Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Dec. 31, 2014 | Feb. 11, 2015 | |
Document and Entity Information: | ||
Entity Registrant Name | SECURITY LAND & DEVELOPMENT CORP | |
Document Type | 10-Q | |
Document Period End Date | 31-Dec-14 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 88572 | |
Current Fiscal Year End Date | -21 | |
Entity Common Stock, Shares Outstanding | 5,243,107 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED_BALANCE_SHEETS_Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
CURRENT ASSETS | ||
Cash | $30,284 | $65,982 |
Receivables from tenants, net of allowance of $46,392 and $43,578 at December 31, 2014 and September 30, 2014, respectively | 380,695 | 527,579 |
Total current assets | 410,979 | 593,561 |
INVESTMENT PROPERTIES | ||
Investment properties for lease, net of accumulated depreciation | 5,419,385 | 5,459,560 |
Land and improvements held for investment or development | 3,639,598 | 3,639,598 |
Total Investment Properties | 9,058,983 | 9,099,158 |
OTHER ASSETS | 74,105 | 76,239 |
Total Assets | 9,544,067 | 9,768,958 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 283,941 | 452,669 |
Income taxes payable | 251,146 | 229,031 |
Current maturities of notes payable | 455,969 | 554,065 |
Current maturities of deferred revenue | 12,326 | 18,489 |
Current note payable to stockholder | 50,433 | 50,433 |
Total current liabilities | 1,053,815 | 1,304,687 |
LONG-TERM LIABILITIES | ||
Notes payable, less current portion | 2,372,643 | 2,435,541 |
Deferred income taxes | 733,733 | 737,230 |
Total long-term liabilities | 3,106,376 | 3,172,771 |
Total liabilities | 4,160,191 | 4,477,458 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $.10 per share; 30,000,000 shares authorized; 5,243,107 shares issued and outstanding | 524,311 | 524,311 |
Additional paid-in capital | 333,216 | 333,216 |
Retained earnings | 4,526,349 | 4,433,973 |
Total Stockholders' Equity | 5,383,876 | 5,291,500 |
Liabilities and Stockholders' Equity | $9,544,067 | $9,768,958 |
CONSOLIDATED_BALANCE_SHEETS_Un1
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
Statement of Financial Position [Abstract] | ||
Receivables from tenants net of allowance (in dollars) | $46,392 | $43,578 |
Common Stock, Par Value (in dollars per share) | $0.10 | $0.10 |
Common Stock, Shares Authorized | 30,000,000 | 30,000,000 |
Common Stock, shares issued | 5,243,107 | 5,243,107 |
Common Stock, shares outstanding | 5,243,107 | 5,243,107 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS (Unaudited) (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING REVENUE | ||
Rent revenue | $381,272 | $373,748 |
OPERATING EXPENSES | ||
Depreciation and amortization | 42,311 | 32,937 |
Property taxes | 64,422 | 67,863 |
Payroll and related costs | 21,871 | 20,133 |
Insurance and utilities | 8,771 | 7,635 |
Repairs and maintenance | 16,124 | 23,720 |
Professional services | 24,944 | 11,580 |
Bad debt | 2,814 | |
Penalties | 4,518 | |
Other | 1,714 | 604 |
Total Operating Expenses | 187,489 | 164,472 |
Operating income | 193,783 | 209,276 |
OTHER EXPENSE | ||
Interest | 44,877 | 47,399 |
Income before income taxes | 148,896 | 161,877 |
INCOME TAXES PROVISION (BENEFIT) | ||
Income tax expense | 60,017 | 61,931 |
Income tax deferred benefit | -3,497 | -481 |
Income taxes provision (benefit) | 56,520 | 61,450 |
Net income | 92,376 | 100,427 |
RETAINED EARNINGS, BEGINNING OF PERIOD | 4,433,973 | 4,104,155 |
RETAINED EARNINGS, END OF PERIOD | $4,526,349 | $4,204,582 |
PER SHARE DATA | ||
Net income per common share (in dollars per share) | $0.02 | $0.02 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES | ||
Net income | $92,376 | $100,427 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 42,309 | 32,938 |
Deferred income tax | -3,497 | -481 |
Changes in deferred and accrued amounts | -5,894 | 9,648 |
Net cash provided by operating activities | 125,294 | 142,532 |
FINANCING ACTIVITIES | ||
Principal payments on notes payable | -160,994 | -142,150 |
Net cash used in financing activities | -160,994 | -142,150 |
Net (decrease) increase in cash | -35,700 | 382 |
CASH, BEGINNING OF PERIOD | 65,982 | 24,599 |
CASH, END OF PERIOD | 30,284 | 24,981 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | 43,389 | 47,399 |
Cash paid for income taxes | $37,902 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation |
