RESTATEMENT AND REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2021

RESTATEMENT AND REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

RESTATEMENT AND REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 3 – RESTATEMENT AND REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

The Company identified errors in its previously issued annual and interim financial statements that required restatements, as well as errors that were determined individually, and in the aggregate, quantitatively and qualitatively immaterial that required revisions.  As such the Company has restated and revised its (i) consolidated financial statements as of and for the years ended December 31, 2021, 2020 and 2019 as illustrated in this note to the consolidated financial statements; and (ii) consolidated interim financial statements for the three months ended March 31, 2021, the three and six months ended June 30, 2021, and the three and nine months ended September 30, 2021, as illustrated in Note 16; collectively referred to as the “Restatement” or “Revision”.

During the three month period ended June 30, 2022, the Company identified areas of restatement errors. Adjustments depicted in the tables below relate to the following:

(a) an error in the accounting treatment regarding the overcapitalization of internally allocated construction related costs related to the development project at 77 Greenwich Street;  

(b) a disclosure error in the classification on the balance sheets of our 77 Greenwich property which was classified as real estate under development in real estate and is now classified as residential condominium units for sale;

(c) a disclosure error in the classification on the statements of cash flows of our 77 Greenwich property relating to  additions and sales of condominiums where they were reported in the statement of cash flows under cash flows from investing activities when they should have been reported in cash flows from operations.  

During the three month period ended March 31, 2022, the Company identified one revision error. Adjustments depicted in the tables below relate to the following:

(d) an error in the accounting treatment of a property that, upon emergence from bankruptcy, was classified as real estate under development, but was not subsequently reported as an operating property when circumstances at the property changed.

During the year ended December 31, 2021, the Company identified one revision error. Adjustments depicted in the tables below relate to the following:

(e) an error in the accounting treatment regarding certain advertising and marketing costs which were capitalized to construction costs at the development project at 77 Greenwich Street and should have been expensed as incurred.  

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE LOSS

(In thousands, except share amounts)

	For the Year Ended December 31, 2019
	As Previously		Revision
	Reported		Impact		As Revised
Revenues
Rental revenues	$	4,062	$	569	$	4,631
Total revenues		4,062		569		4,631
Operating Expenses
Property operating expenses		5,328		1,812		7,140
Real estate taxes		328		182		510
General and administrative		5,349		328		5,677
Pension related costs		733		—		733
Transaction related costs		167		—		167
Depreciation and amortization		2,977		1,141		4,118
Total operating expenses		14,882		3,463		18,345
Gain on sale of real estate		9,521		—		9,521
Operating loss		(1,299)		(2,894)		(4,193)
Equity in net loss from unconsolidated joint ventures		(819)		—		(819)
Interest income (expense), net		67		(180)		(113)
Interest expense - amortization of deferred finance costs		—		(39)		(39)
Loss before taxes		(2,051)		(3,113)		(5,164)
Tax expense		(128)		—		(128)
Net loss attributable to common stockholders	$	(2,179)	$	(3,113)	$	(5,292)
Other comprehensive loss:
Unrealized gain on pension liability		344		—		344
Comprehensive loss attributable to common stockholders	$	(1,835)	$	(3,113)	$	(4,948)
Loss per share - basic and diluted	$	(0.07)	$	(0.10)	$	(0.17)
Weighted average number of common shares - basic and diluted		31,915		31,915		31,915

