Note 4 - Cash - Restricted

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Restricted Assets Disclosure [Text Block]

Note 4. Cash – Restricted

During the

first

quarter of

2018,

the company closed on the sale of

four

parcels of land all of which were structured as a “deferred exchange using a qualified intermediary” pursuant to Paragraph

1031

of the Internal Revenue Code (

1031

Exchange) for income tax purposes.  The net proceeds from these transactions of

$993,160

are included the Cash-Restricted amount at

March 31, 2018.

Subsequent to

March 31, 2018,

identified properties for the purposes of the

1031

Exchange were deemed

not

acceptable after preliminary due diligence.  The

1031

Exchange will

not

be completed. The related tax expense on the gain from these sales has been accrued at

March 31, 2018.

The following table provides a reconciliation of cash and cash-restricted reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows.

	March 31, 2018
Cash	$	1,585.950
Cash-restricted		993,160
Cash and cash-restricted	$	2.579,110