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Note 1 - Nature of Operations
12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Nature of Operations [Text Block]
Note
1
.
Nature of Operations
 
MedAmerica Properties Inc. (the “Company” or “MedAmerica”) was originally organized under the laws of the Commonwealth of Massachusetts in
1985,
under the name VMS Hotel Investment Trust, for the purpose of investing in mortgage loans. The Company was subsequently reorganized as a Delaware corporation in
1987
and changed its name to B.H.I.T. Inc. In
2010,
the Company changed its name from B.H.I.T. Inc. to Banyan Rail Services Inc. From
2009
to
2012,
the Company experienced severe losses from an operating subsidiary in the rail services sector. In
2016,
after exploring various industries and researching numerous companies, the board of directors elected to pursue investing in commercial real estate. In
2018,
the Company began negotiating a transaction with a sponsor of real estate properties located in the United States. The Company entered into a letter of intent with the sponsor in
September 2018,
which was amended in
November 2018.
As of
March 29, 2019,
no
definitive agreement has been executed. It is currently estimated that the transaction would be expected to be consummated late in the
second
quarter of
2019,
but there can be
no
assurance that there will
not
be delays.
 
In
April 2017,
our board of directors and the holders of a majority of our outstanding shares of common stock approved by written consent amendments to the Company’s certificate of incorporation to (
1
) change the name of the Company from “Banyan Rail Services Inc.” to “MedAmerica Properties Inc.,” and (
2
) effect a
1
for
10
reverse stock split of the issued and outstanding shares of common stock of the Company. On
June 15, 2017,
the Company filed these amendments with the Secretary of State of the State of Delaware and the name change and reverse stock split became effective with the Financial Industry Regulatory Authority, Inc. (“FINRA”) on
June 20, 2017.
As appropriate, all common stock share quantities have been updated to reflect the
1
for
10
reverse stock split.