In
Revenues
Land held subject to a sales contract is our sole operating segment. There was no income generated from this segment for the three months ended
Expenses
General and administrative expenses were
Net income fee to related party increased
Other income (expense)
Interest income remained constant at
About
| | |||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
| (dollars in thousands, except per share amounts) | |||||||||||||||||||||
| Revenues: | |||||||||||||||||||||
| Rental and other property revenues | $ | - | $ | - | $ | - | $ | - | |||||||||||||
| Expenses: | |||||||||||||||||||||
| Property operating expenses | - | - | - | - | |||||||||||||||||
| General and administrative (including | 119 | 128 | 249 | 221 | |||||||||||||||||
| Net income fee to related party | 77 | 54 | 137 | 126 | |||||||||||||||||
| Advisory fee to related party | 164 | 160 | 326 | 313 | |||||||||||||||||
| Total operating expenses | 360 | 342 | 712 | 660 | |||||||||||||||||
| Net operating loss | (360 | ) | (342 | ) | (712 | ) | (660 | ) | |||||||||||||
| Other income: | |||||||||||||||||||||
| Interest income from related parties | 1,119 | 1,085 | 2,208 | 2,293 | |||||||||||||||||
| Other Income | 250 | - | 250 | 3 | |||||||||||||||||
| Total other income | 1,369 | 1,085 | 2,458 | 2,296 | |||||||||||||||||
| Net income | $ | 1,009 | $ | 743 | $ | 1,746 | $ | 1,636 | |||||||||||||
| Earnings per share - basic and diluted | |||||||||||||||||||||
| Net income | $ | 0.24 | $ | 0.18 | $ | 0.42 | $ | 0.39 | |||||||||||||
| Weighted average common shares used in computing earnings per share | 4,168,214 | 4,168,214 | 4,168,214 | 4,168,214 | |||||||||||||||||
| | ||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||
| (Unaudited) | ||||||||||
| | | |||||||||
| 2017 | 2016 | |||||||||
| (dollars in thousands, except par value amount) | ||||||||||
| Assets | ||||||||||
| Real estate land holdings subject to sales contract, at cost | $ | 22,717 | $ | 22,717 | ||||||
| Total real estate | 22,717 | 22,717 | ||||||||
| Notes and interest receivable from related parties | 16,887 | 25,485 | ||||||||
| Less allowance for doubtful accounts | (1,826 | ) | (1,826 | ) | ||||||
| Total notes and interest receivable | 15,061 | 23,659 | ||||||||
| Cash and cash equivalents | - | 1 | ||||||||
| Receivable and accrued interest from related parties | 48,308 | 37,768 | ||||||||
| Other assets | 2,049 | 2,257 | ||||||||
| Total assets | $ | 88,135 | $ | 86,402 | ||||||
| Liabilities and Shareholders’ Equity | ||||||||||
| Liabilities: | ||||||||||
| Accounts payable and other liabilities | $ | 10 | $ | 23 | ||||||
| Total liabilities | 10 | 23 | ||||||||
| Shareholders’ equity: | ||||||||||
| Common stock, | 42 | 42 | ||||||||
| | (39 | ) | (39 | ) | ||||||
| Paid-in capital | 61,955 | 61,955 | ||||||||
| Retained earnings | 26,167 | 24,421 | ||||||||
| Total shareholders' equity | 88,125 | 86,379 | ||||||||
| Total liabilities and shareholders' equity | $ | 88,135 | $ | 86,402 | ||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20170814006028/en/
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