|9 Months Ended|
Sep. 30, 2018
|Subsequent Events [Abstract]|
Monarch Bank Building
On October 22, 2018 the Company completed the sale of the Monarch Bank Building for a contract price of $1.75 million, resulting in a gain of $152 thousand with net proceeds of $299 thousand, which were used to further paydown the Revere Loan.
First National Bank Line of Credit and Lumber River loan
First National Bank has approved a twenty-four months extension on the First National Bank Line of Credit and Lumber River loans.
Revere Loan Extension
On November 5, 2018, the Company entered into a Fourth Amendment to Loan Documents to the Revere Loan (the “Revere Fourth Amendment”). The Fourth Amendment extends the maturity date to February 1, 2019 from November 1, 2018, increased the “Exit Fee” to $575 thousand from $500 thousand and increased the interest rate to 10% from 9%. The Company paid down $100,000 on the Revere Loan in conjunction with this Fourth Amendment. As of November 7, 2018, the principal balance of the Revere Term Loan was $1.26 million.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef