Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 1236

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 1236
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 the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets.  A significant piece of objective positive evidence evaluated was the history of cumulative income for Model Homes Inc. incurred over the three-year period ended  December 31, 2023. Such objective evidence provides support for no valuation allowance to be recorded for the year ended  December 31, 2023.
    
   The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions.  The Company is no longer subject to U.S. federal, state, and local or non-U.S. income tax examinations by tax authorities for years before 2020.
    
   In  December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves income tax disclosures through enhanced disaggregation within the rate reconciliation table and disaggregation of income taxes paid by jurisdiction. The amendment is effective for fiscal years beginning after  December 15, 2024 and early adoption is permitted. The amendments should be applied on a prospective basis, however, retrospective application is permitted. The adoption of this ASU only impacted disclosures with no impact on the Company’s consolidated financial statements.

     15. 
     RELATED PARTY TRANSACTIONS

   During the years ended  December 31, 2024 and 2023, the Company leased a portion of its corporate headquarters to a company that is owned 100% by the CEO, which is Puppy Toes, Inc. Note that Centurion Counsel is another entity that pays rent to the Company and it is consolidated into Puppy Toes, Inc.  This is a continuation of the same related party transaction from 2020, which began in 2019 when we moved our corporate headquarters to Genesis Plaza.  Puppy Toes, Inc has leased space from the Company since  November 2008.  Rent billed to these entities from the Company totaled $11,442 and $10,752, for the years ended  December 31, 2024 and 2023, and is included in the rent paid by Presidio Property Trust to Genesis Plaza. 
    
   Additionally, we received full payroll reimbursement for employee services relate to Centurion Counsel and Puppy Toes, Inc. during the years ended  December 31, 2024 and 2023., which totaled approximately $141,