NOTES RECEIVABLE

12 Months Ended

Dec. 31, 2019

NOTES RECEIVABLE [Abstract]

NOTES RECEIVABLE

14.  NOTES RECEIVABLE

During May 2016, the Company sold approximately 24 acres of land adjacent to the Racetrack for a total consideration of approximately $4.3 million. Promissory notes receivable consisted of two promissory notes totaling $3,191,000 bearing interest at the mid-term applicable federal rate, which equaled 1.43%. On November 1, 2019, the Company received a final payment of $982,639, which represented $975,363 of principal and $7,276 in interest related to the note receivable. This resulted in an increase to Cash and cash equivalents of $982,639 and a decrease to our Current portion of notes receivable for the same amount. The remaining difference between the Current portion of notes receivable balance and payment received was recorded as a loss on disposal of assets.