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

FOR THE YEAR ENDED DECMEBER 31, 2019
											Accumulated
				Additional							Other
	Common Stock			Paid-In		Treasury Stock			Accumulated		Comprehensive
	Shares	Amount		Capital		Shares	Amount		Deficit		Loss		Total
As Previously Reported
Balance as of December 31, 2018	37,161	$	372	$	132,831	(5,514)	$	(54,758)	$	(15,466)	$	(3,518)	$	59,461
Net loss attributable to common stockholders	—		—		—	—		—		(2,179)		—		(2,179)
Settlement of stock awards	451		4		—	(187)		(776)		—		—		(772)
Unrealized gain on pension liability	—		—		—	—		—		1,648		344		1,992
Stock-based compensation expense	—		—		1,386	—		—		—		—		1,386
Stock buy-back	—		—		—	(30)		(197)		—		—		(197)
Balance as of December 31, 2019	37,612	$	376	$	134,217	(5,731)	$	(55,731)	$	(15,997)	$	(3,174)	$	59,691
Revision Impact
Balance as of December 31, 2018	—	$	—	$	—	—	$	—	$	(614)	$	—	$	(614)
Net loss attributable to common stockholders	—		—		—	—		—		(3,113)		—		(3,113)
Settlement of stock awards	—		—		—	—		—		—		—		—
Unrealized gain on pension liability	—		—		—	—		—		—		—		—
Stock-based compensation expense	—		—		—	—		—		—		—		—
Stock buy-back	—		—		—	—		—		—		—		—
Balance as of December 31, 2019	—	$	—	$	—	—	$	—	$	(3,727)	$	—	$	(3,727)
As Revised
Balance as of December 31, 2018	37,161	$	372	$	132,831	(5,514)	$	(54,758)	$	(16,080)	$	(3,518)	$	58,847
Net loss attributable to common stockholders	—		—		—	—		—		(5,292)		—		(5,292)
Settlement of stock awards	451		4		—	(187)		(776)		—		—		(772)
Unrealized gain on pension liability	—		—		—	—		—		1,648		344		1,992
Stock-based compensation expense	—		—		1,386	—		—		—		—		1,386
Stock buy-back	—		—		—	(30)		(197)		—		—		(197)
Balance as of December 31, 2019	37,612	$	376	$	134,217	(5,731)	$	(55,731)	$	(19,724)	$	(3,174)	$	55,964

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	For the Year Ended December 31, 2019
	As Previously		Restatement
	Reported		Impact		As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to common stockholders	$	(2,179)	$	(3,113)	$	(5,292)
Adjustments to reconcile net loss attributable to common stockholders to net cash used in operating activities:
Depreciation and amortization and amortization of deferred finance costs		2,977		1,180		4,157
Stock-based compensation expense		905		—		905
Gain on sale of real estate		(9,521)		—		(9,521)
Deferred rents receivable		578		—		578
Other non-cash adjustments - pension expense		1,992		—		1,992
Equity in net loss from unconsolidated joint ventures		819		—		819
Distributions from unconsolidated joint ventures		33		—		33
Decrease (increase) in operating assets:
Residential condominium units for sale		—		(65,098)		(65,098)
Receivables		1,577		—		1,577
Prepaid expenses and other assets, net		278		—		278
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses		1,649		—		1,649
Pension liabilities		(2,705)		—		(2,705)
Net cash used in operating activities		(3,597)		(67,031)		(70,628)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate		(91,847)		67,031		(24,816)
Net proceeds from the sale of real estate		18,812		—		18,812
Deferred real estate deposits of SCA condominium		33,609		—		33,609
Net cash used in (provided by) investing activities		(39,426)		67,031		27,605
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate credit facility		55,475		—		55,475
Proceeds from secured line of credit		7,250		—		7,250
Payment of finance costs		(1,531)		—		(1,531)
Repayment of loans		(10,557)		—		(10,557)
Repayment of secured line of credit		(2,000)		—		(2,000)
Settlement of stock awards		(772)		—		(772)
Stock buy-back		(197)		—		(197)
Net cash provided by financing activities		47,668		—		47,668
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		4,645		—		4,645
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		14,025		—		14,025
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	18,670	$	—	$	18,670
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD	$	11,496	$	—	$	11,496
RESTRICTED CASH, BEGINNING OF PERIOD		2,529		—		2,529
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	$	14,025	$	—	$	14,025
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	9,196	$	—	$	9,196
RESTRICTED CASH, END OF PERIOD		9,474		—		9,474
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	18,670	$	—	$	18,670
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest	$	12,631	$	—	$	12,631
Cash paid during the period for: Taxes	$	352	$	—	$	352
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued development costs included in accounts payable and accrued expenses	$	12,698	$	(12,698)	$	—
Capitalized amortization of deferred financing costs and warrants	$	2,739	$	(39)	$	2,700
Capitalized stock-based compensation expense	$	480	$	(79)	$	401
Right of use asset	$	1,904	$	—	$	1,904
Lease liabilities	$	(2,065)	$	—	$	(2,065)
Warrant liability	$	(1,795)	$	—	$	(1,795)

CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and share amounts)

