COMMERCIAL LOAN INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2020

COMMERCIAL LOAN INVESTMENTS

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

The Company’s commercial loan investments were comprised of the following at March 31, 2020:

Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
First Mortgage – 72-Acre Land Parcel, Orlando, FL	June 2019	June 2020	$	8,000,000	$	8,000,000	$	7,967,650	12.00%
Mortgage Note  – 400 Josephine Street, Austin, TX	July 2019	July 2020		8,250,000		8,250,000		8,228,421	11.50%
Ground Lease Loan  – 400 Josephine Street, Austin, TX	July 2019	N/A		16,250,000		16,250,000		16,539,509	N/A
LPGA Buyer Loan  – Daytona Beach, FL	October 2019	October 2020		2,070,000		2,070,000		2,053,118	7.50%
First Mortgage – Redevelopment Property, Honolulu, Hawaii	January 2020	January 2021		3,500,000		3,500,000		3,445,067	11.00%
First Mortgage – 12-Acre Land Parcel, Daytona Beach, FL	February 2020	February 2021		3,375,000		3,375,000		3,328,939	9.50%
Impairment / CECL Reserve				—		—		(1,904,500)
			$	41,445,000	$	41,445,000	$	39,658,204

The carrying value of the commercial loan investment portfolio at March 31, 2020 consisted of the following:

	Total
Current Face Amount	$	41,445,000
Imputed Interest over Rent Payments Received on Ground Lease Loan		289,509
Unaccreted Origination Fees		(171,805)
Impairment / CECL Reserve		(1,904,500)
Total Commercial Loan Investments	$	39,658,204