Real Estate Owned

12 Months Ended

Dec. 31, 2017

Real Estate Owned [Abstract]

Real Estate Owned

Note 3 – Real Estate Owned

Real estate owned consists of a commercial office building in Greenwich, Connecticut that is managed and operated by the Company.  A portion of the building is utilized by the Company for office space; the remaining space was available for lease. Depreciation expense for the building is calculated on a straight-line basis. The building is carried at cost, net of accumulated depreciation.

Information relating to the Company's real estate owned in Greenwich, Connecticut is as follows:

	December 31, 2017
Area of building in square feet		14,500
Square feet utilized by Company		3,500
Number of years depreciation is based upon		39

On January 26, 2018, the Company sold its building in Greenwich, Connecticut, to Maria USA, Inc. an unaffiliated third party. A gain from the sale will be reflected in the Company's financial statements for the quarterly period ending March 31, 2018. The Company used the sale proceeds to repay the full amount of the working capital loan plus accrued interest to Mr. R. A. Bianco. See Note 12 for additional information. The remaining proceeds will be used for working capital.

Information relating to the sale of the Company's real estate owned in Greenwich, Connecticut is as follows:

(in thousands)	Amounts
Gross sales price	$	5,200
Less: Transactions costs		(290	)
Net cash proceeds		4,910
Less: Real estate carrying value, (net of accumulated depreciation)		(1,632	)
Net gain on sale of real estate	$	3,278