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Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
REVENUE        
Total Revenue $ 2,336,925 $ 2,588,740 $ 7,209,720 $ 7,565,617
OPERATING EXPENSES        
Bad debt expense 15,423 5,669 37,643 49,868
Share based compensation expenses     277,500  
Legal, accounting and other professional fees 261,670 237,562 941,244 1,228,262
Corporate general and administrative expenses 238,189 162,649 748,928 364,868
Management restructuring expenses 0 1,452,904 0 1,846,329
Loss on impairment 0 0 0 50,859
Depreciation and amortization 973,367 1,149,664 2,979,142 3,459,262
Total Operating Expenses 2,033,653 3,655,440 6,693,578 9,047,289
Gain on disposal of investment property     2,819,502  
Loss on extinguishment of debt     51,837 50,859
Operating Income (Loss) 303,272 (1,066,700) 3,283,807 (1,481,672)
Interest expense 730,922 900,182 2,331,030 2,612,642
Net (Loss) Income from Operations (427,650) (1,966,882) 952,777 (4,094,314)
Other income 14,824 20,522 40,486 52,249
Other expense (105,123)   (76,985)  
Net (Loss) Income (517,949) (1,946,360) 916,278 (4,042,065)
Less: Net income (loss) attributable to Operating Partnership noncontrolling interests 25,843 493 162,828 (2,878)
Net (Loss) Income Attributable to Medalist Common Stockholders $ (526,996) $ (1,948,827) $ 308,700 $ (4,047,786)
Earnings (loss) per common share - basic (in dollars per share) $ (0.47) $ (1.76) $ 0.28 $ (3.65)
Earnings (loss) per common share - diluted (in dollars per share) $ (0.47) $ (1.76) $ 0.28 $ (3.65)
Weighted-average number of shares - basic (in shares) 1,116,391 1,109,405 1,117,099 1,109,631
Weighted-average number of shares - diluted (in shares) 1,116,391 1,109,405 1,123,249 1,109,631
Dividends paid per common share (in dollars per share) $ 0.05   $ 0.11 $ 0.32
Hanover Square Property        
REVENUE        
Total Revenue   $ 327,348 $ 307,325 $ 987,121
OPERATING EXPENSES        
Bad debt expense $ 2,472   16,136  
Depreciation and amortization   76,869   231,143
Total Operating Expenses 2,495 159,001 108,695 480,019
Gain on disposal of investment property     2,819,502  
Loss on extinguishment of debt     51,837  
Operating Income (Loss) (2,495) 168,347 2,966,295 507,102
Interest expense   169,755 129,248 516,367
Net (Loss) Income (2,495) (1,408) 2,837,047 (9,265)
Less: Net (loss) income attributable to noncontrolling interests (399) (225) 453,928 (1,482)
Less: Net income (loss) attributable to Operating Partnership noncontrolling interests (363) (14) 137,029 (93)
Net (Loss) Income Attributable to Medalist Common Stockholders (1,733) (1,169) 2,246,090 (7,690)
Parkway Property        
OPERATING EXPENSES        
Less: Net (loss) income attributable to noncontrolling interests (16,397) 2,199 (9,178) 10,081
Single tenant net lease property        
REVENUE        
Total Revenue 94,275 56,306 246,359 168,897
OPERATING EXPENSES        
Operating expenses 8,188 7,696 23,697 23,174
Flex center property        
REVENUE        
Total Revenue 676,754 658,246 2,008,056 1,839,675
OPERATING EXPENSES        
Operating expenses 162,800 180,164 491,586 535,065
Retail center properties        
REVENUE        
Total Revenue 1,565,896 1,874,188 4,955,305 5,557,045
OPERATING EXPENSES        
Operating expenses 374,016 459,132 1,193,838 1,489,602
Retail center properties | Hanover Square Property        
REVENUE        
Total Revenue   327,348 307,325 987,121
OPERATING EXPENSES        
Operating expenses $ 23 $ 82,132 $ 92,559 $ 248,876