Subsequent Events (Details) - USD ($) $ in Thousands |
1 Months Ended | ||
|---|---|---|---|
Aug. 06, 2020 |
Jul. 24, 2020 |
Sep. 13, 2018 |
|
| Subsequent Events (Textual) | |||
| Principal amount | $ 500 | ||
| Subsequent Event [Member] | |||
| Subsequent Events (Textual) | |||
| Cash paid | $ 2,500 | ||
| Principal amount | $ 500 | ||
| Commercial Contract, description | Cape Coral Parkway Holding Co., LLC ("Borrower"), a Florida limited liability company and subsidiary of the Company entered into a Promissory Note and Mortgage, Assignment of Rents, and Security Agreement (collectively, the "Loan Documents") with Northern Equity Group, Inc., JKH Ventures, Inc., and Donald Ross, LLC (collectively "Lenders") pursuant to which Borrower borrowed the principal amount of $1 million. The Promissory Note requires monthly payments of interest only at a fixed rate of 12% per annum. Payment of unpaid principal and any accrued and unpaid interest is due on August 5, 2021. Pursuant to the Mortgage, Assignment of Rents and Security Agreement, repayment of the Promissory Note is secured by a first mortgage on the real property and improvements located at 1612 East Cape Coral Parkway, Cape Coral, FL. 33904 (the "Collateral"). At closing, we received $396,762 in net proceeds after closing costs and other fees and costs and after paying off the outstanding principal in the amount of $0.5 million, plus accrued interest, under a Promissory Note held by USA Regrowth Fund LLC. | The material terms of the Commercial Contract include: (i) an initial deposit from the Buyer of $0.2 million, non-refundable to the Buyer (except as otherwise provided in the Commercial Contract) after the expiration of a 20-day due diligence period, which ended on August 13, 2020; (ii) a second deposit into escrow from the Buyer of $0.2 million within three (3) days after the expiration of the 20-day due diligence period; and (iii) a closing date thirty (30) days following the Effective Date. The Commercial Contract provides that subject to certain conditions to Closing contained in the Commercial Contract, including the obligation of Seller to deliver marketable title, the Seller will deliver the Property to the Buyer at closing in its current condition "as is" condition, ordinary wear and tear excepted and without warranty other than marketability of title. There is no financing contingency. The foregoing description of the Commercial Contract does not purport to be complete and is qualified in its entirety by reference to the text of such agreement. | |