Subsequent Events

9 Months Ended

Aug. 31, 2018

Subsequent Events.

Subsequent Events

9.    Subsequent Events

In December 2017, the tenant leasing Griffin’s production nursery in Quincy, Florida (the “Florida Farm”) filed for protection under Chapter 11 of the U. S. Bankruptcy Code. Effective September 15, 2018, the tenant rejected the lease of the Florida Farm (the “Florida Farm Lease”), which was scheduled to expire on June 30, 2019 and had a rental rate of $500 per year. On September 28, 2018, Griffin and the tenant entered into a Stipulated Order whereby Griffin agreed to allow the tenant to remain on the Florida Farm through October 31, 2018 at the current rental rate under the Florida Farm Lease. Griffin had received all rent due under the Florida Farm Lease through the time the lease was rejected.

In accordance with FASB ASC 855, “Subsequent Events,” Griffin has evaluated all events or transactions occurring after August 31, 2018, the balance sheet date, and noted that there have been no such events or transactions that would require recognition or disclosure in the consolidated financial statements as of and for the period ended August 31, 2018, other than the disclosures herein.