Note 4 - Mortgage Note Receivable

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

(

4

) MORTGAGE NOTE RECEIVABLE

:

On

January 21, 2016,

the Company sold its real property located in High Springs, Florida to an unrelated party. Pursuant to the terms of the sale, at the closing, the buyer paid

$10,000

in cash, less selling costs and settlement charges, and delivered to the Company a promissory note in the principal amount of

$265,000,

and a mortgage in our favor securing the buyer’s obligations under the promissory note. The promissory note provides for monthly payments of

$3,653,

including principal and interest at

4.25%,

over a

seven

-year period that commenced

March 1, 2016,

with the unpaid balance due in

February 2023.

Scheduled debt principal collections on this mortgage for the next

five

years and thereafter are as follows:

Year Ending
December 31,	Principal
2019	$	37,439
2020		39,061
2021		40,754
2022		42,520
2023		7,339
Thereafter		-
	$	167,113