b>Feet</b></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><b><em style="font: inherit;">Annual Rent</em></b></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><b>Total Commitment (net of abatement,</b></b></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><b>excluding renewal options)</b></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black; border-top: 1px solid black; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 29%; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;">Jan 2021-Dec 2022</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">2,284</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">19,414</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 34%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">38,828</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 29%; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;">Jan 2021-Dec 2022</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">1,817</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td colspan="2" style="text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><span style="-sec-ix-hidden:c78920929">-(a)</span></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black;"> </td><td style="font-family: Times New Roman; font-size: 10pt; width: 1%; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td colspan="2" style="text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 1%; border-bottom: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><span style="-sec-ix-hidden:c78920930">-(a)</span></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; width: 1%; border-bottom: 1px solid black; border-right: 1px solid black;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 29%; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;">Jan 2021-Dec 2022</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black;"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">1,905</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">16,193</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 34%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">32,385</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"> </td></tr> </tbody></table> 2284 19414 38828 1817 1905 16193 32385 10 18170 36340 13627 36340 26705 Excludes Retention Bonus Payments The officer discretionary amount of 1.75% will be allocated to the officers within the discretion of the Board. The Company reached agreements with certain service vendors to defer payment of approximately $210,000 of the $1.11 million until the closing of the first property lot sale that is the subject of either the Flowerfield or Cortlandt Manor subdivision, respectively. The amounts reported are based on the provisions of the retention bonus plan and the reported amount of the real estate assets estimated net realizable value. Based on the estimated real estate value of the Cortlandt property, aggregate proceeds from the sale of the two Cortlandt lots would not exceed the adjusted floor under the retention bonus plan and therefore the above table only reflects the projected bonus from the sale of the Flowerfield property. The Company understood that the tenant’s main intent was to sublease the space to artists, on a short-term basis, after which such subtenant artists would transition into their own space leased directly from the Company. Under the master lease, the tenant has the right to sublease the space without prior written consent for use as an art studio, art school or related use. Under the terms of the master lease, rent is payable by the tenant only to the extent the space is sublet, at the rent amount per square foot payable by the subtenant up to a maximum of $10 per square foot per year. The maximum annual and total lease commitment of up to $18,170 and $36,340, respectively. Any space not subleased may be used by the tenant rent-free for certain stated art uses, although the tenant is responsible for certain passthrough expenses such as electric and heat. Since rent is only due if the space is sublet, the Company believes the fair value of the space to the extent not sublet reflects a below market lease over the nine months ending September 30, 2021 of $13,627 and total commitments of up to $36,340. The Company reached agreements with certain service vendors to defer payment until the closing of the first property lot sale that is the subject of either the Flowerfield or Cortlandt Manor subdivision, respectively. The director fees and interest accrued under the deferred Compensation Plan where each director elected to defer 100% of his fees for 2021 and 2020. This amount also includes the deferred compensation of a former Board advisor per an agreement to defer payments due. 15% for the Chairman and 10% for each of the other five directors. XML 10 R1.htm IDEA: XBRL DOCUMENT v3.21.2
Document And Entity Information - shares
9 Months Ended
Sep. 30, 2021
Nov. 10, 2021
Document Information [Line Items]    
Entity Central Index Key 0001589061  
Entity Registrant Name Gyrodyne, LLC  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2021  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2021  
Document Transition Report false  
Entity File Number 001-37547  
Entity Incorporation, State or Country Code NY  
Entity Tax Identification Number 46-3838291  
Entity Address, Address Line One 1 Flowerfield, Suite 24  
Entity Address, City or Town St. James  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 11780  
City Area Code 631  
Local Phone Number 584-5400  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Title of 12(b) Security Common Shares of Limited Liability Company Interests  
Trading Symbol GYRO  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   1,482,680
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Net Assets (Liquidation Basis) (Current Period Unaudited) - USD ($)
Sep. 30, 2021
Dec. 31, 2020
LIABILITIES:    
Accounts payable $ 1,077,708 $ 893,183
Accrued liabilities 834,728 556,926
Estimated liquidation and operating costs net of estimated receipts 9,697,881  
Basis of Accounting, Liquidation [Member]    
ASSETS:    
Real estate held for sale 38,550,000 39,050,000
Cash and cash equivalents 6,024,268 1,632,231
Restricted cash 0 169,000
Rent receivable 34,626 21,849
Other receivables 30,313 34,751
Total Assets 44,639,207 40,907,831
LIABILITIES:    
Accounts payable 1,077,708 893,183
Accrued liabilities 834,728 556,926
Deferred rent liability 175,504 15,283
Tenant security deposits payable 253,563 241,722
Loans payable 10,086,854 5,159,833
Estimated liquidation and operating costs net of estimated receipts 9,697,881 11,552,940
Total Liabilities 22,126,238 18,419,887
Net assets in liquidation $ 22,512,969 $ 22,487,944
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statement of Changes in Net Assets (Liquidation Basis) (Unaudited) - Basis of Accounting, Liquidation [Member]
9 Months Ended
Sep. 30, 2021
USD ($)
Net assets in liquidation, as of December 31, 2020 $ 22,487,944
Remeasurement of assets and liabilities 25,025
Net increase in liquidation value 25,025
Net assets in liquidation, as of September 30, 2021 $ 22,512,969
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.21.2
Note 1 - The Company
9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1.

The Company

 

Gyrodyne, LLC (including its subsidiaries, “Gyrodyne”, the “Company” or the “Registrant”) is a limited liability company formed under the laws of the State of New York whose primary business is the management of, and the pursuit of entitlements on, a portfolio of medical office and industrial properties located in Suffolk (“Flowerfield”) and Westchester Counties (“Cortlandt Manor”), New York State.

 

Substantially all of our developed properties are subject to leases in which the tenant reimburses the Company for a portion, all of or substantially all of the costs and/or cost increases for utilities, insurance, repairs, maintenance and real estate taxes. Certain leases provide that the Company is responsible for certain operating expenses.

 

Gyrodyne’s corporate strategy is to enhance the value of Flowerfield and Cortlandt Manor by pursuing entitlement opportunities and enhancing the value of its leases. The Company believes the aforementioned strategy will increase the values for such properties. The value of the real estate reported in the consolidated statements of net assets as of September 30, 2021 and December 31, 2020 (predicated on current asset values) includes some, but not all of the potential value impact that may result from such value enhancement efforts. There can be no assurance that our value enhancement efforts will result in property value increases that exceed the costs we incur in such efforts, or even any increase at all.

 

Our efforts to generate the highest values for Flowerfield and Cortlandt Manor may involve in limited circumstances various other strategies to enhance the net value of Flowerfield and Cortlandt Manor to maximize the returns for our shareholders. Gyrodyne intends to dissolve after it completes the disposition of all of its real property assets, applies the proceeds of such dispositions first to settle any debts and claims, pending or otherwise, against Gyrodyne, and then makes distributions to holders of Gyrodyne common shares. The process of seeking entitlements to enhance property values and the amount and timing of distributions from proceeds of asset sales involve risks and uncertainties. As such, it is impossible at this time to determine the ultimate amount of proceeds that will actually be distributed to our shareholders or the timing of such payments. Accordingly, no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in our consolidated statements of net assets. The actual nature, amount and timing of all distributions will be determined by Gyrodyne’s Board in its sole discretion and will depend in part upon the Company’s ability to convert our remaining assets into cash in compliance with our obligations under the Stipulation entered into in connection with the class action lawsuit (See Note 13 – Contingencies) and settle and pay our remaining liabilities and obligations. Under Gyrodyne’s Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”), such dissolution may be effected upon the vote of holders of a majority of Gyrodyne common shares or, in the Company’s discretion and without any separate approval by the holders of Gyrodyne common shares, at any time the value of Gyrodyne’s assets, as determined by the Company in good faith, is less than $1,000,000.

 

The Company’s remaining real estate investments, each of which is held in a single asset limited liability company wholly owned by the Company, consist of:

 

Cortlandt Manor:13.8 acres in Cortlandt Manor, New York, consisting of the 34,000 square foot Cortlandt Manor Medical Center; and

 

Flowerfield: 63 acres in St. James, New York, including a 10-acre multi-tenanted industrial park comprising 127,000 rentable square feet. There were an additional 5 acres comprising of two parcels that were zoned residential and non-contiguous to the Flowerfield property which the Company sold in April 2021 (See Note 6 – Disposition Activities).

XML 14 R5.htm IDEA: XBRL DOCUMENT v3.21.2
Note 2 - Basis of Quarterly Presentations
9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Basis of Accounting [Text Block]

2.

Basis of Quarterly Presentations

 

The accompanying interim quarterly financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements of the Company included herein have been prepared by the Company pursuant to the rules and regulations of the SEC and, in the opinion of management, reflect all adjustments which are necessary to present fairly the results for the nine-months ended September 30, 2021.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations; however, management believes that the disclosures are adequate to make the information presented not misleading.

 

This report should be read in conjunction with the audited consolidated financial statements and footnotes therein included in the Annual Report on Form 10-K for the year ended December 31, 2020.

XML 15 R6.htm IDEA: XBRL DOCUMENT v3.21.2
Note 3 - Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Significant Accounting Policies [Text Block]

3.

Summary of Significant Accounting Policies

 

Gyrodyne intends to dissolve after it completes the disposition of all of its real property assets, applies the proceeds of such dispositions first to settle any debts and claims, pending or otherwise, against Gyrodyne, and then makes distributions to holders of Gyrodyne common shares. Therefore, effective September 1, 2015 Gyrodyne adopted the liquidation basis of accounting. This basis of accounting is considered appropriate when, among other things, liquidation of the entity is “imminent”, as defined in ASC 205-30, Presentation of Financial Statements Liquidation Basis of Accounting. Under the LLC Agreement, the Company may elect, in its sole discretion and without any separate approval by shareholders, to dissolve the Company at any time the value of the Company’s assets, as determined by the Company in good faith, is less than $1 million. The LLC Agreement also provides that the Company will dissolve, and its affairs wound up, upon the sale, exchange or other disposition of all the real properties of the Company. As a result, liquidation is deemed to be “imminent” in accordance with the guidance provided in ASC 205-30.

