XML 57 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
REVENUES    
Real estate rentals and related revenue $ 64,142 $ 64,340
Total revenues 64,142 64,340
Operating expenses:    
Rental and other properties 73,983 105,216
Adviser's base fee 1,020,000 1,020,000
General and administrative 324,852 341,798
Professional fees and expenses 173,439 111,811
Directors' fees and expenses 108,620 92,489
Depreciation expense 16,156 16,156
Interest expense 88,427 102,084
Total expenses 1,805,477 1,789,554
Loss before other income and income taxes (1,741,335) (1,725,214)
Net realized and unrealized gains from investments in marketable securities 144,219 120,696
Net income from other investments 248,709 400,751
Other than temporary impairment losses from other investments (50,000) (27,666)
Interest, dividend and other income 231,864 143,677
Total other income 574,792 637,458
Loss before income taxes (1,166,543) (1,087,756)
Benefit from income taxes   (66,000)
Loss from continuing operations (1,166,543) (1,021,756)
Income from discontinued operations, net of tax and incentive fee 16,439,449 1,122,167
Net income 15,272,906 100,411
Noncontrolling interest in continuing operations (3,713) (3,033)
Noncontrolling interest in discontinued operations (93,206) (91,067)
Net income attributable to the noncontrolling interest (96,919) (94,100)
Net income attributable to the Company 15,175,987 6,311
Amounts attributable to the Company    
Continuing operations (1,170,256) (1,024,789)
Discontinued operations 16,346,243 1,031,100
Net income attributable to the Company 15,175,987 6,311
Weighted average common shares outstanding-basic (in shares) 1,004,599 1,001,593
Weighted average common shares outstanding-diluted (in shares) 1,006,067 1,001,593
Net income (loss) per common share:    
Continuing operations-basic (in dollars per share) $ (1.16) $ (1.02)
Continuing operations-diluted (in dollars per share) $ (1.16) $ (1.02)
Discontinued operations-basic (in dollars per share) $ 16.27 $ 1.03
Discontinued operations-diluted (in dollars per share) $ 16.25 $ 1.03
Basic income per share (in dollars per share) $ 15.11 $ 0.01
Diluted income per share (in dollars per share) $ 15.08 $ 0.01
Other comprehensive income:    
Unrealized gain on interest rate swap agreement 982,500 5,000
Total other comprehensive income 982,500 5,000
Comprehensive income $ 16,158,487 $ 11,311