Company: SQFTP
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001437749-25-016828
Chunk: 76

Company: Presidio Property Trust, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 76
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 on a prospective basis with the option to apply retrospectively. The Company adopted the disclosures on a prospective basis, which did not create a material impact to our consolidated financial statements.

   15. RELATED PARTY
    
   During the three months ended  March 31, 2025 and three months ended  March 31, 2024, the Company leased portions of its corporate headquarters to Puppy Toes, Inc., a company owned by the Chief 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 $3,378 and $2,688, respectively. 
    
   Additionally, we received full payroll reimbursement for employee services provided to Centurion Counsel and Puppy Toes, Inc. during the three months ended  March 31, 2025 and 2024, which totaled approximately $23,640 and $35,916, respectively. These reimbursements were at cost and were not marked up or discounted. As of  March 31, 2025 and  December 31, 2024, we had  reimbursement receivable balances of approximately $9,811 and $12,376 which were paid in full during  April 2025 and  January 2024, respectively.

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   During the three months ended  March 31, 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 $131,250 in consulting payments for the three months ended  March 31, 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 three months ended  March 31, 2024, totaling $67,262. During the three months ended  March 31, 2025, the Company paid Mr. Dubose $12,500 in consulting fees and $3,780 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