 

Principles of Consolidation - The consolidated financial statements include the accounts of Gyrodyne and all subsidiaries. All consolidated subsidiaries are wholly owned. All inter-company balances and transactions have been eliminated.

 

Basis of Presentation - Liquidation Basis of Accounting – Under the liquidation basis of accounting the consolidated balance sheet and consolidated statements of operations, equity, comprehensive income and cash flows are no longer presented. The consolidated statements of net assets and the consolidated statements of changes in net assets are the principal financial statements presented under the liquidation basis of accounting.

 

Under the liquidation basis of accounting, all the Company’s assets have been stated at their estimated net realizable value, or liquidation value, (which represents the estimated amount of cash that Gyrodyne will collect on the disposal of assets as it carries out the plan of liquidation), which is based on current contracts, estimates and other indications of sales value (predicated on current values). All liabilities of the Company, including those estimated costs associated with implementing the plan of liquidation, have been stated at their estimated settlement amounts. These amounts are presented in the accompanying statements of net assets. These estimates are periodically reviewed and adjusted as appropriate. There can be no assurance that these estimated values will be realized. Such amounts should not be taken as an indication of the timing or amount of future distributions or our actual dissolution. The valuation of assets at their net realizable value and liabilities at their anticipated settlement amount represent estimates, based on present facts and circumstances, of the net realizable value of the assets and the costs associated with carrying out the plan of liquidation. The actual values and costs associated with carrying out the plan of liquidation may differ from amounts reflected in the accompanying consolidated financial statements because of the plan’s inherent uncertainty. These differences may be material. In particular, the estimates of our costs will vary with the length of time necessary to complete the plan of liquidation, which is currently anticipated to be completed by December 31, 2022. The Company is in the process of pursuing entitlements and density approvals, and our ability to obtain required permits and authorizations is subject to factors beyond our control, including environmental concerns of governmental entities, community groups and purchasers. The process will involve extensive analysis internally at the government entity level, as well as between government entities such as town planning departments and Gyrodyne and or purchasers and will continue up until such time as entitlement and density decisions are made by the relevant government entities. The Company hopes to secure favorable decisions on entitlements and density so that we can then seek the sale of our remaining properties at higher prices than those achievable under their current entitlements and then proceed with the liquidation and dissolution of the Company. Any deviation in use or density between what we are pursuing in our entitlement efforts and what is ultimately permitted could have a material impact on value. The Company expects the process of pursuing entitlements, density approvals, sales, liquidation and dissolution could extend through December 31, 2022 with the ultimate timing dependent upon and under the control of the applicable municipality’s planning board or other governmental authority and or purchasers. Accordingly, it is not possible to predict with certainty the timing or aggregate amount which may ultimately be distributed to common shareholders and no assurance can be given that the distributions will equal or exceed the estimate presented in the accompanying consolidated statements of net assets.

 

The Company’s assumptions and estimates (including the sales proceeds of all its real estate holdings, selling costs, retention bonus payments, rental revenues, rental expenses, capital expenditures, land entitlement costs, general and administrative fees, director and officer liability and reimbursement, post liquidation insurance tail coverage policy and final liquidation costs) are based on completing the liquidation by December 31, 2022. As previously stated, on an ongoing basis, Gyrodyne evaluates the estimates and assumptions that can have a significant impact on the reported net assets in liquidation and will update respective information accordingly for any costs and value associated with a change in the duration of the liquidation, as we cannot give any assurance on the timing of the ultimate sale of all the Company’s properties.

 

Management Estimates In preparing the consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) and the liquidation basis of accounting, management is required to make estimates and assumptions that affect the reported amounts of assets, including net assets in liquidation, and liabilities, and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of receipts and expenditures for the reporting period. Actual results could differ from those estimates.

 

Cash equivalents - The Company considers all certificates of deposits, money market funds, treasury securities and other highly liquid debt instruments purchased with short-term maturities to be cash equivalents.

 

Allowance for doubtful accounts – Rent receivable is carried at net realizable value. Management makes estimates of the collectability of rents receivable. Management specifically analyzes receivables and historical bad debts, tenant concentrations, tenant creditworthiness, current economic trends, including the impact of the outbreak of the novel strain of coronavirus (COVID-19) on tenants’ business, and changes in tenant payment patterns when evaluating the adequacy of the allowance for doubtful accounts.

 

Estimated Distributions per Share – Under the liquidation basis of accounting, the Company reports estimated distributions per share data by dividing net assets in liquidation by the number of shares outstanding.  

 

New Accounting Pronouncements - Management has evaluated the impact of newly issued accounting pronouncements, whether effective or not as of September 30, 2021, and has concluded that they will not have a material impact on the Company’s consolidated financial statements since the Company reports on a liquidation basis.

XML 16 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Note 4 - Statements of Net Assets in Liquidation
9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Liquidation Basis of Accounting [Text Block]

4.

Statements of Net Assets in Liquidation

 

Net assets in liquidation on September 30, 2021 and December 31, 2020 would result in estimated liquidating distributions of $22,512,969 and $22,487,944, or approximately $15.18 and $15.17 per common share, respectively, based on 1,482,680 shares outstanding. The increase of $25,025 or $0.01 per share is attributable to the change in the estimated liquidation and operating costs net of receipts, mainly due to additional rental revenue, savings in general and administrative expenses and an increase in miscellaneous other income of approximately $362,000, $153,000 and $6,000, respectively, offset by additional interest expense and closing/prepayment fees on the loan that the Company secured in September 2021 (see Note 7) of approximately $117,000 and $266,000, respectively, and additional property operating expenses and selling costs of $91,745 and $20,737, respectively.

 

The cash balance at the end of the liquidation period (currently estimated to be December 31, 2022, although the estimated completion of the liquidation period may change), excluding any interim distributions, is estimated based on adjustments for the following items which are estimated through December 31, 2022:

 

 

1.

The estimated cash receipts from the operation of the Company’s properties net of rental property related expenditures as well as costs expected to be incurred to preserve or improve the net realizable value of the properties at their estimated gross sales proceeds.

 

2.

Net proceeds from the sale of all the Company’s real estate holdings.

 

3.

The general and administrative expenses and or liabilities associated with operations and the liquidation of the Company including severance, director and officer liability coverage including post liquidation tail policy coverage, and financial and legal fees to complete the liquidation.

 

4.

Costs for the pursuit of entitlements on the Flowerfield and Cortlandt Manor properties.

 

5.

Retention bonus amounts (See Note 12).

 

6.

Costs, including principal payments, net of drawdowns on the Company’s credit facilities to fund tenant improvements and working capital and related fees.

 

The Company estimates the net realizable value of its real estate assets by using income and market valuation techniques. The Company may estimate net realizable values using market information such as broker opinions of value, appraisals, and recent sales data for similar assets or discounted cash flow models, which primarily rely on Level 3 inputs, as defined under FASB ASC Topic No. 820, Fair Value Measurement. The cash flow models include estimated cash inflows and outflows over a specified holding period. These cash flows may include contractual rental revenues, projected future rental revenues and expenses and forecasted capital improvements and lease commissions based upon market conditions determined through discussion with local real estate professionals and relevant Company experience with its current and previously owned properties. Capitalization rates and discount rates utilized in these models are estimated by management based upon rates that management believes to be within a reasonable range of current market rates for the respective properties based upon an analysis of factors such as property and tenant quality, geographical location and local supply and demand observations. To the extent the Company underestimates or overestimates forecasted cash outflows (capital improvements, lease commissions and operating costs) or overestimates or underestimates forecasted cash inflows (rental revenue rates), the estimated net realizable value of its real estate assets could be overstated or understated.

 

The Company estimates that it will incur approximately $998,000 (included in the consolidated statement of net assets as part of the estimated liquidation and operating costs net of receipts, See Note 5) in land entitlement costs from October 2021 through the end of the liquidation period, currently estimated to conclude on or about December 31, 2022, in an effort to obtain entitlements, including special permits. The Company believes the commitment of these resources will enable the Company to position the properties for sale with all entitlements necessary to maximize the Flowerfield and Cortlandt Manor property values and resulting distributions.  During the nine months ended September 30, 2021, the Company incurred approximately $493,000 of land entitlement costs (of which certain of the Company’s service vendors agreed to defer approximately $166,000 until the first post subdivision property lot is sold), consisting predominantly of engineering fees, legal fees and real estate taxes.  The Company believes the remaining balance of $998,000 (approximately $170,000 of which certain of the Company service vendors have agreed to defer until the first post subdivision property lot is sold) will be incurred from October 2021 through the end of the liquidation period. The Company does not intend to develop the properties but rather to commit resources to position the properties for sale in a timely manner with all entitlements necessary to achieve maximum pre-construction values.  The costs and time frame to achieve the entitlements could change due to a range of factors including a shift in the value of certain entitlements making it more profitable to pursue a different mix of entitlements and the dynamics of the real estate market.  As a result, the Company has focused and will continue to focus its land entitlement efforts on achieving the highest and best use while considering the time necessary to achieve such entitlements.  During the process of pursuing such entitlements, the Company may entertain offers from potential buyers who may be willing to pay premiums for the properties that the Company finds more acceptable from a timing or value perspective than completing the entitlement processes itself.  The value of the real estate reported in the statement of net assets as of September 30, 2021 (predicated on current asset values) includes some but not all of the potential value impact that may result from the land entitlement efforts. There can be no assurance that our value enhancement efforts will result in property value increases that exceed the costs we incur in such efforts, or even any increase at all.

