v3.25.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2025
Summary of Significant Accounting Policies [Abstract]  
Schedule of Fair Value Hierarchy of its Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table represents the Company’s fair value hierarchy of its financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024.

 

   March 31, 2025   December 31, 2024 
Description  Level 1   Level 2   Level 3   Level 1   Level 2   Level 3 
Interest rate swap asset  $
—
   $
—
   $
—
   $
—
   $44,581   $
—
 
Interest rate swap liability  $
—
   $43,809   $
—
   $
—
   $
—
   $
—
 
Schedule of Information Regarding the Interest Rate Swap

Information regarding the interest rate swap is as follows:

 

Description  Notional
Amount on
March 31,
2025		   Interest
Rate		   Maturity  Fair Value of
Liability on
March 31,
2025		   Fair Value of
Asset on
December 31,
2024		 
December 10, 2022 interest rate swap  $4,406,083    7.65%  December 10, 2032  $43,809   $44,581 
Schedule of Contract Liabilities Activities During the three months ended March 31, 2025 and 2024, contract liabilities activities were as follows:
   Three Months
Ended
March 31,
2025		   Three Months
Ended
March 31,
2024		 
Balance at beginning of period  $318,951   $346,176 
Rental payments received in advance   
-
    82,650 
Accretion of contract liabilities to revenue   (4,306)   (59,142)
Balance at end of period  $314,645   $369,684 
Schedule of Basic and Diluted Net Income (Loss) Per Common Share

The following table presents a reconciliation of basic and diluted net income per common share:

 

   Three Months Ended
March 31,		 
   2025   2024 
Net income per common share - basic:        
Net income  $145,858   $96,473 
Less: undistributed (earnings) loss allocated to participating securities   
-
    
-
 
Net income allocated to common stockholders  $145,858   $96,473 
Weighted average common shares outstanding – basic   12,087,829    12,101,548 
Net income per common share – basic  $0.01   $0.01 
           
Net income per common share - diluted:          
Net income allocated to common shareholders – basic  $145,858   $96,473 
Add: interest of convertible debt   30,000    30,000 
Numerator for net income per common share – basic  $175,858   $126,473 
           
Weighted average common shares outstanding – basic   12,087,829    12,101,548 
Add: dilutive shares related to:          
Stock options   
-
    
-
 
Convertible debt   400,000    400,000 
Weighted average common shares outstanding – diluted   12,487,829    12,501,548 
Net income per common share – diluted  $0.01   $0.01