Land Acquisition

9 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Land Acquisition

Note 14. – Land Acquisition

In conjunction with the 2014 settlement of a lawsuit, the Company received a five-year promissory note maturing in October 2019. The note was secured by a non-recourse mortgage on approximately 24.74 acres of real property in Ellijay, Georgia.  The terms of the Note and mortgage provided that if the owner of the real property did not pay the note at maturity, the Company could foreclose and take title to the property.  The real property was conveyed to the Company on November 1, 2019 by deed in lieu of payment of the note.  The market value of the note was estimated to be $371 which was based on a September 2019 appraisal of the property and the land was valued at $371 at the conveyance of the property by the Company.