 

The net assets as of September 30, 2021 ($22,512,969) and December 31, 2020 ($22,487,944) results in estimated distributions of approximately $15.18 and $15.17, respectively, per common share (based on 1,482,680 shares outstanding), based on estimates and other indications of sales value (predicated on current asset values) which includes some but not all of the potential sales proceeds that may result directly or indirectly from our land entitlement efforts. Some of the additional value that may be derived from the land entitlement efforts is not included in the estimated distributions as of September 30, 2021 because the amount of such additional value that may result from such efforts are too difficult to predict with sufficient certainty. The Company believes the land entitlement efforts will enhance estimated distributions per share through the improved values (a large amount of which has already been included in the reported value for real estate held for sale) from the sales of the Flowerfield and Cortlandt Manor properties net of the costs to achieve the improved values and other expenses. This estimate of distributions includes projections of costs and expenses to be incurred during the period required to complete the plan of liquidation. There is inherent uncertainty with these projections, and they could change materially based on the timing of the sales, change in values of the Cortlandt Manor and/or Flowerfield properties (whether market driven or resulting from the land entitlement efforts) net of any bonuses (if such values exceed the minimum values required to pay bonuses under the retention bonus plan), favorable or unfavorable changes in the land entitlement costs, the performance of the underlying assets, the market for commercial real estate properties generally and any changes in the underlying assumptions of the projected cash flows.

XML 17 R8.htm IDEA: XBRL DOCUMENT v3.21.2
Note 5 - Estimated Liquidation and Operating Costs Net of Estimated Receipts
9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Liquidation Basis of Accounting, Liability for Estimated Costs in Excess of Receipts [Text Block]

5.

Estimated Liquidation and Operating Costs Net of Estimated Receipts

 

The liquidation basis of accounting requires the Company to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the plan of liquidation. The Company currently estimates that it will incur liquidation and operating costs net of estimated receipts during the liquidation period of $9,697,881, excluding the gross proceeds from the real estate sales. These amounts can vary significantly due to, among other things, land entitlement costs, the timing and estimates for executing and renewing leases, capital expenditures to maintain the real estate at its current estimated realizable value and estimates of tenant improvement costs, the timing of property sales and any direct/indirect costs incurred that are related to the sales (e.g., retention bonuses on the sale of the Cortlandt Manor and Flowerfield properties, costs to address buy side due diligence inclusive of administrative fees, legal fees and property costs to address items arising from such due diligence and not previously known), the timing and amounts associated with discharging known and contingent liabilities and the costs associated with the winding up of operations. These costs are estimated and are anticipated to be paid during the liquidation period.

 

The change in the liability for estimated operating costs in excess of estimated receipts during liquidation from January 1, 2021 through September 30, 2021 has been calculated as follows:

 

  

January 1,

2021

  

Expenditures/ (Receipts)

  

Remeasurement of

Assets and Liabilities

  

September 30,

2021

 

Assets:

                

Estimated rents and reimbursements

 $4,926,648  $(1,977,425) $362,192  $3,311,415 
Prepaid expenses and other assets  848,972   149,723   -   998,695 

Liabilities:

                

Property operating costs

  (3,061,404)  1,229,711   (91,745)  (1,923,438)

Common area capital expenditures

  (460,638)  92,546   -   (368,092)

Land entitlement costs

  (1,490,699)  492,672   -   (998,027)*

Corporate expenditures

  (6,344,342)  1,773,509   (224,685)  (4,795,518)

Selling costs on real estate assets

  (3,057,997)  69,298   (20,737)  (3,009,436)

Retention bonus payments to Directors, executives and employees**

  (2,913,480)  -   -   (2,913,480)

Liability for estimated liquidation and operating costs net of estimated receipts

 $(11,552,940) $1,830,034  $25,025  $(9,697,881)

 

* The Company reached agreements with certain service vendors to defer payment of approximately $170,000 of the $998,000 until the closing of the first property lot sale that is the subject of either the Flowerfield or Cortlandt Manor subdivision, respectively.

** The amounts reported are based on the provisions of the retention bonus plan and the reported amount of the real estate assets estimated net realizable value. Based on the estimated real estate value of the Cortlandt property, aggregate proceeds from the sale of the two Cortlandt lots would not exceed the adjusted floor under the retention bonus plan and therefore the above table only reflects the projected bonus from the sale of the Flowerfield property.

 

XML 18 R9.htm IDEA: XBRL DOCUMENT v3.21.2
Note 6 - Disposition Activities
9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

6.

Disposition Activities

 

On April 26, 2021, the Company closed on the sale of its 5.0-acre parcel of vacant land that is non-contiguous to and not part of the Flowerfield complex in Smithtown, New York for a purchase price of $500,000 as per the purchase and sale agreement signed on May 11, 2020.

 

Terminated Contracts

 

Flowerfield -

 

On March 16, 2021, the Company received a notice (the “BSL Termination Notice”) from BSL ST. James, LLC, a Delaware limited liability company (“BSL”), that it is terminating the Purchase and Sale Agreement (originally dated August 27, 2019, the “BSL Agreement”) for the sale of a 9.0-acre parcel of vacant land in the Flowerfield complex in Smithtown, New York for $16,800,000.  The BSL Termination Notice referenced the termination right and requested the return of the earnest money deposit to BSL in accordance with the provisions of the BSL Agreement. Such earnest money deposit has been returned to BSL.

 

Cortlandt Manor -

 

On February 1, 2021, the Company received a notice (the “SC Termination Notice”) from Sound Cortlandt, LLC, a Delaware limited liability company (“SC LLC”)  that it is terminating the Purchase and Sale Agreement (the “SC Agreement”) (originally dated December 7, 2019) for the sale of approximately 4.5 acres of its real property located in Cortlandt Manor, New York, together with improvements thereon (the “SC Agreement Property”) for a purchase price of $5,720,000.  The SC Termination Notice referenced the termination right and called for the Escrow Agent (as defined in the SC Agreement) to return the earnest money deposit immediately to SC LLC in accordance with the provisions of the SC Agreement. Such earnest money deposit has been returned to SC LLC.

 

XML 19 R10.htm IDEA: XBRL DOCUMENT v3.21.2
Note 7 - Loans Payable
9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Debt Disclosure [Text Block]

7.

Loans Payable

 

The Company secured a non-revolving credit line for up to $3,000,000 (the “Original Line”) with a bank, which closed on March 21, 2018.  The original line included an interest only phase for the first eight months of the loan (as amended the “Interest-Only Phase”).  The Company amended and extended the Original Line which included extending the conversion date of the Interest-Only Phase to the earlier of April 30, 2021 or upon drawing down a total of $3,000,000 after which it automatically converts to a permanent loan maturing on the earlier of April 30, 2028 or 84 months after conversion to a permanent loan (the “Permanent Phase”).  On April 30, 2021, the loan converted to the Permanent Phase with an outstanding principal balance of $2,200,000.  During the Permanent Phase, the Company is paying interest at a fixed rate based on the Federal Home Loan Bank rate for a 7-year maturity as made available by the Federal Home Loan Bank of New York plus a margin of 200 basis points (2%) rounded up to the nearest 1/8 percent, but shall not be less than 3.85%, plus principal based on a 20-year amortization period.  The Permanent Phase interest rate currently is 3.85%. 

 

The first advance of $1.1 million was used to finance the tenant improvements pursuant to the amended and expanded signed lease with Stony Brook University Hospital (“SBU Hospital”). An additional advance of $1.1 million was drawn on March 29, 2019 to finance the buildouts on leases signed through December 31, 2018. The remaining $800,000 went unused and the Company no longer has access to that amount.

 

To secure access to additional working capital through the final sale date of the Flowerfield industrial buildings, the Company secured a second loan evidenced by a non-revolving business line of credit agreement and promissory note with the Original Line bank for up to $3,000,000, which closed on January 24, 2019.  This loan included an interest only phase for the first twenty-four months of the loan (“Interest-Only Phase”) after which it automatically converts to a permanent loan maturing on January 20, 2028 (84 months after conversion to a permanent loan) (the “Permanent Phase”).  The Company amended and extended the line which included extending the conversion date of the Interest-Only Phase to May 20, 2021 after which it automatically converts to a permanent loan maturing on May 20, 2028 (84 months after conversion to a permanent loan).  On May 20, 2021, the loan converted to the Permanent Phase with an outstanding principal balance of $3,000,000. During the Permanent Phase, the Company pays interest at a fixed rate based on the Federal Home Loan Bank rate for a 7-year maturity as made available by the Federal Home Loan Bank of New York plus a margin of 200 basis points (2%) rounded up to the nearest 1/8 percent, but shall not be less than 3.85%, plus principal based on a 20-year amortization period.  The Permanent Phase interest rate currently is 3.85%. 

 

Both lines are secured by approximately 31.8 acres of the Flowerfield Industrial Park including the related buildings and leases. As of December 31, 2020, the Company is in compliance with the loan covenants. The Company anticipates modifying the terms of the loans following the completion of the subdivision so that the loans remain secured by the subdivided industrial park lot only.

 

To secure access to additional working capital, the Company, through its subsidiary GSD Cortlandt, LLC (“GSD Cortlandt”) secured a loan evidenced by a non-revolving business line of credit agreement and promissory note with the Original Line bank for up to $2,500,000 which closed on July 16, 2020. The term was 24 months, with an option to extend for an additional 12 months. The interest rate was a variable rate equal to the daily highest prime rate published by the Wall Street Journal plus 100 basis points (1%), rounded up to the nearest 1/8 percent, but in no event less than four and three quarters percent (4.75%). The terms of the loan originally limited access to certain amounts, contingent upon GSD Cortlandt securing purchase agreements for one or both Cortlandt Property lots. On February 22, 2021, the loan was amended to remove such limitation on draws. Advances of $379,765 and $670,235, were drawn at closing and on January 28, 2021, respectively. The loan was paid in full and closed on September 15, 2021.

