Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 1621

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7A
Chunk 1621
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 a net loss on investment for the year ended  December 31, 2024 totaling approximal $17.9 million.
    
   During the year ended  December 31, 2023, and in connection with the deconsolidation we recorded a gain of approximately $40.3 million.  Of the total gain recognized on deconsolidation, approximately $34.1 million relates to the remeasurement of our retained investment in Murphy Canyon via the Sponsor shares which converted into shares of Conduit's common stock on  September 22, 2023, and approximately $6.2 million relates to the deconsolidation of Murphy Canyon's assets and liabilities as of  September 22, 2023. Since deconsolidating Conduit, on  September 22, 2023, our investments in Conduit's common stock and common stock warrants presented on the consolidated balance sheets were measured at fair value totaled approximately $18.3 million as of  December 31, 2023, with a cost basis of approximately $7.5 million.  This resulted in net loss on investment for the year ended  December 31, 2023 totaling approximal $23.4 million.

        F-
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   During  October 2024, the Company paid part of an accrued bonus to the former CFO with shares of CDT common stock.  The total number of CDT common stock shares transferred to our former CFO was 1,045,805 shares at $0.1087 per share with a fair market value of $113,679 at the time of transfer.  After the transfer the Company still owned 2,944,514 shares of CDT common stock, 709,000 CDTTW warrants and 540,000 private warrants.  Since  December 31, 2024, CDT has affected a 1-for-100 reverse stock split of the CDT common stock, resulting in our 2,944,514 shares being converted into 29,445 shares.

   10. COMMITMENTS AND CONTINGENCIES
    
   The Company is obligated under certain tenant leases to fund tenant improvements and the expansion of the underlying leased properties. As of  December 31, 2024, approximately $1.2 million is estimated for such capital expenditures on existing properties, net of any construction financing, during the rest of the year.
    
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