Company: SQFTP
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001437749-25-034461
Chunk: 166

Company: Presidio Property Trust, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 166
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 Executive Officer and his wife, and to Centurion Counsel, Inc., which is owned by Puppy Toes, Inc. Rent billed to these entities from the Company totaled $3,411 and $10,166 for three and nine months ended  September 30, 2025, respectively, and $2,688 and $8,064 for three and nine months ended  September 30, 2024, respectively. 
    
   Additionally, we received full payroll reimbursement for employee services provided to Centurion Counsel and Puppy Toes, Inc. during the nine months ended  September 30, 2025 and 2024, which totaled approximately $69,913 and $108,326, respectively. These reimbursements were at cost and were not marked up or discounted. As of  September 30, 2025 and  December 31, 2024, we had reimbursement receivable balances of approximately $1,130 and $12,376 which were paid in full during  October 2025 and  January 2024, respectively.
    
   During the nine months ended  September 30, 2024, the Company used the services of a former officer and director, Larry Dubose, for consulting on our Model Home Partnerships, and the setup of Dubose Model Home Investors #207. The Company paid Mr. Dubose a total of $178,750 in consulting payments for the nine months ended  September 30, 2024.  Additionally, a trust controlled by Mr. Dubose is an investor in many of our Model Home Partnerships, and as such received pro-rata distributions and return of capital payments during the nine months ended  September 30, 2024, totaling $95,836. During the nine months ended  September 30, 2025, the Company paid Mr. Dubose $37,500 in consulting fees and $8,419 in pro-rata distributions and return of capital payments.  Mr. Dubose is the father-in-law of Steve Hightower, the President of our Model Home Division and a director.
    
   For the fiscal year ended  December 31, 2024, the Company paid Mr. Dubose, inclusive of the payments made in the quarter ended  March 31, 2024 described above, $191,250.  Through his ownership of a trust that is an investor in many of our Model Home Partnerships, Mr.