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Condensed Consolidated Statements of Income and Shareholders' Equity
USD ($)
$ / shares
Revenue and other income:  
Leasing revenue $ 1,048,000
Expenses:  
Operating 164,000
General and administrative 353,000
Total expenses 517,000
Income from operations before income taxes 531,000
Income tax expense (benefit):  
Current 192,000
Deferred (44,000)
Total Income tax expense 148,000
Net income 383,000
Retained earnings, beginning at Dec. 31, 2020 6,334,000
Income tax expense (benefit):  
Dividends on common stock ($.07 per share) based upon 6,599,912 shares outstanding (462,000)
Retained earnings, ending at Mar. 31, 2021 $ 6,255,000
Income tax expense (benefit):  
Basic income per common share based upon 6,599,912 shares outstanding | $ / shares $ 0.06
Class A common stock $ 66,000
Capital in excess of par 782,000
Shareholders' equity, ending 7,103,000
Class A common stock 66,000
Capital in excess of par 782,000
Shareholders' equity, ending 7,173,000
Leasing revenue 1,163,000
Operating 253,000
General and administrative 392,000
Total expenses 645,000
Income from operations before income taxes 518,000
Current 180,000
Deferred (32,000)
Total Income tax expense 148,000
Net income 370,000
Retained earnings, beginning at Dec. 31, 2021 6,325,000
Income tax expense (benefit):  
Dividends on common stock ($.07 per share) based upon 6,599,912 shares outstanding (462,000)
Retained earnings, ending at Mar. 31, 2022 $ 6,233,000
Income tax expense (benefit):  
Basic income per common share based upon 6,599,912 shares outstanding | $ / shares $ 0.06
Class A common stock $ 66,000
Capital in excess of par 782,000
Shareholders' equity, ending $ 7,081,000