|9 Months Ended|
Sep. 30, 2018
|Subsequent Events [Abstract]|
|Subsequent Events [Text Block]||
Management has evaluated subsequent events through November12
, 2018 the date on which the accompanying financial statements were completed. Except as otherwise set forth in this Note 10, based on management’s evaluation, no adjustments were required in the accompanying financial statements.
On October 1, 2018, the Company sold a property classified as real estate held for sale at September 30, 2018 receiving $178,475 not including interest impounded by the Company of $4,761. The Company believes the value of the remaining collateral exceeds the outstanding balance of $8,000 on the loan.
On October 31, 2018, the Company sold a property classified as real estate held for sale at September 30, 2018 receiving $408,255 in net proceeds from the sale. The note agreement contains additional collateral to satisfy the borrowers remaining balance of approximately $90,000.
On October 31, 2018, the Company sold a mortgage note receivable at a gain of $28,175 including a $12,500 note premium plus unpaid default interest of $15,675.
On November 6, 2018, the Company paid a dividend of $0.12 per share, or $1,852,430 in the aggregate, to its shareholders.
On October 19, 2018, the Company filed a Registration Statement on Form S-3 (the “Shelf”) with the SEC registering the sale of common shares, preferred shares, warrants, debt securities and/or units of any combination thereof of the Company (collectively, the “Securities”) having an aggregate offering price of up to $100 million, subject to the limitations impose by the Securities Act of 1933, as amended and applicable to the Company. The Shelf includes a prospectus supplement covering an “at-the-market” offering of up to $16 million of the Company’s common shares (the “ATM Offering”). The Shelf was declared effective by the SEC on November 9, 2018. The Company entered into an At Market Issuance Sales Agreement, dated November 9, 2018, with B. Riley FBR, Inc. (“B. Riley”), pursuant to which B. Riley will act as sales agent for the ATM Offering. The Company will pay B. Riley commissions, discounts or other forms of compensation of up to 7% on sale of common shares in the ATM Offering.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef