Note 2 - Restricted Cash

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Restricted Assets Disclosure [Text Block]

Note

2

:

Restricted Cash

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 were

$993,160,

of which

$873,355

remained in restricted cash. In

August 2018,

the funds were received and therefore restricted cash was

$0

at

September 30, 2018.

Subsequent to the sale, identified properties for the purposes of the

1031

Exchange were deemed

not

acceptable after preliminary due diligence. The

1031

Exchange was

not

completed.

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

	September 30,		December 31,
	2018		2017
Cash	$	1,992,461	$	1,618,583
Restricted cash		-		33,821
Total	$	1,992,461	$	1,652,404