 

On September 15, 2021, the Company, through its subsidiary GSD Cortlandt, LLC (“GSD Cortlandt”), secured a $4.95 million term loan (the “Mortgage Loan”), the proceeds of which was used to pay off the previous GSD Cortlandt debt facility of which $1,050,000 was outstanding.  The term of the Mortgage Loan is five years with an option to extend for an additional five years (the “Extension Period”).  Until the initial maturity date, the Mortgage Loan bears interest at an annual rate equal to 3.75%. If the maturity date is extended for the Extension Period, the rate of interest on the Mortgage Loan will adjust and be fixed for the Extension Period to the greater of (i) 3.75% or (ii) 275 basis points in excess of the weekly average yield on United States Treasury Securities adjusted to a constant maturity of five years as most recently made available by the Federal Reserve Board as of thirty days prior to the first day of the Extension Period.  The Mortgage Loan will be paid in monthly installments of principal and interest calculated on the basis of a thirty-year amortization schedule. If the maturity date is extended for the Extension Period, the amount of each monthly installment will be recalculated for the Extension Period based on the adjusted interest rate on the Mortgage Loan and an amortization schedule of twenty-five years.  The lender has the right, but not the obligation, to decline to extend the term of the Mortgage Loan if the loan to value ratio of the property is greater than seventy (70%) percent on the date the extension is exercised, or the property does not support a debt service coverage ratio (as calculated by the lender) of at least 1.3 to 1 on the date the extension is exercised. The borrower shall also be responsible for all fees and expenses associated with the extension including, but not limited to, the lender’s reasonable legal fees, an inspection fee in the amount of $150.00, and a tax service fee.

 

The Mortgage Loan may be prepaid in whole or in part, at any time, provided the borrower (GSD Cortlandt) pays the bank with each prepayment a prepayment fee equal to (i) during the first loan year and, if applicable, the first loan year of the Extension Period, five percent of the amount of such prepayment; (ii) during the second loan year and, if applicable, during the second loan year of the Extension Period, four percent of the amount of such prepayment; (iii) during the third loan year and, if applicable, during the third loan year of the Extension Period, three percent of the amount of such prepayment; (iv) during the fourth loan year and, if applicable, during the fourth loan year of the Extension Period, two percent of the amount of such prepayment; and (v) during the fifth loan year and, if applicable, during the fifth loan year of the Extension Period, one percent of the amount of such prepayment. There will be no prepayment fee for any prepayment made during the sixty-day period immediately preceding the initial maturity date or the last sixty days of the Extension Period. All prepayments must include accrued and unpaid interest through the date of prepayment. If the Cortlandt property is sold to a bona fide third-party purchaser within the initial two years of the term of the Mortgage Loan, the prepayment fee to be paid upon repayment of the Mortgage Loan in full will be reduced by fifty percent.

 

The Mortgage Loan is secured by the Cortlandt property located at 1985 Crompond Road (5.01 acres).

 

The total debt payable mature as follows:

 

Years Ending September 30,

    

2022

 $269,636 

2023

  280,108 

2024

  290,987 

2025

  302,288 

2026

  314,028 

Thereafter

  8,629,807 

Total

 $10,086,854 

 

XML 20 R11.htm IDEA: XBRL DOCUMENT v3.21.2
Note 8 - Accounts Payable and Accrued Liabilities
9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Accounts Payable and Accrued Liabilities Disclosure [Text Block]

8.

Accounts payable and Accrued Liabilities

 

  

Accounts Payable

   

Accrued Liabilities

 
  

September 30,

2021

  

December 31,

2020

   

September 30,

2021

  

December 31,

2020

 

Current accounts payable

 $200,501  $241,963 

Accrued liabilities

 $192,728  $188,554 

Deferred accounts payable (a)

  877,207   651,220 

Deferred Compensation to Directors (b)

  642,000   368,372 

Total

 $1,077,708  $893,183 

Total

 $834,728  $556,926 

 

 

(a)

The Company reached agreements with certain service vendors to defer payment until the closing of the first property lot sale that is the subject of either the Flowerfield or Cortlandt Manor subdivision, respectively.

 

(b)

The director fees and interest accrued under the deferred Compensation Plan where each director elected to defer 100% of his fees for 2021 and 2020. This amount also includes the deferred compensation of a former Board advisor per an agreement to defer payments due.

XML 21 R12.htm IDEA: XBRL DOCUMENT v3.21.2
Note 9 - Income Taxes
9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

9.

Income Taxes

 

As a limited liability company, Gyrodyne is not subject to an entity level income tax but rather is treated as a partnership for tax purposes, with its items of income, gain, deduction, loss and credit being reported on the Company’s information return, on Form 1065, and allocated annually on Schedule K-1 to its members pro rata. The Company’s open tax years are 2018, 2019, and 2020.

 

The Bipartisan Budget Act of 2015 (the “2015 Act”) changed the procedure for partnership tax audits and audit adjustments for partnership returns of large partnerships for fiscal years beginning after December 31, 2017. Pursuant to the 2015 Act, if any audit by the IRS of our income tax returns for any fiscal year beginning after December 31, 2017 results in any adjustments, the IRS may collect any resulting taxes, including any applicable penalties and interest, directly from Gyrodyne. IRS tax audit assessments on tax years beginning January 1, 2018 will require Gyrodyne to: a) bear any tax liability resulting from such audit, or b) elect to push out the tax audit adjustments to the respective shareholders once it has been calculated at the company level.

XML 22 R13.htm IDEA: XBRL DOCUMENT v3.21.2
Note 10 - Credit Quality of Rents Receivable
9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

10.

Credit Quality of Rents Receivable

 

The Company’s standard lease terms include rent due on the first of the month. The Company credit terms extend a standard ten-day grace period across its tenant portfolio and do not normally provide extensions beyond one year.

 

The Company manages its billing and collection process internally to enable timely identification of collection issues. The controls and related processes enable the Company to timely identify and establish payment plans to minimize material losses from defaults. In accordance with generally accepted accounting principles, the Company identifies high risk collectibles, records them on a cash basis and does not include them in revenue or accounts receivable.

XML 23 R14.htm IDEA: XBRL DOCUMENT v3.21.2
Note 11 - Concentration of Credit Risk
9 Months Ended
Sep. 30, 2021
Credit Concentration Risk [Member]  
Notes to Financial Statements  
Concentration Risk Disclosure [Text Block]

11.

Concentration of Credit Risk

 

Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents. The Company places its temporary cash investments with high credit quality financial institutions and generally limits the amount of credit exposure in any one financial institution. The Company maintains bank account balances, which exceed insured limits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash. Management does not believe significant credit risk existed on September 30, 2021 and December 31, 2020. As the Company executes on the sale of its assets, its regional concentration in tenants will lessen thereby resulting in the increased credit risk from exposure of the local economies.

 

For the nine months ended September 30, 2021 rental income from the Company’s three largest tenants represented approximately 23%, 22% and 10% of total rental income. The three largest tenants by revenue as of September 30, 2021 consist of Stony Brook University Hospital located in the industrial park, the Westchester Medical Practice in the Cortlandt Manor Medical Center and Apex Gymnastics Athletics Inc. in the industrial park.

 

The current economic challenges facing state and local budgets impacted most of the Company’s largest tenants.  In addition, the current economic challenges stemming from the coronavirus are disproportionately impacting tenants that are not part of or affiliated with a major hospital which together comprise 39% of our expected 2021 rental revenue.  There can be no assurance that the Company’s leases will renew for the same square footage, at favorable rates net of tenant improvements, if at all.

XML 24 R15.htm IDEA: XBRL DOCUMENT v3.21.2
Note 12 - Commitments
9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Commitments Disclosure [Text Block]

12.

Commitments

 

As of September 30, 2021, other commitments and contingencies are summarized in the below table:

 

Management employment agreements with bonus* and severance commitment contingencies

 $350,000 

Other employee severance commitment contingencies

  81,716 

Total

 $431,716 

 

*Excludes Retention Bonus Payments

 

Employment agreements - The Company has an employment agreement with its Chief Executive Officer. The agreement provides for a bonus of $125,000 payable upon a change of control as defined in the agreement. In addition, the agreement provides for severance equivalent to 6 months of base salary and the vesting and related payment of the change of control bonus.

 

The Company also has an employment agreement with its Chief Operating Officer (“COO”) executed on May 8, 2014 which provides for severance on a termination without cause equal to 6 months of base salary. On January 25, 2018, Gyrodyne entered into an amendment to the employment agreement with the COO to define with greater specificity the COO’s duties and responsibilities with respect to the Company’s properties.

 

Under Company policy the aggregate severance commitment contingency to other employees is approximately $81,716.

 

Retention Bonus Plan- In May 2014, the Board of Directors approved a retention bonus plan (as amended, the “Plan”) designed to recognize the nature and scope of the responsibilities of our directors, executives and employees related to the Company’s strategic plan to enhance the property values, liquidate and dissolve, to reward and incent performance in connection therewith, to align the interests of directors, executives and employees with our shareholders and to retain such persons during the term of such plan. The Plan provides for bonuses to directors and to officers and employees determined by the gross sales proceeds from the sale of each property and the date of sale. The summary appearing below reflects the terms set forth in the Plan as modified by three amendments. There have been no further amendments to the terms of the Plan during the current reporting period.

 

The Plan provides for a bonus pool funded with an amount equal to 5% of the specified appraised value of such properties (set forth in the Plan), so long as the gross selling price of a property is at least equal to its 2013 appraised value as designated in the bonus plan. Additional funding of the bonus pool will occur on a property-by-property basis only if the gross sales price of a property exceeds the Adjusted Appraised Value defined as the sum of (i) its 2013 appraised value and (ii) land development costs incurred on a property since the date of the 2013 appraisal, as follows: 10% on the first 10% of appreciation, 15% on the next 10% of appreciation and 20% on appreciation greater than 20%.

 

The bonus pool is distributable in the following proportions to the named participants in the bonus plan for so long as they are directors or employees of the Company:

 

Board Members/Employees

 

Bonus Pool Percentage

  

Board Members(a)

  65.000% 

Chief Executive Officer

  15.474% 

Chief Operations Officer

  13.926% 

Officer Discretionary Amount (b)

  1.750% 

Other Employees

  3.850% 

Total

  100.000% 

 

 

(a)

15% for the Chairman and 10% for each of the other five directors.

 

(b)

The officer discretionary amount of 1.75% will be allocated to the officers within the discretion of the Board.

 

Such shares of the bonus pool are earned only upon the completion of the sale of a property at a gross selling price equal to or greater than its Adjusted Appraised Value and is paid to the named beneficiaries of the Plan or their designees within 60 days of the completion of such sale or, if later, within 60 days of receipt of any subsequent post-completion installment payment related to such sale.

 

The Plan provides that no benefits are to be paid to participants from the sale of any individual post-subdivided lot from either of the Company’s Flowerfield or Cortlandt Manor properties until aggregate sale proceeds from all sales of post-subdivided lots from such property exceed a designated aggregate floor for such property. The aggregate floor for each of the Flowerfield and Cortlandt Manor properties is defined in Amendment No. 3 to the Plan as the 2013 appraisal of such property plus land development costs incurred for such property since such appraisal.

 

The Plan provides for vesting of benefits upon the sale of each individual post-subdivision lot at Flowerfield and Cortlandt Manor. It also provides for entitlement to a future benefit in the event of death, voluntary termination following substantial reduction in compensation or board fees, mutually agreed separation to right-size the board or involuntary termination without cause, except that a participant will only be eligible to receive a benefit to the extent that a property is sold within three years following the separation event and the sale produces an internal rate of return equal to at least four percent of the property’s value as of December 31 immediately preceding such event and that the sale exceeded the Adjusted Appraised Value.

 

Under the Plan, there were no payments made during the nine months ended September 30, 2021.

 

Deferred Compensation Plan - On December 6, 2019, the Company’s Board of Directors approved the Gyrodyne, LLC Nonqualified Deferred Compensation Plan for Employees and Directors (the “DCP”) effective as of January 1, 2020. The DCP is a nonqualified deferred compensation plan maintained for officers and directors of the Company.  Under the DCP, officers and directors may elect to defer a portion of their compensation to the DCP and receive interest on such deferred payments at a fixed rate of 5%.  All DCP benefits will be paid in a single lump sum cash payment on December 15, 2026, unless a Plan of Liquidation is established for Gyrodyne before the distribution date in which case all benefits will be paid in a single lump sum cash payment after execution of an amendment to terminate the DCP. Each of the Directors elected (under the DCP) to defer 100% of their director fees for 2020 and 2021.

XML 25 R16.htm IDEA: XBRL DOCUMENT v3.21.2
Note 13 - Contingencies
9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Contingencies Disclosure [Text Block]

13.

Contingencies

 

Putative Class Action Lawsuit - On August 14, 2015, the Company entered a Stipulation of Settlement (the "Settlement") providing for the settlement of a putative class action lawsuit against the Company and certain related parties. Under the Settlement, Gyrodyne agreed that any sales of its properties would be effected only in arm's-length transactions at prices at or above their appraised values as of 2014.

 

General - In the normal course of business, the Company is a party to various legal proceedings. After reviewing all actions and proceedings pending against or involving the Company, management considers that any loss resulting from such proceedings individually or in the aggregate will not be material to the Company’s financial statements.

XML 26 R17.htm IDEA: XBRL DOCUMENT v3.21.2
Note 14 - Fair Value of Financial Instruments
9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

14.

 Fair Value of Financial Instruments

 

Assets and Liabilities Measured at Fair-Value – The Company believes the concepts for determining net realizable value are consistent with the guidance for measuring fair value. As a result, the Company follows authoritative guidance on fair value measurements, which defines fair-value, establishes a framework for measuring fair-value, and expands disclosures about fair-value measurements. The guidance applies to reported balances that are required or permitted to be measured at fair-value under existing accounting pronouncements.

 

The Company follows authoritative guidance on the fair value option for financial assets, which permits companies to choose to measure certain financial instruments and other items at fair-value in order to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently. However, the Company adopted the liquidation basis of accounting, and therefore reports all assets and liabilities at net realizable value.

 

The guidance emphasizes that fair-value is a market-based measurement, not an entity-specific measurement. Therefore, a fair-value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair-value measurements, the guidance establishes a fair-value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy, as defined under FASB ASC Topic No. 820, Fair Value Measurements) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). In instances where the determination of the fair-value measurement is based on inputs from different levels of the fair-value hierarchy, the level in the fair-value hierarchy within which the entire fair-value measurement falls is based on the lowest level input that is significant to the fair-value measurement in its entirety. Our assessment of the significance of a particular input to the fair-value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

 

Fair Value Measurements - The Company adopted the liquidation basis of accounting effective September 1, 2015; accordingly, the Company reports all real estate at their net realizable value.

 

The Company estimates the net realizable value of its real estate assets by using income and market valuation techniques. The Company may estimate net realizable values using market information such as broker opinions of value, appraisals, and recent sales data for similar assets or discounted cash flow models, which primarily rely on Level 3 inputs. The cash flow models include estimated cash inflows and outflows over a specified holding period. These cash flows may include contractual rental revenues, projected future rental revenues and expenses and forecasted capital improvements and lease commissions based upon market conditions determined through discussion with local real estate professionals and relevant Company experience with its current and previously owned properties. Capitalization rates and discount rates utilized in these models are estimated by management based upon rates that management believes to be within a reasonable range of current market rates for the respective properties based upon an analysis of factors such as property and tenant quality, geographical location and local supply and demand observations. To the extent, the Company underestimates or overestimates forecasted cash outflows (capital improvements, lease commissions and operating costs) or overestimates or understates forecasted cash inflows (rental revenue rates), the estimated net realizable value of its real estate assets could be overstated or understated.

 

XML 27 R18.htm IDEA: XBRL DOCUMENT v3.21.2
Note 15 - COVID-19
9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Effect of Covid-19 Pandemic [Text Block]

15.

COVID-19

 

The COVID-19 pandemic and the various governmental and market responses intended to contain and mitigate the spread of the virus and its detrimental public health impact, as well as the general uncertainty surrounding the dangers and impact of the pandemic, continue to have a significant impact on the U.S. economy, including the real estate market. To date, the COVID-19 pandemic has impacted operations of our existing properties, and we believe it has had an impact on our strategic plan to enhance the value of our properties and sell them at higher prices. In particular, the pandemic has reduced the gross profit from operations and has been a significant factor in prolonging the entitlement process. We believe it was also a major factor leading to the termination in the first quarter by the purchasers in two purchase agreements for the sale of portions of our Cortlandt Manor and Flowerfield Properties.

 

The U.S economy has been growing as COVID-19 vaccinations are increasingly administered, commercial activities increasingly return to pre-pandemic practices and operations, and as a result of recent and expected future government spending on COVID-19 pandemic relief, infrastructure and other matters. However, this favorable outlook could be affected materially by adverse developments, if any, related to the COVID-19 pandemic, including resurgence of COVID-19 cases due to more contagious variants, such as the Delta variant, or new or more restrictive public health requirements recommended or imposed by federal, state and local authorities. There remains uncertainty as to the ultimate duration and severity of the pandemic on commercial activities, including risks that may arise from mutations or related strains of the virus, and the ability to successfully administer vaccinations to a sufficient number of persons or attain immunity to the virus by natural or other means to achieve herd immunity. Until the COVID-19 pandemic has been resolved as a public health crisis, it retains the potential to cause further and more severe disruption of global and national economies, cause political uncertainty and civil unrest, and diminish consumer confidence, all of which could impact the local real estate market and our business.

 

Beginning March 16, 2020, the Company’s employees began temporarily working remotely to ensure their and their family’s safety and well-being. The Company’s technology infrastructure, for some time, has been set up to handle offsite seamless operations to respond to disaster recovery disruption. As a result, all employees will continue to work remotely unless they report needing sick leave or family leave pursuant to regulated benefits.

 

Small businesses have been and are expected to continue to be adversely affected disproportionately by the economic ramifications of COVID-19. In terms of its own tenants, the Company deems as small businesses those that are not part of or affiliated with a major hospital, which in the aggregate account for approximately 39% ($859,000) of the Company’s projected annual rental revenues for 2021. Although it is difficult to estimate the duration and full extent of the COVID-19 pandemic, its impact on our future results could be significant and will largely depend on future developments which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the novel coronavirus, risks that may arise from mutations or related strains of the virus, the success of actions taken to contain or treat COVID-19 and reactions by real estate developers and investors, consumers, companies, governmental entities and capital markets.  We are actively working with our tenants to manage and mitigate the impact of COVID-19 on the Company’s operations, liquidity and resulting Net Asset Value.

 

The extent of the impact of COVID-19 on the Company's operational and financial performance and ultimately its Net Asset Value, will depend on current and future developments, including the duration and spread of the outbreak and related governmental or other regulatory actions and the effectiveness of the COVID-19 vaccine program.  In addition, the pandemic has resulted in a significant shift toward commercial acceptance of remote working and telemedicine which may adversely impact our occupancy rate and average rate per square foot.  The Company’s ability to operate seamlessly and limit any adverse impact on its forecasted net asset value will also depend, in part, on whether any of its key employees or key advisers are infected by the Coronavirus and become ill from COVID-19. 

 

As a result of the foregoing developments, we are unable to determine what the ultimate impact will be on our timeline for seeking entitlements and selling properties, and ultimately on the amount proceeds and distributions from those sales. For more information and risks relating to the pandemic on us and our business, see “Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations – Impact of COVID-19” and Part I, Item 1A, “Risk Factors”, of our Annual Report for the year ended December 31, 2020 and as amended in this Quarterly Report on Form 10-Q.

 

XML 28 R19.htm IDEA: XBRL DOCUMENT v3.21.2
Note 16 - Related Party Transactions
9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

16.

