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ESCROW RECEIVABLE
12 Months Ended
Dec. 31, 2021
Escrow Receivable  
ESCROW RECEIVABLE

NOTE 3—ESCROW RECEIVABLE

 

In 2010, the Company, and its operator in Colombia, Hupecol, sold its interests in two entities in Colombia. Pursuant to the terms of those sales, a portion of the sales price was escrowed to secure certain representations of the selling parties. The Company’s share of amounts escrowed was recorded as escrow receivables.

 

In 2016, the Company recorded an allowance in the amount of $262,016 relating to the undisbursed balance of escrow receivables.

 

In October 2020, the Company received payments totaling $164,706 representing recoveries of escrowed funds related to the previously written-off escrow receivables. As a result of the receipt of such funds, the Company recorded non-recurring other income of $164,706 during 2020 on the statement of operations.