	As of December 31, 2020
	As Previously		Restatement
	Reported		Impact		As Restated
ASSETS
Real estate, net	$	279,204	$	(209,164)	$	70,040
Residential condominium units for sale		—		203,276		203,276
Cash and cash equivalents		6,515		—		6,515
Restricted cash		9,554		—		9,554
Prepaid expenses and other assets, net		2,703		—		2,703
Investments in unconsolidated joint ventures		19,379		—		19,379
Receivables		966		—		966
Deferred rents receivable		90		—		90
Right-of-use asset		1,565		—		1,565
Intangible assets, net		9,172		—		9,172
Total assets	$	329,148	$	(5,888)	$	323,260
LIABILITIES
Loans payable, net	$	197,330	$	—	$	197,330
Corporate credit facility, net		31,858		—		31,858
Secured line of credit, net		7,747		—		7,747
Note payable		5,863		—		5,863
Accounts payable and accrued expenses		15,896		—		15,896
Lease liability		1,716		—		1,716
Warrant liability		830		—		830
Total liabilities		261,240		—		261,240
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding		—		—		—
Preferred stock, $0.01 par value; 2 shares authorized, no shares issued and outstanding at December 31, 2020		—		—		—
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at December 31, 2020		—		—		—
Common stock, $0.01 par value; 79,999,997 shares authorized; 38,345,540 shares issued at December 31, 2020; 32,172,107 shares outstanding at December 31, 2020		383		—		383
Additional paid-in capital		135,978		—		135,978
Treasury stock (6,173,433 shares at December 31, 2020)		(56,791)		—		(56,791)
Accumulated other comprehensive loss		(2,159)		—		(2,159)
Accumulated deficit		(9,503)		(5,888)		(15,391)
Total stockholders' equity		67,908		(5,888)		62,020
Total liabilities and stockholders' equity	$	329,148	$	(5,888)	$	323,260

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

(In thousands, except share amounts)

	For the Year Ended December 31, 2020
	As Previously		Revision
	Reported		Impact		As Revised
Revenues
Rental revenues	$	993	$	570	$	1,563
Other income		263		—		263
Total revenues		1,256		570		1,826
Operating Expenses
Property operating expenses		8,166		954		9,120
Real estate taxes		79		175		254
General and administrative		4,955		262		5,217
Pension related costs		345		—		345
Transaction related costs		133		—		133
Depreciation and amortization		2,768		1,139		3,907
Total operating expenses		16,446		2,530		18,976
Gain on sale of school condominium		24,196		—		24,196
Operating income		9,006		(1,960)		7,046
Equity in net loss from unconsolidated joint ventures		(1,571)		—		(1,571)
Unrealized gain on warrants		965		—		965
Interest expense, net		(1,398)		(142)		(1,540)
Interest expense - amortization of deferred finance costs		(202)		(59)		(261)
Income before taxes		6,800		(2,161)		4,639
Tax expense		(306)		—		(306)
Net income attributable to common stockholders	$	6,494	$	(2,161)	$	4,333
Other comprehensive income:
Unrealized gain on pension liability		1,015		—		1,015
Comprehensive income attributable to common stockholders	$	7,509	$	(2,161)	$	5,348
Income per share - basic	$	0.20	$	(0.07)	$	0.13
Income per share - diluted	$	0.20	$	(0.07)	$	0.13
Weighted average number of common shares - basic		32,305		32,305		32,305
Weighted average number of common shares - diluted		32,860		32,860		32,860

