Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 284

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9
Chunk 284
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): 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 $141,429 and $$154,895, respectively. These reimbursements were at cost and were not marked up or discounted. As of  December 31, 2024 and 2023, we had a reimbursement receivable balance of approximately $12,376 and $52,879, which were paid in full during  January 2025 and  January 2024, respectively.

   16. SUBSEQUENT EVENTS

      The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date the financial statements were issued. Based upon this review, except as disclosed below, the Company did
     not identify any subsequent events that would have required adjustment or disclosure in the financial statements other than disclosed below.

      The sale of UTC and Research Parkway took place in
      February 2025, to a single buyer,