Real Estate Sold

3 Months Ended

Mar. 31, 2018

Real Estate Sold [Abstract]

Real Estate Sold

Note 3 – Real Estate Sold

On January 26, 2018, the Company sold its building in Greenwich, Connecticut, to Maria USA, Inc. an unaffiliated third party. A gain from the sale is reflected in the Company’s condensed consolidated statement of operations for the quarterly period ending March 31, 2018. The Company used a portion of the sale proceeds to repay the full amount of the working capital loan plus accrued interest to Mr. R. A. Bianco. See Note 11 for additional information. The remaining proceeds will be used for working capital.

Information relating to the sale of the Company’s real estate owned in Greenwich, Connecticut is as follows:

(in thousands)	Amounts
Gross sales price	$	5,200
Less: Transactions costs		(290	)
Proceeds from the sale of real estate owned, net		4,910
Less: Real estate carrying value, (net of accumulated depreciation)		(1,632	)
Net gain on sale of real estate	$	3,278