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

FOR THE YEAR ENDED DECMEBER 31, 2020
											Accumulated
				Additional							Other
	Common Stock			Paid-In		Treasury Stock			Accumulated		Comprehensive
	Shares	Amount		Capital		Shares	Amount		Deficit		Loss		Total
As Previously Reported
Balance as of December 31, 2019	37,612	$	376	$	134,217	(5,731)	$	(55,731)	$	(15,997)	$	(3,174)	$	59,691
Net income attributable to common stockholders	—		—		—	—		—		6,494		—		6,494
Settlement of stock awards	543		5		—	(222)		(701)		—		—		(696)
Unrealized gain on pension liability	—		—		—	—		—		—		1,015		1,015
Stock-based compensation expense	—		—		1,163	—		—		—		—		1,163
Stock-based consulting fees	190		2		598	—		—		—		—		600
Stock buy-back	—		—		—	(220)		(359)		—		—		(359)
Balance as of December 31, 2020	38,345	$	383	$	135,978	(6,173)	$	(56,791)	$	(9,503)	$	(2,159)	$	67,908
Revision Impact
Balance as of December 31, 2019	—	$	—	$	—	—	$	—	$	(3,727)	$	—	$	(3,727)
Net loss attributable to common stockholders	—		—		—	—		—		(2,161)		—		(2,161)
Settlement of stock awards	—		—		—	—		—		—		—		—
Unrealized gain on pension liability	—		—		—	—		—		—		—		—
Stock-based compensation expense	—		—		—	—		—		—		—		—
Stock-based consulting fees	—		—		—	—		—		—		—		—
Stock buy-back	—		—		—	—		—		—		—		—
Balance as of December 31, 2020	—	$	—	$	—	—	$	—	$	(5,888)	$	—	$	(5,888)
As Revised
Balance as of December 31, 2019	37,612	$	376	$	134,217	(5,731)	$	(55,731)	$	(19,724)	$	(3,174)	$	55,964
Net income attributable to common stockholders	—		—		—	—		—		4,333		—		4,333
Settlement of stock awards	543		5		—	(222)		(701)		—		—		(696)
Unrealized gain on pension liability	—		—		—	—		—		—		1,015		1,015
Stock-based compensation expense	—		—		1,163	—		—		—		—		1,163
Stock-based consulting fees	190		2		598	—		—		—		—		600
Stock buy-back	—		—		—	(220)		(359)		—		—		(359)
Balance as of December 31, 2020	38,345	$	383	$	135,978	(6,173)	$	(56,791)	$	(15,391)	$	(2,159)	$	62,020

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	For the Year Ended December 31, 2020
	As Previously		Restatement
	Reported		Impact		As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income attributable to common stockholders	$	6,494	$	(2,161)	$	4,333
Adjustments to reconcile net income attributable to common stockholders to net cash used in operating activities:
Depreciation and amortization and amortization of deferred finance costs		2,970		1,198		4,168
Stock-based compensation expense		806		—		806
Gain on sale of school condominium		(24,196)		—		(24,196)
Deferred rents receivable		(84)		—		(84)
Other non-cash adjustments - pension expense		1,015		—		1,015
Unrealized gain on warrants		(965)		—		(965)
Equity in net loss from unconsolidated joint ventures		1,571		—		1,571
Distributions from unconsolidated joint ventures		1,110		—		1,110
Decrease in operating assets:
Residential condominium units for sale		—		(46,473)		(46,473)
Receivables		2,392		—		2,392
Prepaid expenses and other assets, net		190		—		190
(Decrease) increase in operating liabilities:
Accounts payable and accrued expenses		(686)		1,971		1,285
Pension liabilities		(1,033)		—		(1,033)
Net cash used in operating activities		(10,416)		(45,465)		(55,881)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate		(51,715)		47,436		(4,279)
Deferred real estate deposits of condominiums		1,971		(1,971)		—
Investments in unconsolidated joint ventures		(5,383)		—		(5,383)
Net cash used in investing activities		(55,127)		45,465		(9,662)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate credit facility		86,361		—		86,361
Proceeds from secured line of credit		5,000		—		5,000
Payment of finance costs		(1,497)		—		(1,497)
Repayment of loans		(23,368)		—		(23,368)
Repayment of secured line of credit		(2,500)		—		(2,500)
Settlement of stock awards		(695)		—		(695)
Stock buy-back		(359)		—		(359)
Net cash provided by financing activities		62,942		—		62,942
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		(2,601)		—		(2,601)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		18,670		—		18,670
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	16,069	$	—	$	16,069
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD	$	9,196	$	—	$	9,196
RESTRICTED CASH, BEGINNING OF PERIOD		9,474		—		9,474
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	$	18,670	$	—	$	18,670
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	6,515	$	—	$	6,515
RESTRICTED CASH, END OF PERIOD		9,554		—		9,554
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	16,069	$	—	$	16,069
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest	$	15,495	$	—	$	15,495
Cash paid during the period for: Taxes	$	251	$	—	$	251
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued development costs included in accounts payable and accrued expenses	$	10,319	$	(10,319)	$	—
Capitalized amortization of deferred financing costs and warrants	$	2,727	$	(59)	$	2,668
Capitalized stock-based compensation expense	$	356	$	(57)	$	299
Investment in unconsolidated joint venture	$	5,193	$	—	$	5,193

CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and share amounts)

	As of December 31, 2021
	As Previously		Restatement
	Reported		Impact		As Restated
ASSETS
Real estate, net	$	294,536	$	(227,202)	$	67,334
Residential condominium units for sale		—		216,983		216,983
Cash and cash equivalents		4,310		—		4,310
Restricted cash		20,535		—		20,535
Prepaid expenses and other assets, net		4,126		—		4,126
Investments in unconsolidated joint ventures		17,938		—		17,938
Receivables		84		—		84
Deferred rents receivable		114		—		114
Right-of-use asset		1,314		—		1,314
Intangible assets, net		8,432		—		8,432
Total assets	$	351,389	$	(10,219)	$	341,170
LIABILITIES
Loans payable, net	$	219,249	$	—	$	219,249
Corporate credit facility, net		32,844		—		32,844
Secured line of credit, net		12,750		—		12,750
Note payable		5,863		—		5,863
Accounts payable and accrued expenses		17,864		—		17,864
Lease liability		1,447		—		1,447
Warrant liability		1,146		—		1,146
Total liabilities		291,163		—		291,163
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding		—		—		—
Preferred stock, $0.01 par value; 2 shares authorized, no shares issued and outstanding at December 31, 2021		—		—		—
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at December 31, 2021		—		—		—
Common stock, $0.01 par value; 79,999,997 shares authorized; 43,024,424 shares issued at December 31, 2021; 36,626,549 shares outstanding at December 31, 2021		430		—		430
Additional paid-in capital		144,282		—		144,282
Treasury stock (6,397,875 shares at December 31, 2021)		(57,166)		—		(57,166)
Accumulated other comprehensive loss		(1,343)		—		(1,343)
Accumulated deficit		(25,977)		(10,219)		(36,196)
Total stockholders' equity		60,226		(10,219)		50,007
Total liabilities and stockholders' equity	$	351,389	$	(10,219)	$	341,170

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE LOSS

(In thousands, except share amounts)

	For the Year Ended December 31, 2021
	As Previously		Restatement
	Reported		Impact		As Restated
Revenues
Rental revenues	$	2,600	$	625	$	3,225
Other income		355		—		355
Sale of residential condominium units		24,802		(1,117)		23,685
Total revenues		27,757		(492)		27,265
Operating Expenses
Property operating expenses		7,414		(1,831)		5,583
Real estate taxes		74		650		724
General and administrative		4,492		641		5,133
Pension related costs		67		—		67
Cost of sale - residential condominium units		24,432		(2,062)		22,370
Depreciation and amortization		2,864		1,139		4,003
Total operating expenses		39,343		(1,463)		37,880
Operating loss		(11,586)		971		(10,615)
Equity in net loss from unconsolidated joint ventures		(555)		—		(555)
Unrealized gain on warrants		73		—		73
Interest expense, net		(3,007)		(4,915)		(7,922)
Interest expense - amortization of deferred finance costs		(1,134)		(387)		(1,521)
Loss before taxes		(16,209)		(4,331)		(20,540)
Tax expense		(265)		—		(265)
Net loss attributable to common stockholders	$	(16,474)	$	(4,331)	$	(20,805)
Other comprehensive loss:
Unrealized gain on pension liability		816		—		816
Comprehensive loss attributable to common stockholders	$	(15,658)	$	(4,331)	$	(19,989)
Loss per share - basic and diluted	$	(0.49)	$	(0.13)	$	(0.62)
Weighted average number of common shares - basic and diluted		33,322		33,322		33,322

