Company: SQFTP
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001437749-25-034461
Chunk: 49

Company: Presidio Property Trust, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 49
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 30, 2024, the total fees reclassified amounted to $165,983 and $597,859, respectively, which increased rental income and decreased fees and other income.  Amortization of model home transaction fees during the fourth quarter of 2023, first quarter of 2024, the second quarter of 2024, third quarter of 2024 and fourth quarter of 2024 totaled approximately, $194,884, $220,620, $211,256, $165,983 and $159,845, respectively.  There was no change to total revenues in either period.

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   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