The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q, Article 8 of Regulation S-X and accounting principles generally accepted in the United States of America; therefore, they do not include all disclosures necessary for a complete presentation of financial condition, results of operations, and cash flows. Such statements are unaudited but, in the opinion of management, reflect all adjustments, which are of a normal recurring nature and necessary for a fair presentation of results for the selected interim periods. Users of financial information produced for interim periods are encouraged to refer to the footnotes contained in the audited financial statements appearing in our Form 10-K for the year ended September 30, 2014 when reviewing these interim financial statements. | |
The financial statements include estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The consolidated financial statements include the accounts of Security Land and Development Corporation and its four wholly owned subsidiaries, Royal Palms Motel, Inc., SLDC, LLC, SLDC 2, LLC and SLDC III, LLC (described on a consolidated basis as the “Company”). Significant intercompany transactions and accounts are eliminated in consolidation. | |
Critical Accounting Policies: | |
Estimates of Useful Lives of Investment Properties for Purposes of Depreciation | |
Management has estimated useful lives of investment properties, except for land, that is leased, and the Company utilizes the straight-line method to compute depreciation over the estimated useful lives of the investment properties. Actual depreciation of investment properties will vary from management’s estimates, and the value of investment properties is more directly impacted by market conditions and the physical condition of the investment properties. | |
Evaluation of Long-Lived Assets for Impairment | |
The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of investment properties may not be recoverable. In evaluating recoverability, the Company generally estimates future cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is recognized when the expected future cash flows of the asset are less than its carrying amount. | |
Estimates of Income Tax Rates Applicable to Deferred Taxes | |
The Company has deferred income taxes through a series of tax-deferred like-kind exchange transactions on certain investment properties and through accelerated depreciation elections on certain other assets. Actual income taxes that may become due when taxable gains are realized on the sale of assets may differ from management’s estimates as a result of changes in tax laws, the tax status of the Company, or the actual taxable earnings of the Company in the periods the deferred income taxes become due. | |
Refer to the Company’s Form 10-K for the year ended September 30, 2014 for further information regarding its critical accounting policies. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts (Topic 606). The new standard is effective for reporting periods beginning after December 15, 2016 and early adoption is not permitted. The comprehensive new standard will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the Company expects to be entitled in exchange for those goods or services. Adoption of the new rules could affect the timing of revenue recognition for certain transactions. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. The Company is currently evaluating the impacts of adoption and the implementation approach to be used. |
Investment_Properties
Investment Properties | 3 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
INVESTMENT PROPERTIES | |||||||||
Investment Properties | Note 2 – Investment Properties | ||||||||
Investment properties leased or held for lease to others under operating leases consisted of the following at December 31, 2014 and September 30, 2014: | |||||||||
December 31, | September 30, | ||||||||
2014 | 2014 | ||||||||
(unaudited) | |||||||||
National Plaza building, land and improvements | $ | 5,325,348 | $ | 5,325,348 | |||||
Evans Ground Lease, land and improvements | 2,382,673 | 2,382,673 | |||||||
Commercial land and improvements | 3,639,598 | 3,639,598 | |||||||
11,347,619 | 11,347,619 | ||||||||
Less accumulated depreciation | (2,400,299 | ) | (2,360,803 | ) | |||||
8,947,320 | 8,986,816 | ||||||||
Residential rental property | 145,847 | 145,847 | |||||||
Less accumulated depreciation | (34,184 | ) | (33,505 | ) | |||||
111,663 | 112,342 | ||||||||
Investment properties for lease, net of accumulated depreciation | $ | 9,058,983 | $ | 9,099,158 | |||||
Depreciation expense totaled approximately $40,000 for the three-month period ended December 31, 2014 and approximately $31,000 for the three-month period ended December 31, 2013. | |||||||||
The National Plaza is a retail strip center located on Washington Road in Augusta Georgia. Approximately 81% of the rentable space at the National Plaza is leased to Publix Supermarkets, Inc., the National Plaza’s anchor tenant. | |||||||||
The Company entered into a long-term ground lease with a major national tenant and its developer in May 2006 on approximately 18 acres of land in Columbia County, Georgia. The agreement required monthly rental payments of $20,833 during the development period, which was completed in January 2007. Following the expiration of the development period, the lease requires annual rental payments of $500,000 for the first 5 years then increasing 5% in years 6, 11, and 16. The lessee has an option to renew at year 21 and another option every 5 years thereafter for a possible total lease term of 50 years. The lease provides for the tenant to pay for insurance and property taxes. The Company is recognizing rents on a straight-line basis over the lease term. | |||||||||
The Company holds several parcels of land for investment or development purposes, including 19.38 acres of land in North Augusta, South Carolina, purchased in parcels during 2007 and 2008. The Company also owns approximately 85 acres of land in south Richmond County, Georgia and a 1.1 acre parcel along Washington Road in Augusta, Georgia that adjoins the Company’s National Plaza investment property. The aggregate costs of these investment properties held for investment or development was $3,639,598 at December 31, 2014 and September 30, 2014. | |||||||||
Refer to the Company’s Form 10-K for the year ended September 30, 2014 for further information on operating lease agreements and land held for investment or development purposes. |
Notes_Payable
Notes Payable | 3 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Debt Disclosure [Abstract] | ||||||||||
Notes Payable | Note 3 – Notes Payable | |||||||||
Notes payable consisted of the following at: | ||||||||||
December 31, | September 30, | |||||||||
2014 | 2014 | |||||||||
(unaudited) | ||||||||||
In November of 2012, the Company converted the line of credit to a fixed rate loan due December 2017. The new term loan accrues interest at 5.5% annually with monthly installments of $3,287. The current balance relates to the purchase of the 1 acre adjoining the North Augusta, South Carolina property in May 2008 and is collateralized by the residential property on Stanley Drive in Augusta, Georgia. | $ | 254,046 | $ | 260,323 | ||||||
A note payable to an insurance company, secured with a mortgage interest in National Plaza and an assignment of rents. The note is payable in monthly installments of $35,633, including principal and interest, through June 2015, and bears interest at a fixed rate of 7.875%. | 208,972 | 310,423 | ||||||||
A note payable to a regional financial institution collateralized with 17.54 acres of land in North Augusta, South Carolina. The note is payable in monthly installments of $7,563, including principal and interest, through July 2018, and bears interest at a fixed rate of 5%. | 300,322 | 319,330 | ||||||||
A note payable to an insurance company collateralized with approximately 18 acres of land in Columbia County, Georgia, and an assignment of the long-term ground lease. The note is payable in monthly installments of $17,896, including principal and interest, through May 1, 2027, and bears interest at a fixed rate of 5.85%. | 1,892,266 | 1,918,026 | ||||||||
A construction loan to a regional financial institution collateralized with 17.54 acres of land in North Augusta, South Carolina. The loan was procured to finance tenant improvements for the lease of in-line space at National Plaza executed on January 17, 2014. In April, 2014 construction of the tenant improvements was completed and with total principal borrowed of $186,804. The loan converted to a note payable with monthly installments of $3,728 including principal and interest over a 60 month term with fixed interest of 4.25%. The related lease agreement calls for monthly payments of this amount to be paid to the Company in addition to monthly minimum rental payments. | 173,006 | 181,504 | ||||||||
A note payable to a stockholder, who is also a member of the Flanagin Family, to meet the cash flow needs of the Company. The note matures in July 2015 and accrues interest at 5%. | 50,433 | 50,433 | ||||||||
2,879,045 | 3,040,039 | |||||||||
Less current maturities | (506,402 | ) | (604,498 | ) | ||||||
$ | 2,372,643 | $ | 2,435,541 | |||||||
Management of the Company expects future liquidity needs of the Company to be funded from rent revenues, refinancing and the appreciation in investment properties (which can be sold or mortgaged, if necessary). Additionally, funding can be obtained from members of the Company’s Board of Directors. | ||||||||||
Current maturities of notes payable will require the Company to make payments over the next 12 months totaling $506,402. The Company projects that it will be able to fund the payment of its current maturities of notes payable through cash flows generated from its operations and cash on hand, but there can be no assurance that this will occur. | ||||||||||