Related Party Transactions

 

The Company has entered into various leasing arrangements with a not-for-profit organization of which the Company’s Chairman, Paul Lamb, serves as Chairman and a director but receives no compensation or any other financial benefit. A summary of the leasing arrangements is as follows:

 

Term

 

Square

Feet

  

Annual Rent

  

Total Commitment (net of abatement,

excluding renewal options)

 

Jan 2021-Dec 2022

  2,284  $19,414  $38,828 

Jan 2021-Dec 2022

  1,817  

-(a)

  

-(a)

 

Jan 2021-Dec 2022

  1,905  $16,193  $32,385 

 

(a)The Company understood that the tenant’s main intent was to sublease the space to artists, on a short-term basis, after which such subtenant artists would transition into their own space leased directly from the Company. Under the master lease, the tenant has the right to sublease the space without prior written consent for use as an art studio, art school or related use. Under the terms of the master lease, rent is payable by the tenant only to the extent the space is sublet, at the rent amount per square foot payable by the subtenant up to a maximum of $10 per square foot per year. The maximum annual and total lease commitment of up to $18,170 and $36,340, respectively. Any space not subleased may be used by the tenant rent-free for certain stated art uses, although the tenant is responsible for certain passthrough expenses such as electric and heat. Since rent is only due if the space is sublet, the Company believes the fair value of the space to the extent not sublet reflects a below market lease over the nine months ending September 30, 2021 of $13,627 and total commitments of up to $36,340.

 

During the nine-months ended September 30, 2021, the Company received rental revenue of $26,705 related to these lease agreements.

 

The independent members of the Board of the Company approved all of the leasing transactions described above.

 

The Chairman is also a partner of the firm Lamb & Barnosky, LLP that provided pro bono legal representation to the aforementioned not-for-profit corporation on the lease.

XML 29 R20.htm IDEA: XBRL DOCUMENT v3.21.2
Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Consolidation, Policy [Policy Text Block]

Principles of Consolidation - The consolidated financial statements include the accounts of Gyrodyne and all subsidiaries. All consolidated subsidiaries are wholly owned. All inter-company balances and transactions have been eliminated.

 

Liquidation Basis of Accounting [Policy Text Block]

Basis of Presentation - Liquidation Basis of Accounting – Under the liquidation basis of accounting the consolidated balance sheet and consolidated statements of operations, equity, comprehensive income and cash flows are no longer presented. The consolidated statements of net assets and the consolidated statements of changes in net assets are the principal financial statements presented under the liquidation basis of accounting.

 

Under the liquidation basis of accounting, all the Company’s assets have been stated at their estimated net realizable value, or liquidation value, (which represents the estimated amount of cash that Gyrodyne will collect on the disposal of assets as it carries out the plan of liquidation), which is based on current contracts, estimates and other indications of sales value (predicated on current values). All liabilities of the Company, including those estimated costs associated with implementing the plan of liquidation, have been stated at their estimated settlement amounts. These amounts are presented in the accompanying statements of net assets. These estimates are periodically reviewed and adjusted as appropriate. There can be no assurance that these estimated values will be realized. Such amounts should not be taken as an indication of the timing or amount of future distributions or our actual dissolution. The valuation of assets at their net realizable value and liabilities at their anticipated settlement amount represent estimates, based on present facts and circumstances, of the net realizable value of the assets and the costs associated with carrying out the plan of liquidation. The actual values and costs associated with carrying out the plan of liquidation may differ from amounts reflected in the accompanying consolidated financial statements because of the plan’s inherent uncertainty. These differences may be material. In particular, the estimates of our costs will vary with the length of time necessary to complete the plan of liquidation, which is currently anticipated to be completed by December 31, 2022. The Company is in the process of pursuing entitlements and density approvals, and our ability to obtain required permits and authorizations is subject to factors beyond our control, including environmental concerns of governmental entities, community groups and purchasers. The process will involve extensive analysis internally at the government entity level, as well as between government entities such as town planning departments and Gyrodyne and or purchasers and will continue up until such time as entitlement and density decisions are made by the relevant government entities. The Company hopes to secure favorable decisions on entitlements and density so that we can then seek the sale of our remaining properties at higher prices than those achievable under their current entitlements and then proceed with the liquidation and dissolution of the Company. Any deviation in use or density between what we are pursuing in our entitlement efforts and what is ultimately permitted could have a material impact on value. The Company expects the process of pursuing entitlements, density approvals, sales, liquidation and dissolution could extend through December 31, 2022 with the ultimate timing dependent upon and under the control of the applicable municipality’s planning board or other governmental authority and or purchasers. Accordingly, it is not possible to predict with certainty the timing or aggregate amount which may ultimately be distributed to common shareholders and no assurance can be given that the distributions will equal or exceed the estimate presented in the accompanying consolidated statements of net assets.

 

The Company’s assumptions and estimates (including the sales proceeds of all its real estate holdings, selling costs, retention bonus payments, rental revenues, rental expenses, capital expenditures, land entitlement costs, general and administrative fees, director and officer liability and reimbursement, post liquidation insurance tail coverage policy and final liquidation costs) are based on completing the liquidation by December 31, 2022. As previously stated, on an ongoing basis, Gyrodyne evaluates the estimates and assumptions that can have a significant impact on the reported net assets in liquidation and will update respective information accordingly for any costs and value associated with a change in the duration of the liquidation, as we cannot give any assurance on the timing of the ultimate sale of all the Company’s properties.

 

Use of Estimates, Policy [Policy Text Block]

Management Estimates In preparing the consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) and the liquidation basis of accounting, management is required to make estimates and assumptions that affect the reported amounts of assets, including net assets in liquidation, and liabilities, and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of receipts and expenditures for the reporting period. Actual results could differ from those estimates.

 

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash equivalents - The Company considers all certificates of deposits, money market funds, treasury securities and other highly liquid debt instruments purchased with short-term maturities to be cash equivalents.

 

Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]

Allowance for doubtful accounts – Rent receivable is carried at net realizable value. Management makes estimates of the collectability of rents receivable. Management specifically analyzes receivables and historical bad debts, tenant concentrations, tenant creditworthiness, current economic trends, including the impact of the outbreak of the novel strain of coronavirus (COVID-19) on tenants’ business, and changes in tenant payment patterns when evaluating the adequacy of the allowance for doubtful accounts.

 

Earnings Per Share, Policy [Policy Text Block]

Estimated Distributions per Share – Under the liquidation basis of accounting, the Company reports estimated distributions per share data by dividing net assets in liquidation by the number of shares outstanding.  

 

New Accounting Pronouncements, Policy [Policy Text Block] New Accounting Pronouncements - Management has evaluated the impact of newly issued accounting pronouncements, whether effective or not as of September 30, 2021, and has concluded that they will not have a material impact on the Company’s consolidated financial statements since the Company reports on a liquidation basis.
XML 30 R21.htm IDEA: XBRL DOCUMENT v3.21.2
Note 5 - Estimated Liquidation and Operating Costs Net of Estimated Receipts (Tables)
9 Months Ended
Sep. 30, 2021
Notes Tables  
Liquidation Basis of Accounting, Change in Liability for Estimated Costs in Excess of Estimated Receipts [Table Text Block]
  

January 1,

2021

  

Expenditures/ (Receipts)

  

Remeasurement of

Assets and Liabilities

  

September 30,

2021

 

Assets:

                

Estimated rents and reimbursements

 $4,926,648  $(1,977,425) $362,192  $3,311,415 
Prepaid expenses and other assets  848,972   149,723   -   998,695 

Liabilities:

                

Property operating costs

  (3,061,404)  1,229,711   (91,745)  (1,923,438)

Common area capital expenditures

  (460,638)  92,546   -   (368,092)

Land entitlement costs

  (1,490,699)  492,672   -   (998,027)*

Corporate expenditures

  (6,344,342)  1,773,509   (224,685)  (4,795,518)

Selling costs on real estate assets

  (3,057,997)  69,298   (20,737)  (3,009,436)

Retention bonus payments to Directors, executives and employees**

  (2,913,480)  -   -   (2,913,480)

Liability for estimated liquidation and operating costs net of estimated receipts

 $(11,552,940) $1,830,034  $25,025  $(9,697,881)
XML 31 R22.htm IDEA: XBRL DOCUMENT v3.21.2
Note 7 - Loans Payable (Tables)
9 Months Ended
Sep. 30, 2021
Notes Tables  
Schedule of Maturities of Long-term Debt [Table Text Block]

Years Ending September 30,

    

2022

 $269,636 

2023

  280,108 

2024

  290,987 

2025

  302,288 

2026

  314,028 

Thereafter

  8,629,807 

Total

 $10,086,854 
XML 32 R23.htm IDEA: XBRL DOCUMENT v3.21.2
Note 8 - Accounts Payable and Accrued Liabilities (Tables)
9 Months Ended
Sep. 30, 2021
Notes Tables  
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]
  

Accounts Payable

   

Accrued Liabilities

 
  

September 30,

2021

  

December 31,

2020

   

September 30,

2021

  

December 31,

2020

 

Current accounts payable

 $200,501  $241,963 

Accrued liabilities

 $192,728  $188,554 

Deferred accounts payable (a)

  877,207   651,220 

Deferred Compensation to Directors (b)

  642,000   368,372 

Total

 $1,077,708  $893,183 

Total

 $834,728  $556,926 
XML 33 R24.htm IDEA: XBRL DOCUMENT v3.21.2
Note 12 - Commitments (Tables)
9 Months Ended
Sep. 30, 2021
Notes Tables  
Other Commitments [Table Text Block]

Management employment agreements with bonus* and severance commitment contingencies

 $350,000 

Other employee severance commitment contingencies

  81,716 

Total

 $431,716 
Schedule of Allocation of Bonus Pool Percentage [Table Text Block]

Board Members/Employees

 

Bonus Pool Percentage

  

Board Members(a)

  65.000% 

Chief Executive Officer

  15.474% 

Chief Operations Officer

  13.926% 

Officer Discretionary Amount (b)

  1.750% 

Other Employees

  3.850% 

Total

  100.000% 
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.21.2
Note 16 - Related Party Transactions (Tables)
9 Months Ended
Sep. 30, 2021
Notes Tables  
Schedule of Related Party Transactions [Table Text Block]

Term

 

Square

Feet

  

Annual Rent

  

Total Commitment (net of abatement,

excluding renewal options)

 

