Note 9 - Related Party Receivables |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Notes to Financial Statements | |
| Related Party Transactions Disclosure [Text Block] |
9. RELATED PARTY RECEIVABLES
Since 2019, the Company has loaned money to the Doran Canterbury I and II joint ventures in member loans totaling approximately $4,784,000 and $4,657,000 as of June 30, 2026 and December 31, 2025, respectively. These member loans bear interest at the rate equal to the plus percent per annum and totaled $1,487,000 and $1,284,000 as of June 30, 2026 and December 31, 2025, respectively.
The Company evaluates the collectability of the related party receivables from the Doran Canterbury I and II joint ventures on an ongoing basis. In evaluating collectability, management considers the joint ventures' financial condition, liquidity, historical and projected operating performance, and expected future cash flows, as well as the Company's ownership interest and involvement.
Based on this evaluation, management determined that the outstanding balances are collectible as of June 30, 2026. Management's assessment considered the joint ventures' forecasted cash flows and expected operating performance, which management believes will enable the joint ventures to meet their payment obligations. Accordingly, no allowance for credit losses has been recorded for this receivable as of June 30, 2026 and December 31, 2025.
The Company has also recorded related party receivables of approximately $76,000 and $19,000 as of June 30, 2026 and December 31, 2025, respectively, and are primarily related to dividends receivable and various related costs incurred to the Company. The Company expects to collect these receivables from the related parties within a year.
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