Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 15, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | HMG COURTLAND PROPERTIES INC | |
Entity Central Index Key | 311,817 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | HMG | |
Entity Common Stock, Shares Outstanding | 1,002,392 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Investment properties, net of accumulated depreciation: | ||
Office building and other commercial property | $ 861,159 | $ 864,349 |
Total investment properties, net | 861,159 | 864,349 |
Cash and cash equivalents | 3,037,443 | 3,019,463 |
Investments in marketable securities | 7,889,913 | 7,750,661 |
Other investments | 5,137,427 | 5,307,765 |
Investment in affiliate | 1,914,518 | 1,880,854 |
Loans, notes and other receivables | 1,522,892 | 1,623,151 |
Investment in residential real estate partnership | 1,792,538 | 2,039,714 |
Other assets | 201,272 | 291,464 |
TOTAL ASSETS | 22,357,162 | 22,777,421 |
LIABILITIES | ||
Note payable to affiliate | 1,600,000 | 1,600,000 |
Margin payable | 0 | 48,803 |
Accounts payable, accrued expenses and other liabilities | 154,857 | 87,536 |
Due to Adviser | 65,959 | 65,959 |
Dividend payable | 0 | 501,196 |
Deferred income taxes | 76,327 | 76,327 |
TOTAL LIABILITIES | 1,897,143 | 2,379,821 |
STOCKHOLDERS' EQUITY | ||
Excess common stock, $1 par value; 100,000 shares authorized: no shares issued | 0 | 0 |
Common stock, $1 par value; 1,050,000 shares authorized and 1,035,493 issued | 1,035,493 | 1,035,493 |
Additional paid-in capital | 24,076,991 | 24,076,991 |
Less: 33,101 treasury shares | (340,281) | (340,281) |
Undistributed gains from sales of properties, net of losses | 52,208,753 | 52,208,753 |
Undistributed losses from operations | (56,754,397) | (56,806,766) |
Total stockholders' equity | 20,226,559 | 20,174,190 |
Non controlling interest | 233,460 | 223,410 |
TOTAL STOCKHOLDERS' EQUITY | 20,460,019 | 20,397,600 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 22,357,162 | $ 22,777,421 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Excess common stock, par value | $ 1 | $ 1 |
Excess common stock, shares authorised | 100,000 | 100,000 |
Excess common stock, shares issued | 0 | 0 |
Common stock par value | $ 1 | $ 1 |
Common Stock, Shares Authorized | 1,050,000 | 1,050,000 |
Common Stock, Shares, Issued | 1,035,493 | 1,035,493 |
Treasury Stock, Shares | 33,101 | 33,101 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
REVENUES | ||
Real estate rentals and related revenue | $ 17,010 | $ 15,600 |
Operating expenses: | ||
Rental and other properties | 23,170 | 24,139 |
Adviser’s base fee | 165,000 | 165,000 |
General and administrative | 80,168 | 75,681 |
Professional fees and expenses | 79,865 | 91,648 |
Directors' fees and expenses | 16,000 | 21,565 |
Depreciation and amortization | 3,849 | 3,849 |
Interest expense | 15,333 | 23,471 |
Total expenses | 383,385 | 405,353 |
Loss before other income and income taxes | (366,375) | (389,753) |
Net realized and unrealized gains from investments in marketable securities | 126,512 | 163,712 |
Equity loss from residential real estate partnership | (117,176) | 0 |
Net income from other investments | 278,616 | 37,090 |
Interest, dividend and other income | 140,842 | 149,431 |
Total other income | 428,794 | 350,233 |
Income (loss) before taxes | 62,419 | (39,520) |
Provision for income taxes | 0 | 20,055 |
Net income (loss) | 62,419 | (59,575) |
Noncontrolling interests | (10,050) | 1,031 |
Net income (loss) attributable to the Company | $ 52,369 | $ (58,544) |
Weighted average common shares outstanding-basic & diluted (in shares) | 1,002,392 | 1,035,493 |
Net income (loss) per common share - basic and diluted (in dollars per share) | $ 0.05 | $ (0.06) |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) attributable to the Company | $ 52,369 | $ (58,544) |
Adjustments to reconcile net income (loss) attributable to the Company to net cash used in operating activities: | ||
Depreciation and amortization | 3,849 | 3,849 |
Net income from other investments | (278,616) | (37,090) |
Equity loss from residential real estate partnership | 117,176 | 0 |
Net gain from investments in marketable securities | (126,512) | (163,712) |
Net income (loss) attributable to noncontrolling interest | 10,050 | (1,031) |
Changes in assets and liabilities: | ||
Other assets and other receivables | 112,451 | 128,057 |
Accounts payable, accrued expenses and other liabilities | 67,319 | 63,218 |
Total adjustments | (94,283) | (6,709) |
Net cash used in operating activities | (41,914) | (65,253) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Distribution from residential real estate partnership | 130,000 | 0 |
Distributions from other investments | 568,029 | 227,657 |
Contributions to other investments | (152,737) | (727,004) |
Net proceeds from sales and redemptions of securities | 1,928,958 | 1,172,613 |
Purchase of marketable securities | (1,941,697) | (1,038,624) |
Proceeds from collections of mortgage loans and notes receivable | 78,000 | 0 |
Improvements of properties | (660) | (14,494) |
Net cash provided by (used in) investing activities | 609,893 | (379,852) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Margin repayment | (48,803) | (3,922,875) |
Dividend paid | (501,196) | (517,747) |
Contribution from noncontrolling interest | 7,029 | |
Net cash used in financing activities | (549,999) | (4,433,593) |
Net increase (decrease) in cash and cash equivalents | 17,980 | (4,878,698) |
Cash and cash equivalents at beginning of the period | 3,019,463 | 11,213,385 |
Cash and cash equivalents at end of the period | 3,037,443 | 6,334,687 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid during the year for interest | 15,000 | 23,000 |
Cash paid during the year for income taxes | $ 0 | $ 0 |
CONDENSED CONSOLIDATED FINANCIA
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Financial Statements [Text Block] | 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements prepared in accordance with instructions for Form 10-Q, include all adjustments (consisting only of normal recurring accruals) which are necessary for a fair presentation of the results for the periods presented. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the Company's Annual Report for the year ended December 31, 2016. The balance sheet as of December 31, 2016 was derived from audited consolidated financial statements as of that date. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the full year. The condensed consolidated financial statements include the accounts of HMG/Courtland Properties, Inc. (the "Company") and entities in which the Company owns a majority voting interest or controlling financial interest. All material transactions and balances with consolidated and unconsolidated entities have been eliminated in consolidation or as required under the equity method. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. RECENT ACCOUNTING PRONOUNCEMENTS Refer to the consolidated financial statements and footnotes thereto included in the HMG/Courtland Properties, Inc. Annual Report on Form 10-K for the year ended December 31, 2016 for recent accounting pronouncements. The Company does not believe that any recently issued, but not yet effective accounting standards, if currently adopted, will have a material effect on the Company’s consolidated financial position, results of operations and cash flows. |
INVESTMENTS IN MARKETABLE SECUR
INVESTMENTS IN MARKETABLE SECURITIES | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. INVESTMENTS IN MARKETABLE SECURITIES Investments in marketable securities consist primarily of large capital corporate equity and debt securities in varying industries or issued by government agencies with readily determinable fair values. These securities are stated at market value, as determined by the most recent traded price of each security at the balance sheet date. Consistent with the Company's overall current investment objectives and activities its entire marketable securities portfolio is classified as trading. Included in investments in marketable securities is approximately $ 6.3 6.2 Three Months Ended March 31, Description 2017 2016 Net realized (loss) gain from sales of securities $ (18,000) $ (47,000) Unrealized net gain in trading securities 145,000 211,000 Total net gain from investments in marketable securities $ 127,000 $ 164,000 For the three months ended March 31, 2017, net realized losses from sales of marketable securities of approximately $ 18,000 84,000 66,000 47,000 143,000 96,000 Investment gains and losses on marketable securities may fluctuate significantly from period to period in the future and could have a significant impact on the Company's net earnings. However, the amount of investment gains or losses on marketable securities for any given period has no predictive value and variations in amount from period to period have no practical analytical value. |
INVESTMENT IN RESIDENTIAL REAL
INVESTMENT IN RESIDENTIAL REAL ESTATE PARTNERSHIP | 3 Months Ended |
Mar. 31, 2017 | |
Investment In Real Estate Partnership [Abstract] | |
Investment In Real Estate Partnership [Text Block] | 4. INVESTMENT IN RESIDENTIAL REAL ESTATE PARTNERSHIP As previously reported, in September 2014, the Company, through a wholly owned subsidiary (HMG Orlando LLC, a Delaware limited liability company), acquired a one-third equity membership interest in JY-TV Associates, LLC a Florida limited liability company (“JY-TV”) and entered into the Amended and Restated Operating Agreement of JY-TV (the “Agreement”). Also, as previously reported, on May 19, 2015, pursuant to the terms of a Construction Loan Agreement, between JY-TV Associates LLC (“JY-TV” or the “Borrower”, which is one-third owned by a wholly-owned subsidiary of the Company) and Wells Fargo Bank ("Lender"), Lender loaned to the Borrower the principal sum of $ 27 239,000 9.5 92 352,000 388,000 317,000 117,000 390,000 130,000 The Company and certain affiliates of the other two members of the Borrower ("Guarantors") entered into a Completion Guaranty Agreement ("Completion Guaranty") and a Repayment Guaranty Agreement ("Repayment Guaranty") (collectively, the “Guaranties”) with the Lender. Under the Completion Guaranty, Guarantors shall unconditionally guaranty, on a joint and several bases, lien free completion of all improvements with respect to the Project and any construction or completion obligations required to be made by the Borrower pursuant to any approved leases. Under the Repayment Guaranty, Guarantors shall provide an unconditional guaranty including the repayment of $ 11.5 May 19, 2018 |
OTHER INVESTMENTS
OTHER INVESTMENTS | 3 Months Ended |
Mar. 31, 2017 | |
Investments, All Other Investments [Abstract] | |
Investments and Other Noncurrent Assets [Text Block] | 5. OTHER INVESTMENTS As of March 31, 2017, the Company’s portfolio of other investments had an aggregate carrying value of approximately $ 5.1 2 During the three months ended March 31, 2017, we made contributions to other investments of approximately $ 153,000 During the three months ended March 31, 2017, we received distributions from other investments of approximately $ 568,000 368,000 250,000 118,000 2017 2016 Partnerships owning real estate & related $ 104,000 $ 6,000 Partnerships owning diversified businesses 141,000 31,000 Income from investment in affiliate T.G.I.F. Texas, Inc. 34,000 - Total net income from other investments $ 279,000 $ 37,000 As of March 31, 2017 12 Months or Less Greater than 12 Months Total Unrealized Fair Unrealized Unrealized Investment Description Fair Value Loss Value Loss Fair Value Loss Partnerships owning diversified businesses investments $ 365,000 $ (25,000) $ - $ - $ 365,000 $ (25,000) Total $ 365,000 $ (25,000) $ - $ - $ 365,000 $ (25,000) As of December 31, 2016 12 Months or Less Greater than 12 Months Total Unrealized Fair Unrealized Unrealized Investment Description Fair Value Loss Value Loss Fair Value Loss Partnerships owning investments in technology related industries $ 151,000 $ (11,000) $ - $ - $ 151,000 $ (11,000) Partnerships owning diversified businesses investments 498,000 (30,000) - - 498,000 (30,000) Total $ 649,000 $ (41,000) $ - $ - $ 649,000 $ (41,000) When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s amortized cost basis. In accordance with ASC Topic 320-10-65, Recognition and Presentation of Other-Than-Temporary Impairments there were no OTTI impairment valuation adjustments for the three months ended March 31, 2017 and 2016. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 6. FAIR VALUE OF FINANCIAL INSTRUMENTS In accordance with ASC Topic 820, the Company measures cash and cash equivalents, marketable debt and equity securities at fair value on a recurring basis. Other investments are measured at fair value on a nonrecurring basis. The following are the major categories of assets and liabilities measured at fair value on a recurring basis during the three months ended March 31, 2017 and for the year ended December 31, 2016, using quoted prices in active markets for identical assets (Level 1) and significant other observable inputs (Level 2). For the periods presented, there were no major assets measured at fair value on a recurring basis which uses significant unobservable inputs (Level 3): Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair value measurement at reporting date using Total Quoted Prices in Active Significant Other Significant March 31, Markets for Identical Assets Observable Inputs Unobservable Inputs Description 2017 (Level 1) (Level 2) (Level 3) Assets: Cash equivalents: Time deposits $ 351,000 - $ 351,000 $ - Money market mutual funds 1,802,000 1,802,000 - - Marketable securities: Corporate debt securities 708,000 - 708,000 - Marketable equity securities 7,182,000 7,182,000 - - Total assets $ 10,043,000 $ 8,984,000 $ 1,059,000 $ - Fair value measurement at reporting date using Total Quoted Prices in Active Significant Other Significant December 31, Markets for Identical Assets Observable Inputs Unobservable Inputs Description 2016 (Level 1) (Level 2) (Level 3) Assets: Cash equivalents: Time deposits $ 350,000 $ - $ 350,000 $ - Money market mutual funds 2,182,000 2,182,000 - - Marketable securities: Corporate debt securities 714,000 - 714,000 - Marketable equity securities 7,037,000 7,037,000 - - Total assets $ 10,283,000 $ 9,219,000 $ 1,064,000 $ - Carrying amount is the estimated fair value for corporate debt securities and time deposits based on a market-based approach using observable (Level 2) inputs such as prices of similar assets in active markets. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 7. INCOME TAXES The Company as a qualifying real estate investment trust (“REIT”) distributes its taxable ordinary income to stockholders in conformity with requirements of the Internal Revenue Code and is not required to report deferred items due to its ability to distribute all taxable income. In addition, net operating losses can be carried forward to reduce future taxable income but cannot be carried back. The Company’s 95 The Company accounts for income taxes in accordance with ASC Topic 740, “Accounting for Income Taxes.” ASC Topic 740 requires a Company to use the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recognized for the tax consequences of “temporary differences” by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The effect on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred taxes only pertain to CII. As of March 31, 2017, and December 31, 2016, the Company has recorded a net deferred tax liability of $ 76,000 1 Three months ended March 31, 2017 2016 Current: Federal $ - $ 20,000 State - - - 20,000 Deferred: Federal $ 64,000 $ 80,000 State 7,000 12,000 71,000 92,000 Decreased valuation allowance (71,000) (92,000) Total $ - $ 20,000 The Company follows the provisions of ASC Topic 740-10, “Accounting for Uncertainty in Income Taxes” which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with ASC Topic 740, and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This topic also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Based on our evaluation, we have concluded that there are no significant uncertain tax positions requiring recognition in our consolidated financial statements. Our evaluation was performed for the tax years ended December 31, 2016. The Company’s federal income tax returns since 2013 are subject to examination by the Internal Revenue Service, generally for a period of three years after the returns were filed. We may from time to time be assessed interest or penalties by major tax jurisdictions, although any such assessments historically have been minimal and immaterial to our financial results. In the event we have received an assessment for interest and/or penalties, it has been classified in the consolidated financial statements as selling, general and administrative expense. |
STOCK OPTIONS
STOCK OPTIONS | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 8. STOCK OPTIONS Stock based compensation expense is recognized using the fair-value method for all awards. During the three months ended March 31, 2017 there were no options granted, exercised, expired or forfeited. Number Outstanding Weighted Average and exercisable Strike Price 12,500 $ 9.31 As of March 31, 2017 the options outstanding and exercisable had an intrinsic value of approximately $ 17,000 |
INVESTMENTS IN MARKETABLE SEC14
INVESTMENTS IN MARKETABLE SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Gain (Loss) on Investments [Table Text Block] | Three Months Ended March 31, Description 2017 2016 Net realized (loss) gain from sales of securities $ (18,000) $ (47,000) Unrealized net gain in trading securities 145,000 211,000 Total net gain from investments in marketable securities $ 127,000 $ 164,000 |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments, All Other Investments [Abstract] | |
Investment Holdings, Schedule of Investments [Table Text Block] | Net income from other investments for the three months ended March 31, 2017 and 2016, is summarized below: 2017 2016 Partnerships owning real estate & related $ 104,000 $ 6,000 Partnerships owning diversified businesses 141,000 31,000 Income from investment in affiliate T.G.I.F. Texas, Inc. 34,000 - Total net income from other investments $ 279,000 $ 37,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of March 31, 2017 and December 31, 2016, aggregated by investment category and the length of time that investments have been in a continuous loss position: As of March 31, 2017 12 Months or Less Greater than 12 Months Total Unrealized Fair Unrealized Unrealized Investment Description Fair Value Loss Value Loss Fair Value Loss Partnerships owning diversified businesses investments $ 365,000 $ (25,000) $ - $ - $ 365,000 $ (25,000) Total $ 365,000 $ (25,000) $ - $ - $ 365,000 $ (25,000) As of December 31, 2016 12 Months or Less Greater than 12 Months Total Unrealized Fair Unrealized Unrealized Investment Description Fair Value Loss Value Loss Fair Value Loss Partnerships owning investments in technology related industries $ 151,000 $ (11,000) $ - $ - $ 151,000 $ (11,000) Partnerships owning diversified businesses investments 498,000 (30,000) - - 498,000 (30,000) Total $ 649,000 $ (41,000) $ - $ - $ 649,000 $ (41,000) |
FAIR VALUE OF FINANCIAL INSTR16
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair value measurement at reporting date using Total Quoted Prices in Active Significant Other Significant March 31, Markets for Identical Assets Observable Inputs Unobservable Inputs Description 2017 (Level 1) (Level 2) (Level 3) Assets: Cash equivalents: Time deposits $ 351,000 - $ 351,000 $ - Money market mutual funds 1,802,000 1,802,000 - - Marketable securities: Corporate debt securities 708,000 - 708,000 - Marketable equity securities 7,182,000 7,182,000 - - Total assets $ 10,043,000 $ 8,984,000 $ 1,059,000 $ - Fair value measurement at reporting date using Total Quoted Prices in Active Significant Other Significant December 31, Markets for Identical Assets Observable Inputs Unobservable Inputs Description 2016 (Level 1) (Level 2) (Level 3) Assets: Cash equivalents: Time deposits $ 350,000 $ - $ 350,000 $ - Money market mutual funds 2,182,000 2,182,000 - - Marketable securities: Corporate debt securities 714,000 - 714,000 - Marketable equity securities 7,037,000 7,037,000 - - Total assets $ 10,283,000 $ 9,219,000 $ 1,064,000 $ - |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes in the consolidated statements of comprehensive income consists of the following: Three months ended March 31, 2017 2016 Current: Federal $ - $ 20,000 State - - - 20,000 Deferred: Federal $ 64,000 $ 80,000 State 7,000 12,000 71,000 92,000 Decreased valuation allowance (71,000) (92,000) Total $ - $ 20,000 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes information concerning outstanding and exercisable options as of March 31, 2017: Number Outstanding Weighted Average and exercisable Strike Price 12,500 $ 9.31 |
INVESTMENTS IN MARKETABLE SEC19
INVESTMENTS IN MARKETABLE SECURITIES (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net Realized And Unrealized Gain Loss From Investments In Marketable Security Summarized Below [Line Items] | ||
Net realized (loss) gain from sales of securities | $ (18,000) | $ (47,000) |
Unrealized net gain in trading securities | 145,000 | 211,000 |
Total net gain from investments in marketable securities | $ 126,512 | $ 163,712 |
INVESTMENTS IN MARKETABLE SEC20
INVESTMENTS IN MARKETABLE SECURITIES (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Marketable Securities Purchases Of Company Details [Line Items] | |||
Investments In Marketable Securities | $ 6,300,000 | $ 6,200,000 | |
Marketable Securities Gain | 66,000 | $ 143,000 | |
Marketable Securities Loss | 84,000 | 96,000 | |
Marketable Securities, Realized Gain (Loss), Total | $ (18,000) | $ (47,000) |
INVESTMENT IN RESIDENTIAL REA21
INVESTMENT IN RESIDENTIAL REAL ESTATE PARTNERSHIP (Details Textual) | 3 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | May 19, 2015USD ($)aft² | |
Net Income (Loss) Attributable to Parent, Total | $ 52,369 | $ (58,544) | |
Depreciation, Depletion and Amortization, Nonproduction, Total | 3,849 | 3,849 | |
Interest Expense, Total | 15,333 | 23,471 | |
Net Income (Loss) from Real Estate Investment Partnership | (117,176) | 0 | |
Proceeds from Sale and Maturity of Other Investments | $ 568,029 | $ 227,657 | |
Construction Loans [Member] | |||
Debt Instrument, Maturity Date | May 19, 2018 | ||
JY-TV Associates LLC [Member] | |||
Net Rentable Area | ft² | 239,000 | ||
Area of Land | a | 9.5 | ||
Repayments of Construction Loans Payable | $ 11,500,000 | ||
Project Leased Percentage | 92.00% | ||
Net Income (Loss) Attributable to Parent, Total | $ 352,000 | ||
Depreciation, Depletion and Amortization, Nonproduction, Total | 388,000 | ||
Interest Expense, Total | 317,000 | ||
Net Income (Loss) from Real Estate Investment Partnership | 117,000 | ||
Payments of Distributions to Affiliates | 390,000 | ||
Proceeds from Sale and Maturity of Other Investments | $ 130,000 | ||
Wells Fargo Bank [Member] | |||
Construction Loan | $ 27,000,000 |
OTHER INVESTMENTS (Details)
OTHER INVESTMENTS (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income From Other Investments [Line Items] | ||
Partnerships owning real estate & related | $ 104,000 | $ 6,000 |
Partnerships owning diversified businesses | 141,000 | 31,000 |
Income from investment in affiliate T.G.I.F. Texas, Inc. | 34,000 | 0 |
Total net income from other investments | $ 279,000 | $ 37,000 |
OTHER INVESTMENTS (Details 1)
OTHER INVESTMENTS (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 365,000 | $ 649,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 365,000 | 649,000 |
Unrealized Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (25,000) | (41,000) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (25,000) | (41,000) |
Partnerships Owning Investments In Technology Related Industries [Member] | ||
Fair Value | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 151,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 151,000 | |
Unrealized Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (11,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (11,000) | |
Partnerships Owning Diversified Businesses Investments [Member] | ||
Fair Value | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 365,000 | 498,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 365,000 | 498,000 |
Unrealized Loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (25,000) | (30,000) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | $ (25,000) | $ (30,000) |
OTHER INVESTMENTS (Details Text
OTHER INVESTMENTS (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Feb. 29, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Other Investment [Line Items] | ||||
Other Investments, Total | $ 5,137,427 | $ 5,307,765 | ||
Company committed to fund approximately as required by agreements with the investees | 2,000,000 | |||
Company made contributions to other investments of approximately | 153,000 | |||
Proceeds from Sale and Maturity of Other Investments | 568,029 | $ 227,657 | ||
Net Income (Loss) from Real Estate Investment Partnership | (117,176) | $ 0 | ||
Residential Real Estate [Member] | ||||
Other Investment [Line Items] | ||||
Proceeds from Sale and Maturity of Other Investments | 368,000 | |||
Investment In Real Estate Partnership1 | $ 250,000 | |||
Net Income (Loss) from Real Estate Investment Partnership | $ 118,000 |
FAIR VALUE OF FINANCIAL INSTR25
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 8,984,000 | $ 9,219,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,059,000 | 1,064,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 10,043,000 | 10,283,000 |
Time Deposits [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Time Deposits [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 351,000 | 350,000 |
Time Deposits [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Time Deposits [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 351,000 | 350,000 |
Money Market Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,802,000 | 2,182,000 |
Money Market Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Money Market Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Money Market Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,802,000 | 2,182,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 708,000 | 714,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 708,000 | 714,000 |
Marketable Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 7,182,000 | 7,037,000 |
Marketable Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Marketable Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Marketable Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 7,182,000 | $ 7,037,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Current: | ||
Federal | $ 0 | $ 20,000 |
State | 0 | 0 |
Total | 0 | 20,000 |
Deferred: | ||
Federal | 64,000 | 80,000 |
State | 7,000 | 12,000 |
Total | 71,000 | 92,000 |
Decreased valuation allowance | (71,000) | (92,000) |
Total | $ 0 | $ 20,055 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) | Mar. 31, 2017USD ($) |
Income Tax Disclosure [Line Items] | |
Deferred Income Tax Liabilities, Net | $ 76,000 |
CII [Member] | |
Income Tax Disclosure [Line Items] | |
Operating Loss Carryforwards | $ 1,000,000 |
Noncontrolling Interest, Ownership Percentage by Parent | 95.00% |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) | Mar. 31, 2017$ / sharesshares |
Number Outstanding and exercisable | shares | 12,500 |
Weighted Average Strike Price | $ / shares | $ 9.31 |
STOCK OPTIONS (Details Textual)
STOCK OPTIONS (Details Textual) | Mar. 31, 2017USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 17,000 |