If the Company is unsuccessful in their efforts described above, the Company intends to seek additional financing or sell certain of its assets. |
Income_Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 4 – Income Taxes |
The Company has a total outstanding payable for income tax in the amount of $251,146 at December 31, 2014. Of this amount, $56,520 of which is related to the fiscal year 2015. At September 30, 2014 the Company had outstanding income tax payable of $229,031, all of which was related to the fiscal year 2014. |
Concentrations
Concentrations | 3 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
Concentrations | Note 5 – Concentrations |
Substantially all of the Company’s assets consist of real estate located in Richmond and Columbia Counties in the state of Georgia and in Aiken County, South Carolina. Approximately 99% of the Company’s revenues are earned from two of the Company’s investment properties, National Plaza and the Evans Ground Lease, which comprise approximately 56% and 44% of the Company’s revenues, respectively. The anchor tenant for National Plaza, Publix Supermarkets, Inc. (“Publix”), a regional food supermarket chain, leases approximately 81% of the space at National Plaza. The Company generates approximately 37% of its revenues though its lease with Publix. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6 – Related Party Transactions |
The Company hired an attorney who is also a member of the Company’s Board of Directors and who also serves as Vice President of the Company, to represent the Company in a legal matter regarding a tenant’s claim for reimbursement of certain expenses charged. It is the opinion of the Company’s management that the Company is not liable for this claim. | |
During the second quarter of fiscal 2014, the Company borrowed $50,015 from a stockholder, who is also a member of the Flanagin family, to meet cash flow needs. The amount matures in July 2015 and accrues interest at a rate of 5%. The note balance at December 31, 2014 is $50,433 which includes $418 of accrued interest. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Estimates of Useful Lives of Investment Properties for Purposes of Depreciation | Estimates of Useful Lives of Investment Properties for Purposes of Depreciation |
Management has estimated useful lives of investment properties, except for land, that is leased, and the Company utilizes the straight-line method to compute depreciation over the estimated useful lives of the investment properties. Actual depreciation of investment properties will vary from management’s estimates, and the value of investment properties is more directly impacted by market conditions and the physical condition of the investment properties. | |
Evaluation of Long-Lived Assets for Impairment | Evaluation of Long-Lived Assets for Impairment |
The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of investment properties may not be recoverable. In evaluating recoverability, the Company generally estimates future cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is recognized when the expected future cash flows of the asset are less than its carrying amount. | |
Estimates of Income Tax Rates Applicable to Deferred Taxes | Estimates of Income Tax Rates Applicable to Deferred Taxes |
The Company has deferred income taxes through a series of tax-deferred like-kind exchange transactions on certain investment properties and through accelerated depreciation elections on certain other assets. Actual income taxes that may become due when taxable gains are realized on the sale of assets may differ from management’s estimates as a result of changes in tax laws, the tax status of the Company, or the actual taxable earnings of the Company in the periods the deferred income taxes become due. |
Investment_Properties_Tables
Investment Properties (Tables) | 3 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
INVESTMENT PROPERTIES | |||||||||
Schedule of Investment properties leased or held for lease | Investment properties leased or held for lease to others under operating leases consisted of the following at December 31, 2014 and September 30, 2014: | ||||||||
December 31, | September 30, | ||||||||
2014 | 2014 | ||||||||
(unaudited) | |||||||||
National Plaza building, land and improvements | $ | 5,325,348 | $ | 5,325,348 | |||||
Evans Ground Lease, land and improvements | 2,382,673 | 2,382,673 | |||||||
Commercial land and improvements | 3,639,598 | 3,639,598 | |||||||
11,347,619 | 11,347,619 | ||||||||
Less accumulated depreciation | (2,400,299 | ) | (2,360,803 | ) | |||||
