Note 4 - Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Balance Sheet [Table Text Block]

ASSETS	Gyrodyne Company of America, Inc. and Subsidiaries			GSD, LLC			Total			Eliminations			Consolidated
REAL ESTATE
Rental property:
Land	$	-		$	4,621,293		$	4,621,293		$	-		$	4,621,293
Building and improvements		-			32,864,821			32,864,821			-			32,864,821
Machinery and equipment		-			344,733			344,733			-			344,733
		-			37,830,847			37,830,847			-			37,830,847
Less accumulated depreciation		-			7,475,739			7,475,739			-			7,475,739
		-			30,355,108			30,355,108			-			30,355,108
Land held for development:
Land		-			558,466			558,466			-			558,466
Land development costs		-			1,862,048			1,862,048			-			1,862,048
		-			2,420,514			2,420,514			-			2,420,514
Total real estate, net					32,775,622			32,775,622						32,775,622
Cash and cash equivalents		8,481,571			-			8,481,571			-			8,481,571
Investment in marketable securities		3,301,875			-			3,301,875			-			3,301,875
Rent receivable, net of allowance for doubtful accounts of approximately $76,000		-			205,547			205,547			-			205,547
Deferred rent receivable		-			216,123			216,123			-			216,123
GSD Line of Credit		1,049,963			-			1,049,963			(1,049,963	)		-
Prepaid expenses and other assets		114,624			723,612			838,236			-			838,236
Prepaid pension costs		601,338			-			601,338			-			601,338
Mortgage receivable		13,606,486			-			13,606,486			(13,606,486	)		-
Total Assets	$	27,155,857		$	33,920,904		$	61,076,761		$	(14,656,449	)	$	46,420,312
LIABILITIES AND EQUITY
LIABILITIES:
Accounts payable	$	354,517		$	275,760		$	630,277		$	-		$	630,277
Accrued liabilities		360,657			32,341			392,998			-			392,998
Deferred rent liability		-			101,225			101,225			-			101,225
Tenant security deposits payable		-			480,392			480,392			-			480,392
GSD Line of Credit		-			1,049,963			1,049,963			(1,049,963	)		-
Mortgage Payable		-			13,606,486			13,606,486			(13,606,486	)		-
Deferred income taxes		1,315,000			-			1,315,000			-			1,315,000
Dividend note payable		16,144,614			-			16,144,614			-			16,144,614
Total Liabilities		18,174,788			15,546,167			33,720,955			(14,656,449	)		19,064,506
Commitments and contingencies
EQUITY:
Common stock, $1 par value; authorized 4,000,000 shares; 1,723,888 shares issued; 1,482,680 shares outstanding		1,723,888			-			1,723,888			-			1,723,888
Additional paid-in capital		17,753,505			-			17,753,505			-			17,753,505
Accumulated other comprehensive loss		148,772			-			148,772			-			148,772
Deficit retained earnings		(9,107,399	)		(691,731	)		(9,799,130	)		691,731			(9,107,399	)
		10,518,766			(691,731	)		9,827,035			691,731			10,518,766
Less cost of shares of common stock held in treasury; 241,208		(1,537,697	)		-			(1,537,697	)		-			(1,537,697	)
Total Gyrodyne Stockholders’ Equity		8,981,069			(691,731	)		8,289,338			691,731			8,981,069
Non-controlling interest in GSD, LLC		-			19,066,468			19,066,468			(691,731	)		18,374,737
Total equity		8,981,069			18,374,737			27,355,806			-			27,355,806
Total Liabilities and Equity	$	27,155,857		$	33,920,904		$	61,076,761		$	(14,656,449	)	$	46,420,312

Condensed Income Statement [Table Text Block]

	Gyrodyne Company of America, Inc			GSD, LLC			Total			Eliminations			Consolidated
Revenues
Rental income	$	-		$	1,120,645		$	1,120,645		$	-		$	1,120,645
Rental income - tenant reimbursements		-			179,390			179,390			-			179,390
Other income		1,572,698			-			1,572,698			(1,572,698	)		-
Total		1,572,698			1,300,035			2,872,733			(1,572,698	)		1,300,035
Expenses
Reimbursable expenses		711,602			-			711,602			(711,602	)		-
Rental expenses		-			734,960			734,960			(23,358	)		711,602
General and administrative expenses		570,750			526,255			1,097,005			(526,255	)		570,750
Strategic alternative expenses		337,742			311,483			649,225			(311,483	)		337,742
Depreciation		-			240,893			240,893						240,893
Total		1,620,094			1,813,591			3,433,685			(1,572,698	)		1,860,987
Other Income (Expense):
Interest income		194,006			-			194,006			(170,174	)		23,832
Interest expense		(134,538	)		(170,174	)		(304,712	)		170,174			(134,538	)
Total		59,468			(170,174	)		(110,706	)		-			(110,706	)
Net Income (Loss)	$	12,072		$	(683,730	)	$	(671,658	)	$	-		$	(671,658	)