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Land Sales And Purchase
12 Months Ended
Dec. 31, 2016
Land Sales And Purchase [Abstract]  
Land Sales And Purchase

14.LAND SALES AND PURCHASE



On October 6, 2015, the Company sold 6 acres of land adjacent to the Racetrack for $1,459,000 and recorded a gain of $660,000 on the Consolidated Statements of Operations – Gain on sale of land.  Under the agreement with the buyer, the Company has the option to repurchase up to one acre within three years from closing date at the sale price of approximately $240,000 per acre. According to ASC 360-20-40-38 - Derecognition, the Company recorded the repurchase option acre as a deferred gain liability in the amount of $240,000 on the Consolidated Balance Sheets. Since the risks and rewards were not completely transferred to the buyer based on the repurchase option, the Company maintains the asset on our financials in the amount of $110,000.  The Company believes any additional expenses associated with the option under the profit-sharing method will be immaterial because land is a non-depreciable asset.



On May 13, 2016, the Company completed the land sale and purchase transactions that were structured as a “deferred exchange using a qualified intermediary” pursuant to Internal Revenue Code (IRC) Section 1031 exchange (“1031 Exchange”) for income tax purposes. The Company sold approximately 24 acres of land adjacent to the Racetrack for $4.3 million. As a result of the sale, the Company received approximately $1.1 million in cash and the remaining amount was a promissory note in the amount of $3.2 million. In addition, the Company purchased approximately 32 acres of land adjacent to the Racetrack with a total purchase price of $4.9 million. As a result, the Company paid off the remaining capital lease obligation in the amount of $3.0 million.