8,947,320 | 8,986,816 | ||||||||
Residential rental property | 145,847 | 145,847 | |||||||
Less accumulated depreciation | (34,184 | ) | (33,505 | ) | |||||
111,663 | 112,342 | ||||||||
Investment properties for lease, net of accumulated depreciation | $ | 9,058,983 | $ | 9,099,158 |
Notes_Payable_Tables
Notes Payable (Tables) | 3 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Debt Disclosure [Abstract] | ||||||||||
Schedule of notes payable and line of credit | Notes payable consisted of the following at: | |||||||||
December 31, | September 30, | |||||||||
2014 | 2014 | |||||||||
(unaudited) | ||||||||||
In November of 2012, the Company converted the line of credit to a fixed rate loan due December 2017. The new term loan accrues interest at 5.5% annually with monthly installments of $3,287. The current balance relates to the purchase of the 1 acre adjoining the North Augusta, South Carolina property in May 2008 and is collateralized by the residential property on Stanley Drive in Augusta, Georgia. | $ | 254,046 | $ | 260,323 | ||||||
A note payable to an insurance company, secured with a mortgage interest in National Plaza and an assignment of rents. The note is payable in monthly installments of $35,633, including principal and interest, through June 2015, and bears interest at a fixed rate of 7.875%. | 208,972 | 310,423 | ||||||||
A note payable to a regional financial institution collateralized with 17.54 acres of land in North Augusta, South Carolina. The note is payable in monthly installments of $7,563, including principal and interest, through July 2018, and bears interest at a fixed rate of 5%. | 300,322 | 319,330 | ||||||||
A note payable to an insurance company collateralized with approximately 18 acres of land in Columbia County, Georgia, and an assignment of the long-term ground lease. The note is payable in monthly installments of $17,896, including principal and interest, through May 1, 2027, and bears interest at a fixed rate of 5.85%. | 1,892,266 | 1,918,026 | ||||||||
A construction loan to a regional financial institution collateralized with 17.54 acres of land in North Augusta, South Carolina. The loan was procured to finance tenant improvements for the lease of in-line space at National Plaza executed on January 17, 2014. In April, 2014 construction of the tenant improvements was completed and with total principal borrowed of $186,804. The loan converted to a note payable with monthly installments of $3,728 including principal and interest over a 60 month term with fixed interest of 4.25%. The related lease agreement calls for monthly payments of this amount to be paid to the Company in addition to monthly minimum rental payments. | 173,006 | 181,504 | ||||||||
A note payable to a stockholder, who is also a member of the Flanagin Family, to meet the cash flow needs of the Company. The note matures in July 2015 and accrues interest at 5%. | 50,433 | 50,433 | ||||||||
2,879,045 | 3,040,039 | |||||||||
Less current maturities | (506,402 | ) | (604,498 | ) | ||||||
$ | 2,372,643 | $ | 2,435,541 |
Investment_Properties_Details
Investment Properties (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
Real Estate Properties [Line Items] | ||
Investment property gross | $11,347,619 | $11,347,619 |
Less accumulated depreciation | -2,400,299 | -2,360,803 |
Investment property, net | 8,947,320 | 8,986,816 |
Residential rental property | 145,847 | 145,847 |
Less accumulated depreciation | -34,184 | -33,505 |
Residential rental property, net | 111,663 | 112,342 |
Total Investment Properties | 9,058,983 | 9,099,158 |
National Plaza Building [Member] | ||
Real Estate Properties [Line Items] | ||
Investment property gross | 5,325,348 | 5,325,348 |
Evans Ground Lease [Member] | ||
Real Estate Properties [Line Items] | ||
Investment property gross | 2,382,673 | 2,382,673 |
Commercial land and improvements [Member] | ||
Real Estate Properties [Line Items] | ||
Investment property gross | $3,639,598 | $3,639,598 |
Investment_Properties_Details_
Investment Properties (Details Textual) (USD $) | 3 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | 31-May-06 | Sep. 30, 2014 | |
acre | ||||
Investment Properties (Textual) [Abstract] | ||||
Depreciation expense | $40,000 | $31,000 | ||
Land and improvements held for investment or development | 3,639,598 | 3,639,598 | ||
North Augusta [Member] | ||||
Investment Properties (Textual) [Abstract] | ||||
Land and improvements held for investment or development, area | 19.38 | |||
South Richmond County [Member] | ||||
Investment Properties (Textual) [Abstract] | ||||
Land and improvements held for investment or development, area | 85 | |||
Washington Road In Augusta [Member] | ||||
Investment Properties (Textual) [Abstract] | ||||
Land and improvements held for investment or development, area | 1.1 | |||
National Plaza Building [Member] | Space Leased [Member] | Customer Concentration Risk [Member] | Publix Supermarkets Inc [Member] | ||||
Investment Properties (Textual) [Abstract] | ||||
Concentration risk (as a percent) | 81.00% | |||
Lease Agreements [Member] | ||||
Investment Properties (Textual) [Abstract] | ||||
Area of land sold of Evans Ground Lease in Columbia County, Georgia | 18 | |||
Monthly rental payments, development period | 20,833 | |||
Annual rental payments | $500,000 | |||
Annual rental payments description | First 5 years | |||
Percentage of rent increasing in years 6, 11, and 16 | 5.00% | |||
Renewal period | 21 years | |||
Renewal period description | Every 5 years thereafter | |||
Total lease term | 50 years |
Notes_Payable_Details_Textual
Notes Payable (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 0 Months Ended | |||
Nov. 30, 2012 | Dec. 31, 2014 | Jan. 17, 2014 | Sep. 30, 2014 | 31-May-08 | Apr. 30, 2014 | |
acre | acre | |||||
Debt Instrument [Line Items] | ||||||
Total notes payable | $2,879,045 | $3,040,039 | ||||
Current notes payable | -455,969 | -554,065 | ||||
Noncurrent notes payable | 2,372,643 | 2,435,541 | ||||
New Term Loan Due December 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable | 254,046 | 260,323 | ||||
Interest rate (in percent) | 5.50% | |||||
Periodic monthly installments | 3,287 | |||||
Area purchased in adjoining the North Augusta, South Carolina property (in acres) | 1 | |||||
Note Payable to Insurance Company Secured with Mortgage Interest in National Plaza and Assignment of Rents [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable | 208,972 | 310,423 | ||||
Interest rate (in percent) | 7.88% | |||||
Periodic monthly installments | 35,633 | |||||
Note Payable to Regional Financial Institution Collateralized with Land in North Augusta South Carolina [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable | 300,322 | 319,330 | ||||
Interest rate (in percent) | 5.00% | |||||
Periodic monthly installments | 7,563 | |||||
Land collateralized (in acres) | 17.54 | |||||
Note Payable to Insurance Company Collateralized with Land in Columbia County Georgia and Assignment of Long Term Ground Lease [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable | 1,892,266 | 1,918,026 | ||||
Interest rate (in percent) | 5.85% | |||||
Periodic monthly installments | 17,896 | |||||
Land collateralized (in acres) | 18 | |||||
Construction Loan Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable | 173,006 | 181,504 | ||||
Land collateralized (in acres) | 17.54 | |||||
Total principal borrowed | 186,804 | |||||
Note Payable to Stockholder to Meet Cash Flow Needs of Entity [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total notes payable | 50,433 | 50,433 | ||||
Interest rate (in percent) | 5.00% | |||||
Note Payable Issuable Upon Conversion of Construction Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (in percent) | 4.25% | |||||
Periodic monthly installments | $3,728 | |||||
Term of debt | 60 months |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
Income Tax (Textual) [Abstract] | ||
Total outstanding income tax payable | $251,146 | $229,031 |
Tax payable related to fiscal year 2015 tax liability | $56,520 |
Concentrations_Details_Tetual
Concentrations (Details Tetual) (Customer Concentration Risk [Member]) | 3 Months Ended |
Dec. 31, 2014 | |
Property | |
Sales Revenue, Net [Member] | National Plaza and Evans Ground Lease [Member] | |
Concentration Risk [Line Items] | |
Concentration risk (as a percent) | 99.00% |
Number of investment properties | 2 |
Sales Revenue, Net [Member] | National Plaza Building [Member] | |
Concentration Risk [Line Items] | |
Concentration risk (as a percent) | 56.00% |
Sales Revenue, Net [Member] | Evans Ground Lease [Member] | |
Concentration Risk [Line Items] | |
Concentration risk (as a percent) | 44.00% |
Sales Revenue, Net [Member] | Publix Supermarkets Inc [Member] | National Plaza Building [Member] | |
Concentration Risk [Line Items] | |
Concentration risk (as a percent) | 37.00% |
Space Leased [Member] | Publix Supermarkets Inc [Member] | National Plaza Building [Member] | |
Concentration Risk [Line Items] | |
Concentration risk (as a percent) | 81.00% |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | 3 Months Ended | ||
Dec. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | |
Related Party Transactions [Abstract] | |||
Proceeds from stockholder | $50,015 | ||
Interest rate for repayments | 5.00% | ||
Note payable to stockholder | 50,433 | 50,433 | |
Accrued interest on notes payable to stockholder | $418 |