Jan 2021-Dec 2022

  2,284  $19,414  $38,828 

Jan 2021-Dec 2022

  1,817  

-(a)

  

-(a)

 

Jan 2021-Dec 2022

  1,905  $16,193  $32,385 
XML 35 R26.htm IDEA: XBRL DOCUMENT v3.21.2
Note 1 - The Company (Details Textual)
9 Months Ended
Sep. 01, 2015
USD ($)
Sep. 30, 2021
USD ($)
a
ft²
St. James, New York [Member] | Controlled by Parent Company [Member]    
Area of Real Estate Property (Square Foot)   63
Multi-Tenant Industrial Park [Member]    
Area of Real Estate Property (Square Foot)   10
Flowerfield Industrial Park [Member]    
Area of Real Estate Property (Square Foot) | ft²   127,000
Zoned Residential, and Non-contiguous to the Flowerfield Property [Member]    
Area of Land (Acre)   5
Cortlandt Manor Medical Center [Member]    
Area of Land (Acre)   13.8
Area of Real Estate Property (Square Foot) | ft²   34,000
The Corporation [Member]    
Maximum Value of Asset to Effect Dissolution | $ $ 1,000,000 $ 1,000,000
XML 36 R27.htm IDEA: XBRL DOCUMENT v3.21.2
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($)
9 Months Ended
Sep. 01, 2015
Sep. 30, 2021
The Corporation [Member]    
Maximum Value of Asset to Effect Dissolution $ 1,000,000 $ 1,000,000
XML 37 R28.htm IDEA: XBRL DOCUMENT v3.21.2
Note 4 - Statements of Net Assets in Liquidation (Details Textual) - USD ($)
9 Months Ended 21 Months Ended
Sep. 30, 2021
Dec. 31, 2022
Dec. 31, 2020
Liquidation Basis of Accounting, Net Increase (Decrease) in Liquidation Value Per Share (in dollars per share) $ 0.01    
Liquidation Basis of Accounting, Land Entitlement Costs Incurred $ 998,000    
Liquidation Basis of Accounting, Land Entitlement Costs Incurred, Amount Deferred 170,000    
Basis of Accounting, Liquidation [Member]      
Net Assets, Ending Balance $ 22,512,969   $ 22,487,944
Liquidation Basis of Accounting, Common Stock Per Share, Net (in dollars per share) $ 15.18   $ 15.17
Common Stock, Shares, Outstanding, Ending Balance (in shares) 1,482,680    
Liquidation Basis of Accounting, Net Increase (Decrease) in Liquidation Value $ 25,025    
Operating Lease, Lease Income, Total 362,000    
Liquidation Basis of Accounting, Savings in General and Administrative Expenses 153,000    
Liquidation Basis of Accounting, Increase in Miscellaneous Other Income 6,000    
Liquidation Basis of Accounting, Remeasurement Gain (Loss) on Interest Expense (117,000)    
Liquidation Basis of Accounting, Remeasurement Gain (Loss) on Debt Closing Prepayment Fees (266,000)    
Liquidation Basis of Accounting, Remeasurement Gain (Loss) on Liability Property Operating Costs (91,745)    
Liquidation Basis of Accounting, Remeasurement Gain (Loss) on Liability Selling Costs on Real Estate Assets (20,737)    
Liquidation Basis of Accounting, Land Entitlement Costs Incurred 493,000    
Liquidation Basis of Accounting, Land Entitlement Costs Incurred, Amount Deferred $ 166,000    
Liquidation Basis of Accounting, Common Stock Per Share (in dollars per share) $ 15.18   $ 15.17
Forecast [Member]      
Liquidation Basis of Accounting, Land Entitlement Costs   $ 998,000  
XML 38 R29.htm IDEA: XBRL DOCUMENT v3.21.2
Note 5 - Estimated Liquidation and Operating Costs Net of Estimated Receipts (Details Textual)
9 Months Ended
Sep. 30, 2021
USD ($)
Liquidation Basis of Accounting, Accrued Costs to Dispose of Assets and Liabilities $ 9,697,881
Liquidation Basis of Accounting, Land Entitlement Costs Incurred, Amount Deferred 170,000
Liquidation Basis of Accounting, Land Entitlement Costs Incurred $ 998,000
XML 39 R30.htm IDEA: XBRL DOCUMENT v3.21.2
Note 5 - Estimated Liquidation and Operating Costs Net of Estimated Receipts - Changes in Liability for Estimated Costs in Excess of Estimated Receipts (Details)
9 Months Ended
Sep. 30, 2021
USD ($)
Liability for estimated liquidation and operating costs net of estimated receipts $ (9,697,881)
Basis of Accounting, Liquidation [Member]  
Estimated rents and reimbursements 4,926,648
Estimated rents and reimbursements (1,977,425)
Estimated rents and reimbursements 362,192
Estimated rents and reimbursements 3,311,415
Prepaid expenses and other assets 848,972
Prepaid expenses and other assets 149,723
Prepaid expenses and other assets 998,695
Property operating costs (3,061,404)
Property operating costs 1,229,711
Property operating costs (91,745)
Property operating costs (1,923,438)
Common area capital expenditures (460,638)
Common area capital expenditures 92,546
Common area capital expenditures 0
Common area capital expenditures (368,092)
Land entitlement costs (1,490,699)
Land entitlement costs 492,672
Land entitlement costs 0
Land entitlement costs (998,027) [1]
Corporate expenditures (6,344,342)
Corporate expenditures 1,773,509
Corporate expenditures (224,685)
Corporate expenditures (4,795,518)
Selling costs on real estate assets (3,057,997)
Selling costs on real estate assets 69,298
Selling costs on real estate assets (20,737)
Selling costs on real estate assets (3,009,436)
Retention bonus payments to Directors, executives and employees** (2,913,480) [2]
Retention bonus payments to Directors, executives and employees** 0 [2]
Retention bonus payments to Directors, executives and employees** 0 [2]
Retention bonus payments to Directors, executives and employees** (2,913,480) [2]
Liability for estimated liquidation and operating costs net of estimated receipts (11,552,940)
Liability for estimated liquidation and operating costs net of estimated receipts 1,830,034
Liability for estimated liquidation and operating costs net of estimated receipts 25,025
Liability for estimated liquidation and operating costs net of estimated receipts $ (9,697,881)
[1] The Company reached agreements with certain service vendors to defer payment of approximately $210,000 of the $1.11 million until the closing of the first property lot sale that is the subject of either the Flowerfield or Cortlandt Manor subdivision, respectively.
[2] The amounts reported are based on the provisions of the retention bonus plan and the reported amount of the real estate assets estimated net realizable value. Based on the estimated real estate value of the Cortlandt property, aggregate proceeds from the sale of the two Cortlandt lots would not exceed the adjusted floor under the retention bonus plan and therefore the above table only reflects the projected bonus from the sale of the Flowerfield property.
XML 40 R31.htm IDEA: XBRL DOCUMENT v3.21.2
Note 6 - Disposition Activities (Details Textual)
Dec. 07, 2019
USD ($)
a
Aug. 27, 2019
USD ($)
a
Apr. 26, 2021
USD ($)
a
Flowerfield Complex in Smithtown, New York [Member]      
Area of Land (Acre) | a   9.0  
Flowerfield Complex in Smithtown, New York [Member] | BSL St. James LLC [Member]      
Proceeds from Sale of Property, Plant, and Equipment, Total | $   $ 16,800,000  
Cortlandt Manor Property In New York [Member]      
Area of Land (Acre) | a 4.5    
Proceeds from Sale of Property, Plant, and Equipment, Total | $ $ 5,720,000    
Sale of Vacant Land [Member]      
Area of Real Estate Property (Square Foot) | a     5.0
Sale of Real Estate Property, Purchase Price | $     $ 500,000
XML 41 R32.htm IDEA: XBRL DOCUMENT v3.21.2
Note 7 - Loans Payable (Details Textual)
4 Months Ended
Sep. 15, 2021
USD ($)
Apr. 30, 2021
USD ($)
Jan. 28, 2021
USD ($)
Jul. 16, 2020
USD ($)
Mar. 29, 2019
USD ($)
Jan. 24, 2019
USD ($)
Mar. 21, 2018
USD ($)
Jul. 16, 2020
USD ($)
Sep. 30, 2021
a
May 20, 2021
USD ($)
Term Loan [Member]                    
Debt Instrument, Face Amount $ 4,950,000                  
Term Loan [Member] | If Maturity Date Is Extended [Member]                    
Debt Instrument, Covenant, Maximum Loan to Value Ratio of the Property 70.00%                  
Debt Instrument, Covenant, Minimum Debt Service Coverage Ratio 1.3                  
Debt Instrument, Fee Amount $ 150.00                  
Extended Term Loan [Member]                    
Debt Instrument, Amortization Period (Year) 30 years                  
Debt Instrument, Interest Rate, Stated Percentage 3.75%                  
Real Estate Securing Mortgage Loan [Member] | Flowerfield Industrial Park [Member]                    
Area of Real Estate Property (Square Foot) | a                 31.8  
If Maturity Date Is Extended [Member] | Term Loan [Member]                    
Debt Instrument, Amortization Period (Year) 25 years                  
US Treasury (UST) Interest Rate [Member] | Extended Term Loan [Member]                    
Debt Instrument, Basis Spread on Variable Rate 2.75%                  
Non-revolving Credit Line [Member]                    
Line of Credit Facility, Maximum Borrowing Capacity   $ 3,000,000         $ 3,000,000      
Debt Instrument, Interest Only Phase, Term (Month)             8 months      
Debt Instrument, Interest and Principal Phase, Term (Month)   84 months       84 months        
Long-term Line of Credit, Total   $ 2,200,000                
Proceeds from Lines of Credit, Total         $ 1,100,000 $ 1,100,000        
Debt Instrument, Unused Borrowing Capacity, Amount         $ 800,000          
Non-revolving Credit Line [Member] | Federal Home Loan Bank Rate [Member] | After Interest Only Payment Period [Member]                    
Debt Instrument, Basis Spread on Variable Rate           2.00%        
Debt Instrument, Amortization Period (Year)           20 years        
Debt Instrument, Interest Rate, Effective Percentage           3.85%        
