Notes Payable and Other Debt (Details Narrative) ₪ in Thousands, $ in Thousands |
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1 Months Ended |
9 Months Ended |
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Sep. 30, 2023
USD ($)
Integer
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Aug. 25, 2023
USD ($)
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Dec. 31, 2022
USD ($)
Integer
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Mar. 21, 2022
USD ($)
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Jul. 31, 2023
ILS (₪)
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Jun. 30, 2023
USD ($)
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Jun. 30, 2023
ILS (₪)
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Feb. 28, 2023
USD ($)
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Feb. 28, 2023
ILS (₪)
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Jul. 31, 2021
USD ($)
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Jul. 31, 2021
ILS (₪)
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Nov. 30, 2015
USD ($)
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Nov. 30, 2015
ILS (₪)
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Sep. 30, 2023
USD ($)
Integer
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Sep. 30, 2022
USD ($)
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May 31, 2017
USD ($)
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Sep. 30, 2023
ILS (₪)
Integer
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Jul. 31, 2023
USD ($)
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Jul. 31, 2023
ILS (₪)
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Feb. 28, 2023
ILS (₪)
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Short-Term Debt [Line Items] |
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Number of outstanding credit related instrument | Integer |
42
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40
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42
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42
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Proceeds from private placement of additional Series C debentures |
$ 3,266
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$ 1,376
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$ 3,266
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Minimum equity balance |
$ 8,357
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7,786
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$ 8,357
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BVI Company [Member] |
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Short-Term Debt [Line Items] |
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Credit facility of market fair value collateral |
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Under
the terms of the indenture for the Series C Bonds, the BVI Company can take out properties from the collateral (in case of HUD refinancing)
or to add properties and increase the Series C Bonds as long as the ratio of outstanding amount of the Series C Bonds to fair market
value of the collateral is not more than 65%. In addition, starting from July 1, 2023, if the fair market value of the collateral is
below 55%, the BVI Company can request to release collateral so the fair market value will increase to 55%. As of September 30, 2023, the ratio of outstanding Series C Bonds to fair value of the collateral was 51.7%.
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Senior Debt [Member] |
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Short-Term Debt [Line Items] |
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Debt borrowing value at inception |
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$ 105,000
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Payment terms, description |
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The facility provides for monthly payments of principal based on a 20-year amortization with a balloon payment due in March
2027.
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Debt instrument margin rate |
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3.50%
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Floor interest rate |
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4.00%
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Debt instrument, interest rate |
8.83%
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8.83%
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8.83%
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Debt outstanding value |
$ 99,710
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102,390
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$ 99,710
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Foreign currency transaction loss |
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$ 10,100
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Covenant description |
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20.0
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Senior Debt One [Member] |
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Short-Term Debt [Line Items] |
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Debt borrowing value at inception |
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$ 66,000
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Payment terms, description |
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The facility is an interest only facility for the first 12 months and provides for monthly payments of principal based on
a 20-year amortization starting in the second year with a balloon payment due in August 2028.
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Debt instrument margin rate |
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3.50%
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Floor interest rate |
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4.00%
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Debt instrument, interest rate |
8.83%
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8.83%
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8.83%
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Debt outstanding value |
$ 66,000
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$ 66,000
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Mortgage Loans [Member] |
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Short-Term Debt [Line Items] |
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Mortgage loans |
$ 273,000
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$ 276,000
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$ 273,000
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Mortgage interest premium rate |
0.65%
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0.65%
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0.65%
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Interest rate including mortgage insurance premium |
3.91%
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3.88%
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3.91%
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3.91%
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Series A Bonds [Member] |
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Short-Term Debt [Line Items] |
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Debt instrument, interest rate |
6.40%
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6.40%
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6.40%
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Proceeds from issuance of bonds |
$ 9,300
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$ 21,500
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$ 68,000
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₪ 265,200
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Proceeds from issuance of debt, Net of issuance costs |
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$ 64,300
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₪ 251,200
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$ 30,100
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Weighted interest rate, debt |
7.40%
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7.40%
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7.40%
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Series C Bonds [Member] |
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Short-Term Debt [Line Items] |
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Debt instrument, interest rate |
5.70%
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5.70%
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5.70%
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Proceeds from issuance initial public offering |
$ 57,700
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$ 55,600
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$ 11,300
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₪ 40,000
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$ 64,700
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₪ 208,000
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Proceeds from private placement of additional Series C debentures |
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$ 10,730
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$ 1,700
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₪ 38,100
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Private placement issue price |
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95.25%
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95.25%
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Series C Bonds [Member] | BVI Company [Member] |
