Annual report pursuant to Section 13 and 15(d)

Notes Receivable

v3.20.4
Notes Receivable
12 Months Ended
Dec. 31, 2020
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]  
Notes Receivable Notes ReceivableOn May 7, 2019, Sea Turtle filed a Chapter 11 Voluntary Petition for Bankruptcy in the United States Bankruptcy Court for the District of South Carolina in Charleston. As such, the Company recognized $5.00 million in impairment expense on the notes receivable for the year ended December 31, 2019, bringing the carrying value to zero, as the estimated fair value of Sea Turtle was not expected to provide for the cash required to repay the notes receivable. Additionally, the notes receivable were on nonaccrual status during 2019 and the Company did not recognize $1.44 million of interest income during the year ended December 31, 2019. No interest income was recognized in 2020. See Note 10 for further details on the outcome of bankruptcy proceedings.