Non-revolving Credit Line [Member] | Federal Home Loan Bank Rate [Member] | After Interest Only Payment Period [Member] | Minimum [Member]                    
Debt Instrument, Basis Spread on Variable Rate           3.85%        
Non-revolving Credit Line 2 [Member]                    
Line of Credit Facility, Maximum Borrowing Capacity           $ 3,000,000        
Debt Instrument, Interest Only Phase, Term (Month)           24 months        
Debt Instrument, Interest and Principal Phase, Term (Month)           84 months        
Long-term Line of Credit, Total                   $ 3,000,000
Non-revolving Credit Line 2 [Member] | After Interest Only Payment Period [Member]                    
Debt Instrument, Amortization Period (Year)           20 years        
Debt Instrument, Interest Rate, Effective Percentage           3.85%        
Non-revolving Credit Line 2 [Member] | Federal Home Loan Bank Rate [Member] | After Interest Only Payment Period [Member]                    
Debt Instrument, Basis Spread on Variable Rate           2.00%        
Non-revolving Credit Line 2 [Member] | Federal Home Loan Bank Rate [Member] | After Interest Only Payment Period [Member] | Minimum [Member]                    
Debt Instrument, Basis Spread on Variable Rate           3.85%        
Non-revolving Credit Line 3 [Member]                    
Line of Credit Facility, Maximum Borrowing Capacity       $ 2,500,000       $ 2,500,000    
Debt Instrument, Interest Only Phase, Term (Month)               24 months    
Proceeds from Lines of Credit, Total     $ 670,235 $ 379,765            
Repayments of Debt $ 1,050,000                  
Non-revolving Credit Line 3 [Member] | Term Loan [Member]                    
Debt Instrument, Term (Year) 5 years                  
Debt Instrument, Extension Term (Year) 5 years                  
Non-revolving Credit Line 3 [Member] | Interest Only Period of Payments [Member] | Minimum [Member]                    
Debt Instrument, Interest Rate, Effective Percentage       4.75%       4.75%    
Non-revolving Credit Line 3 [Member] | Prime Rate [Member] | Interest Only Period of Payments [Member]                    
Debt Instrument, Basis Spread on Variable Rate               1.00%    
XML 42 R33.htm IDEA: XBRL DOCUMENT v3.21.2
Note 7 - Loans Payable - Loan Maturity (Details)
Sep. 30, 2021
USD ($)
2022 $ 269,636
2023 280,108
2024 290,987
2025 302,288
2026 314,028
Thereafter 8,629,807
Total $ 10,086,854
XML 43 R34.htm IDEA: XBRL DOCUMENT v3.21.2
Note 8 - Accounts Payable and Accrued Liabilities (Details Textual)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Director Fees, Deferred, Percentage 100.00% 100.00%
XML 44 R35.htm IDEA: XBRL DOCUMENT v3.21.2
Note 8 - Accounts Payable and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Details) - USD ($)
Sep. 30, 2021
Dec. 31, 2020
Current accounts payable $ 200,501 $ 241,963
Accrued liabilities 192,728 188,554
Deferred accounts payable (a) [1] 877,207 651,220
Deferred Compensation to Directors [2] 642,000 368,372
Total accounts payable 1,077,708 893,183
Total, accrued liabilities $ 834,728 $ 556,926
[1] The Company reached agreements with certain service vendors to defer payment until the closing of the first property lot sale that is the subject of either the Flowerfield or Cortlandt Manor subdivision, respectively.
[2] The director fees and interest accrued under the deferred Compensation Plan where each director elected to defer 100% of his fees for 2021 and 2020. This amount also includes the deferred compensation of a former Board advisor per an agreement to defer payments due.
XML 45 R36.htm IDEA: XBRL DOCUMENT v3.21.2
Note 9 - Income Taxes (Details Textual)
6 Months Ended
Jun. 30, 2021
Open Tax Year 2018 2019 2020
XML 46 R37.htm IDEA: XBRL DOCUMENT v3.21.2
Note 11 - Concentration of Credit Risk (Details Textual) - Rental Income [Member] - Customer Concentration Risk [Member]
9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2021
Customer 1 [Member]    
Concentration Risk, Percentage 23.00%  
Customer 2 [Member]    
Concentration Risk, Percentage 22.00%  
Customer 3 [Member]    
Concentration Risk, Percentage 10.00%  
Small Businesses and Not-for-Profit Corporations [Member] | Forecast [Member]    
Concentration Risk, Percentage   39.00%
XML 47 R38.htm IDEA: XBRL DOCUMENT v3.21.2
Note 12 - Commitments (Details Textual) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Jan. 01, 2020
May 31, 2014
Other Commitment, Total $ 431,716      
Bonus Pool Funding as Percentage of Appraised Value of Contributed Properties       5.00%
Additional Bonus Pool Funding, Percentage of Gross Sales Price on First Ten Percent Of Property Appreciation       10.00%
Additional Bonus Pool, Funding Percentage of Gross Sales Price on Second Ten Percent of Property Appreciation       15.00%
Additional Bonus Pool Funding, Percentage of Gross Sales Price on Property Appreciation Greater than Twenty Percent       20.00%
Deferred Compensation Arrangement with Individual, Distribution Paid $ 0      
Deferred Compensation Arrangement Fixed Interest Rate     5.00%  
Director Fees, Deferred, Percentage 100.00% 100.00%    
Chief Executive Officer [Member] | Bonus Payable [Member]        
Other Commitment, Total $ 125,000      
Other Employees [Member]        
Supplemental Unemployment Benefits, Severance Benefits $ 81,716      
Board of Directors Chairman [Member]        
Bonus Pool Distribution Proportions       15.00%
Other 5 Directors [Member]        
Bonus Pool Distribution Proportions       10.00%
Executives and Employees [Member]        
Bonus Pool Distribution Proportions       1.75%
XML 48 R39.htm IDEA: XBRL DOCUMENT v3.21.2
Note 12 - Commitments - Other Commitments (Details)
Sep. 30, 2021
USD ($)
Contractual obligation $ 431,716
Management Employment Agreements with Bonus and Severance Commitment Contingencies [Member]  
Contractual obligation 350,000 [1]
Other Employee Severance Commitment Contingencies [Member]  
Contractual obligation $ 81,716
[1] Excludes Retention Bonus Payments
XML 49 R40.htm IDEA: XBRL DOCUMENT v3.21.2
Note 12 - Commitments - Allocation of Retention Bonus (Details)
Sep. 30, 2021
Bonus pool percentage 100.00%
Board Members [Member]  
Bonus pool percentage 65.00% [1]
Chief Executive Officer [Member]  
Bonus pool percentage 15.474%
Chief Operating Officer [Member]  
Bonus pool percentage 13.926%
Officer [Member]  
Bonus pool percentage 1.75% [2]
Other Employees [Member]  
Bonus pool percentage 3.85%
[1] 15% for the Chairman and 10% for each of the other five directors.
[2] The officer discretionary amount of 1.75% will be allocated to the officers within the discretion of the Board.
XML 50 R41.htm IDEA: XBRL DOCUMENT v3.21.2
Note 15 - COVID-19 (Details Textual) - Small Businesses and Not-for-Profit Corporations [Member] - Forecast [Member]
12 Months Ended
Dec. 31, 2021
USD ($)
Operating Lease, Lease Income, Total $ 859,000
Rental Income [Member] | Customer Concentration Risk [Member]  
Concentration Risk, Percentage 39.00%
XML 51 R42.htm IDEA: XBRL DOCUMENT v3.21.2
Note 16 - Related Party Transactions (Details Textual) - Not-for-profit Corporation [Member]
1 Months Ended 9 Months Ended
Feb. 28, 2019
USD ($)
Sep. 30, 2021
USD ($)
Operating Lease, Lease Income, Total   $ 26,705
Lease Term August 2016 Through December 2018 [Member]    
Rent Amount Per Square Foot Per Month, Maximum 10  
Annual Rent $ 18,170  
Operating Leases, Maximum Total Lease Commitment $ 36,340  
Commitments, Fair Value Disclosure   13,627
Operating Leases, Additional Commitment   $ 36,340
XML 52 R43.htm IDEA: XBRL DOCUMENT v3.21.2
Note 16 - Related Party Transactions - Summary of Leasing Arrangements (Details) - Not-for-profit Corporation [Member]
9 Months Ended
Sep. 30, 2021
USD ($)
ft²
Lease Term Jan 2019 Through December 2020 [Member]  
Square Feet (Square Foot) | ft² 2,284
Annual Rent $ 19,414
Jan 2021-Dec 2022 $ 38,828
Lease Term Jan 2019 Through December 2020 1 [Member]  
Square Feet (Square Foot) | ft² 1,817
Annual Rent $ 0 [1]
Jan 2021-Dec 2022 $ 0 [1]
Lease Term Jan 2019 Through December 2020 2 [Member]  
Square Feet (Square Foot) | ft² 1,905
Annual Rent $ 16,193
Jan 2021-Dec 2022 $ 32,385
[1] The Company understood that the tenant’s main intent was to sublease the space to artists, on a short-term basis, after which such subtenant artists would transition into their own space leased directly from the Company. Under the master lease, the tenant has the right to sublease the space without prior written consent for use as an art studio, art school or related use. Under the terms of the master lease, rent is payable by the tenant only to the extent the space is sublet, at the rent amount per square foot payable by the subtenant up to a maximum of $10 per square foot per year. The maximum annual and total lease commitment of up to $18,170 and $36,340, respectively. Any space not subleased may be used by the tenant rent-free for certain stated art uses, although the tenant is responsible for certain passthrough expenses such as electric and heat. Since rent is only due if the space is sublet, the Company believes the fair value of the space to the extent not sublet reflects a below market lease over the nine months ending September 30, 2021 of $13,627 and total commitments of up to $36,340.
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