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Short-Term Debt [Line Items] |
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Distribution maximum percentage ratio |
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1.50%
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Fair market value of collateral |
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75.00%
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Interest increasing in additional percentage |
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0.50%
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Maximum issuance of debt |
165,000
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$ 165,000
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₪ 630,000
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Series C Bonds [Member] | Minimum [Member] | Stockholders Equity [Member] |
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Short-Term Debt [Line Items] |
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Stockholders' equity percentage |
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27.00%
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Series C Bonds [Member] | Minimum [Member] | BVI Company [Member] |
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Short-Term Debt [Line Items] |
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Minimum equity balance |
230,000
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$ 230,000
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Stockholders' equity percentage |
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25.00%
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Fair market value of collateral |
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75.00%
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Distribution maximum percentage ratio |
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0.25%
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Series C Bonds [Member] | Minimum [Member] | BVI Company [Member] | Stockholders Equity [Member] |
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Short-Term Debt [Line Items] |
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Minimum equity balance |
$ 250,000
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$ 250,000
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Series C Bonds [Member] | Maximum [Member] | BVI Company [Member] |
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Short-Term Debt [Line Items] |
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Distribution maximum percentage ratio |
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80.00%
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Maximum interest rate increase |
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1.25%
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Series C Bonds [Member] | Maximum [Member] | BVI Company [Member] | Stockholders Equity [Member] |
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Short-Term Debt [Line Items] |
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Stockholders' equity percentage |
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30.00%
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Series C Bonds [Member] | First Four Principal Payments [Member] |
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Short-Term Debt [Line Items] |
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Percentage of total bond principal paid |
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6.00%
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Series C Bonds [Member] | September 2023 [Member] | BVI Company [Member] |
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Short-Term Debt [Line Items] |
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Prepayment additional rate |
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1.00%
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Series C Bonds [Member] | October One Twenty Twenty Two To September Thirty Tewnty Twenty Three [Member] | BVI Company [Member] |
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Short-Term Debt [Line Items] |
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Prepayment additional rate |
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2.50%
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Series C Bonds [Member] | There after [Member] | BVI Company [Member] |
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Short-Term Debt [Line Items] |
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Prepayment additional rate |
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3.00%
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Series D Bonds [Member] |
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Short-Term Debt [Line Items] |
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Debt instrument, interest rate |
9.10%
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9.10%
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9.10%
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Proceeds from issuance initial public offering |
$ 40,000
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₪ 70,000
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$ 22,900
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₪ 82,900
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Proceeds from private placement of additional Series C debentures |
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$ 600
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$ 19,200
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₪ 69,800
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Private placement issue price |
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99.70%
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99.70%
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Series D Bonds [Member] | BVI Company [Member] |
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Short-Term Debt [Line Items] |
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Distribution maximum percentage ratio |
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1.50%
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Interest increasing in additional percentage |
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0.50%
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Maximum issuance of debt |
118,000
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$ 118,000
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₪ 450,000
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Series D Bonds [Member] | Minimum [Member] | Stockholders Equity [Member] |
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Short-Term Debt [Line Items] |
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Stockholders' equity percentage |
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27.00%
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Series D Bonds [Member] | Minimum [Member] | BVI Company [Member] |
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Short-Term Debt [Line Items] |
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Minimum equity balance |
230,000
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$ 230,000
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Stockholders' equity percentage |
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25.00%
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Distribution maximum percentage ratio |
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0.25%
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Series D Bonds [Member] | Minimum [Member] | BVI Company [Member] | Stockholders Equity [Member] |
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Short-Term Debt [Line Items] |
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Minimum equity balance |
$ 250,000
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$ 250,000
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Stockholders' equity percentage |
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30.00%
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Series D Bonds [Member] | Maximum [Member] | BVI Company [Member] |
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Short-Term Debt [Line Items] |
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Distribution maximum percentage ratio |
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80.00%
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Maximum interest rate increase |
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1.25%
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Series D Bonds [Member] | There after [Member] | BVI Company [Member] |
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Short-Term Debt [Line Items] |
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Prepayment additional rate |
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3.00%
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Series D Bonds [Member] | First Two Principal Payments [Member] |
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Short-Term Debt [Line Items] |
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Percentage of total bond principal paid |
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6.00%
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Series D Bonds [Member] | September 30, 2024 [Member] | BVI Company [Member] |
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Short-Term Debt [Line Items] |
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Prepayment additional rate |
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1.00%
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