Note 5 - Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Balance Sheet [Table Text Block]

	Gyrodyne Company of America, Inc. and Subsidiaries			GSD, LLC			Total			Eliminations			Consolidated
ASSETS
REAL ESTATE
Rental property:
Land	$	-		$	1,733,693		$	1,733,693		$	-		$	1,733,693
Building and improvements		-			11,175,728			11,175,728			-			11,175,728
Machinery and equipment		-			344,733			344,733			-			344,733
		-			13,254,154			13,254,154			-			13,254,154
Less accumulated depreciation		-			4,725,234			4,725,234			-			4,725,234
		-			8,528,920			8,528,920			-			8,528,920
Land held for development:
Land		-			558,466			558,466			-			558,466
Land development costs		-			1,895,046			1,895,046			-			1,895,046
		-			2,453,512			2,453,512			-			2,453,512
Total real estate, net		-			10,982,432			10,982,432			-			10,982,432
Assets held for sale		-			22,320,755			22,320,755			-			22,320,755
Cash and cash equivalents		6,346,983			-			6,346,983			-			6,346,983
Investment in marketable securities		4,703,470			-			4,703,470			-			4,703,470
Rent receivable, net of allowance for doubtful accounts of approximately $98,000		-			58,024			58,024			-			58,024
Deferred rent receivable		-			51,366			51,366			-			51,366
GSD Line of Credit		2,482,852			-			2,482,852			(2,482,852	)		-
Prepaid expenses and other assets		149,724			428,636			578,360			-			578,360
Prepaid pension costs		593,870			-			593,870			-			593,870
Mortgage receivable		13,369,800			-			13,369,800			(13,369,800	)		-
Total Assets	$	27,646,699		$	33,841,213		$	61,487,912		$	(15,852,652	)	$	45,635,260
LIABILITIES AND EQUITY
LIABILITIES:
Accounts payable	$	647,089		$	49,832		$	696,921		$	-		$	696,921
Accrued liabilities		281,664			-			281,664			-			281,664
Deferred rent liability		-			36,474			36,474			-			36,474
Tenant security deposits payable		-			268,790			268,790			-			268,790
Liabilities related to assets held for sale		-			9,788,425			9,788,425			(9,433,314	)		355,111
GSD Line of Credit		-			2,482,852			2,482,852			(2,482,852	)		-
Mortgage Payable		-			3,936,486			3,936,486			(3,936,486	)		-
Deferred income taxes		1,315,000			-			1,315,000			-			1,315,000
Note's payable		16,447,427			-			16,447,427			-			16,447,427
Total Liabilities		18,691,180			16,562,859			35,254,039			(15,852,652	)		19,401,387
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 income		177,107			-			177,107			-			177,107
Deficit		(9,161,284	)		(1,788,114	)		(10,949,398	)		1,788,114			(9,161,284	)
		10,493,216			(1,788,114	)		8,705,102			1,788,114			10,493,216
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		8,955,519			(1,788,114	)		7,167,405			1,788,114			8,955,519
Non-controlling interest in GSD, LLC					19,066,468			19,066,468			(1,788,114	)		17,278,354
Total equity		8,955,519			17,278,354			26,233,873			-			26,233,873
Total Liabilities and Equity	$	27,646,699		$	33,841,213		$	61,487,912		$	(15,852,652	)	$	45,635,260

Condensed Income Statement [Table Text Block]

	Gyrodyne Company of America, Inc.			GSD, LLC			Total			Eliminations			Consolidated
Revenues
Rental income	$	-		$	1,184,742		$	1,184,742					$	1,184,742
Rental income - tenant reimbursements		-			178,862			178,862						178,862
Other income		2,656,033			-			2,656,033			(2,656,033	)		-
Total		2,656,033			1,363,604			4,019,637			(2,656,033	)		1,363,604
Expenses
Reimbursable expenses		766,122			-			766,122			(766,122	)		-
Rental expenses		-			790,061			790,061			(23,939	)		766,122
General and administrative expenses		1,150,366			1,061,271			2,211,637			(1,061,271	)		1,150,366
Strategic alternative expenses		872,541			804,701			1,677,242			(804,701	)		872,541
Depreciation		-			161,999			161,999						161,999
Impairment charges		-			200,000			200,000			-			200,000
Total		2,789,029			3,018,032			5,807,061			(2,656,033	)		3,151,028
Other Income (Expense):
Interest income		166,047			-			166,047			(120,123	)		45,924
Interest expense		(336,346	)		(120,123	)		(456,469	)		120,123			(336,346	)
Total		(170,299	)		(120,123	)		(290,422	)		-			(290,422	)
Net Loss from continued operations		(303,295	)		(1,774,551	)		(2,077,846	)		-			(2,077,846	)
Net Income from discontinued operations		261,482			(5,562	)		255,920			-			255,920
Net Loss	$	(41,813	)	$	(1,780,113	)	$	(1,821,926	)	$	-		$	(1,821,926	)

	Gyrodyne Company of America, Inc.			GSD, LLC			Total			Eliminations			Consolidated
Revenues
Rental income	$	-		$	572,783		$	572,783		$	-		$	572,783
Rental income – tenant reimbursements		-			62,216			62,216			-			62,216
Other income		1,384,710			-			1,384,710			(1,384,710	)		-
Total rental income		1,384,710			634,999			2,019,709			(1,384,710	)		634,999
Expenses
Reimbursable expenses		345,525			-			345,525			(345,525	)		-
Rental expenses		-			356,476			356,476			(10,951	)		345,525
General and administrative expenses		579,616			535,016			1,114,632			(535,016	)		579,616
Strategic alternative expenses		534,799			493,218			1,028,017			(493,218	)		534,799
Depreciation		-			80,787			80,787			-			80,787
Impairment charges		-			200,000			200,000			-			200,000
Total		1,459,940			1,665,497			3,125,437			(1,384,710	)		1,740,727
Other income (expense):
Interest income		92,671			-			92,671			(70,579	)		22,092
Interest expense		(201,808	)		(70,579	)		(272,387	)		70,579			(201,808	)
Total		(109,137	)		(70,579	)		(179,716	)		-			(179,716	)
Net loss from continued operations		(184,367	)		(1,101,077	)		(1,285,444	)		-			(1,285,444	)
Net income from discontinued operations		130,482			4,694			135,176			-			135,176
Net loss	$	(53,885	)	$	(1,096,383	)	$	(1,150,268	)	$	-		$	(1,150,268	)