RELATED PARTY RECEIVABLES	12 Months Ended
Dec. 31, 2019
RELATED PARTY RECEIVABLES
RELATED PARTY RECEIVABLES	15. RELATED PARTY RECEIVABLES On December 20, 2018, the Company entered into a loan agreement with Doran Family Holdings, a related party that is the controlling partner in the Doran Canterbury I joint venture. The Company loaned Doran Family Holdings $2,910,000 and received a promissory note totaling $2,940,000 bearing interest at 5%. The note will mature at the earliest of (i) the date of closing by Doran Canterbury II, LLC on Phase II Project Financing; (ii) the closing on any purchase of the Phase II Land by Doran Shakopee, LLC pursuant to its option under Section 3.9(a) of the Operating Agreement; (iii) the date of final determination that the Phase II Project will not be developed by either Doran Canterbury II, LLC; or (iv) three (3) years following the date of the note. The promissory note is fully and unconditionally guaranteed by Doran Family Holdings. Management believes no allowance for doubtful accounts is necessary. For the year ended December 31, 2019, the Company recorded $147,000 of interest income related to this note. In 2018, the Company incurred $269,000 of costs for preliminary grading work on parcels of land the Company has designated for Doran Canterbury II. The Company will be fully reimbursed for these costs upon the commencement of the Doran Canterbury II project and thus, recorded the amount as a receivable for the year ended December 31, 2018 and 2019. Although there is a possibility Doran Canterbury II will not materialize, the Company currently believes the likelihood of that is remote. In 2019, the Company contributed two member loans to the Doran Canterbury I joint venture totaling $178,100 and $137,000, respectively. The member loans bears interest at the rate equal to the Prime Rate plus two percent annum. The Company expects to be fully reimbursed for the member loans upon positive cash flow from the joint venture. For the year ended December 31, 2019, the Company recorded $5,000 of interest income related to these loans.

15. RELATED PARTY RECEIVABLES

On December 20, 2018, the Company entered into a loan agreement with Doran Family Holdings, a related party that is the controlling partner in the Doran Canterbury I joint venture. The Company loaned Doran Family Holdings $2,910,000 and received a promissory note totaling $2,940,000 bearing interest at 5%. The note will mature at the earliest of (i) the date of closing by Doran Canterbury II, LLC on Phase II Project Financing; (ii) the closing on any purchase of the Phase II Land by Doran Shakopee, LLC pursuant to its option under Section 3.9(a) of the Operating Agreement; (iii) the date of final determination that the Phase II Project will not be developed by either Doran Canterbury II, LLC; or (iv) three (3) years following the date of the note. The promissory note is fully and unconditionally guaranteed by Doran Family Holdings. Management believes no allowance for doubtful accounts is necessary. For the year ended December 31, 2019, the Company recorded $147,000 of interest income related to this note.

In 2018, the Company incurred $269,000 of costs for preliminary grading work on parcels of land the Company has designated for Doran Canterbury II. The Company will be fully reimbursed for these costs upon the commencement of the Doran Canterbury II project and thus, recorded the amount as a receivable for the year ended December 31, 2018 and 2019. Although there is a possibility Doran Canterbury II will not materialize, the Company currently believes the likelihood of that is remote.

In 2019, the Company contributed two member loans to the Doran Canterbury I joint venture totaling $178,100 and $137,000, respectively. The member loans bears interest at the rate equal to the Prime Rate plus two percent annum. The Company expects to be fully reimbursed for the member loans upon positive cash flow from the joint venture. For the year ended December 31, 2019, the Company recorded $5,000 of interest income related to these loans.