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

FOR THE YEAR ENDED DECEMBER 31, 2021
											Accumulated
				Additional							Other
	Common Stock			Paid-In		Treasury Stock			Accumulated		Comprehensive
	Shares	Amount		Capital		Shares	Amount		Deficit		Loss		Total
As Previously Reported
Balance as of December 31, 2020	38,345	$	383	$	135,978	(6,173)	$	(56,791)	$	(9,503)	$	(2,159)	$	67,908
Net loss attributable to common stockholders	—		—		—	—		—		(16,474)		—		(16,474)
Settlement of stock awards	535		5		—	(225)		(375)		—		—		(370)
Unrealized gain on pension liability	—		—		—	—		—		—		816		816
Sale of common stock	4,144		42		7,597	—		—		—		—		7,639
Stock-based compensation expense	—		—		707	—		—		—		—		707
Balance as of December 31, 2021	43,024	$	430	$	144,282	(6,398)	$	(57,166)	$	(25,977)	$	(1,343)	$	60,226
Restatement Impact
Balance as of December 31, 2020	—	$	—	$	—	—	$	—	$	(5,888)	$	—	$	(5,888)
Net loss attributable to common stockholders	—		—		—	—		—		(4,331)		—		(4,331)
Settlement of stock awards	—		—		—	—		—		—		—		—
Unrealized gain on pension liability	—		—		—	—		—		—		—		—
Sale of common stock	—		—		—	—		—		—		—		—
Stock-based compensation expense	—		—		—	—		—		—		—		—
Balance as of December 31, 2021	—	$	—	$	—	—	$	—	$	(10,219)	$	—	$	(10,219)
As Restated
Balance as of December 31, 2020	38,345	$	383	$	135,978	(6,173)	$	(56,791)	$	(15,391)	$	(2,159)	$	62,020
Net loss attributable to common stockholders	—		—		—	—		—		(20,805)		—		(20,805)
Settlement of stock awards	535		5		—	(225)		(375)		—		—		(370)
Unrealized gain on pension liability	—		—		—	—		—		—		816		816
Sale of common stock	4,144		42		7,597	—		—		—		—		7,639
Stock-based compensation expense	—		—		707	—		—		—		—		707
Balance as of December 31, 2021	43,024	$	430	$	144,282	(6,398)	$	(57,166)	$	(36,196)	$	(1,343)	$	50,007

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	For the Year Ended December 31, 2021
	As Previously		Restatement
	Reported		Impact		As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to common stockholders	$	(16,474)	$	(4,331)	$	(20,805)
Adjustments to reconcile net loss attributable to common stockholders to net cash used in operating activities:
Depreciation and amortization and amortization of deferred finance costs		3,998		1,526		5,524
Stock-based compensation expense		530		—		530
Deferred rents receivable		(24)		—		(24)
Other non-cash adjustments - pension expense		816		—		816
Unrealized gain on warrants		(73)		—		(73)
Equity in net loss from unconsolidated joint ventures		555		—		555
Distributions from unconsolidated joint ventures		885		—		885
(Increase) decrease in operating assets:
Residential condominium units for sale		(321)		(11,129)		(11,450)
Receivables		882		—		882
Prepaid expenses and other assets, net		(257)		—		(257)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses		3,467		—		3,467
Pension liabilities		(1,288)		—		(1,288)
Net cash used in operating activities		(7,304)		(13,934)		(21,238)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate		(36,349)		36,209		(140)
Net proceeds from the sale of residential condominium units		22,275		(22,275)		—
Net cash used in investing activities		(14,074)		13,934		(140)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate credit facility		249,984		—		249,984
Proceeds from secured line of credit		8,200		—		8,200
Payment of finance costs		(6,552)		—		(6,552)
Repayment of loans		(225,547)		—		(225,547)
Repayment of secured line of credit		(3,200)		—		(3,200)
Settlement of stock awards		(370)		—		(370)
Sale of common stock, net		7,639		—		7,639
Net cash provided by financing activities		30,154		—		30,154
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		8,776		—		8,776
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		16,069		—		16,069
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	24,845	$	—	$	24,845
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD	$	6,515	$	—	$	6,515
RESTRICTED CASH, BEGINNING OF PERIOD		9,554		—		9,554
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	$	16,069	$	—	$	16,069
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	4,310	$	—	$	4,310
RESTRICTED CASH, END OF PERIOD		20,535		—		20,535
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	24,845	$	—	$	24,845
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest	$	16,042	$	—	$	16,042
Cash paid during the period for: Taxes	$	395	$	—	$	395
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued development costs included in accounts payable and accrued expenses	$	8,805	$	(8,805)	$	—
Capitalized amortization of deferred financing costs and warrants	$	3,580	$	(387)	$	3,193
Capitalized stock-based compensation expense	$	177	$	(55)	$	122
Loan forgiveness	$	243	$	—	$	243