7. Notes Payable

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Notes Payable

Notes payable consisted of the following:

	2017		2016
	($ in thousands)
Notes Payable-
At prime plus 2%, due October 1, 1984	$	176	$	176
At prime plus 2%, due October 1, 1987		1,000		1,000
Non-interest bearing, due August 1, 1993		22		22
	$	1,198	$	1,198

The prime rate at December 31, 2017 and 2016, was 4.5% and 3.75%, respectively.

During the year ended December 31, 2016, the Company paid the primary lender debt of $500,000 and all accrued interest totaling $470,000 to PGIP, the holder of the first mortgage note and an affiliate of the Company upon receipt of the proceeds of the sale of the Property on June 23, 2016.

The overall weighted-average interest rate for the Company’s credit agreements with its notes and mortgages was approximately 6.0% and 5.9% at December 31, 2017 and 2016, respectively.

Accrued interest on notes payable was $3,218,000 and $3,146,000 at December 31, 2017 and 2016, respectively.

All of the outstanding notes payable including accrued interest are past due.