Company: SQFTP
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001437749-25-034461
Chunk: 129

Company: Presidio Property Trust, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 129
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 change to total revenues in either period.

       15

   For the nine months ended  September 30, 2024, payment of debt issuance costs included in accounts payable and accrued liabilities, totaling $210,661, should have been presented under cash flows from financing activities for the nine months ended  September 2024, along with a prepayment penalty of $171,734. These errors impact  the consolidated statement of cash flows and do not affect the consolidated balance sheets, consolidated statement of operations and consolidated statements of changes in equity. 
    
   As such, the Company’s consolidated statement of cash flows for the nine months ended  September 30, 2024, reflects an adjustment to reduce net cash used in operating activities by $382,396, and an increase in cash used in financings activities by $382,396.
    
   Reclassifications. Certain prior year balance sheet, statement of operations and statement of cash flows accounts have been reclassified to conform with the current year presentation. The reclassifications did not affect net income in the prior year's consolidated statement of operations.
    
   Subsequent Events. We evaluate subsequent events up until the date the consolidated financial statements are issued.
    
   Recently Issued and Adopted Accounting Pronouncements.  In  December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes, to enhance income tax disclosures, provide more information about tax risks and opportunities present in worldwide operations, and to disaggregate existing income tax disclosures. The guidance is effective for annual periods beginning after  December 15, 2024 on a prospective basis, with the option to apply the standard retrospectively. Early adoption is permitted. We have adopted ASU 2023-09 and have updated our financial statement disclosures accordingly.
    
   In  November 2023, the FASB issued Accounting Standards Update ASU 2023-07, Segment Reporting, establishing improvements to reportable segments disclosures to enhance segment reporting under Topic 280. This ASU aims to change how public entities identify and aggregate operating segments and apply quantitative thresholds to determine their reportable segments. This ASU also requires public entities that operate as a single reportable segment to provide all segment disclosures in Topic 280, not just entity level disclosures. The guidance will be effective for fiscal years beginning after  December 15, 2023 and interim periods within