3. Real Estate Sales and Interest Income

12 Months Ended

Dec. 31, 2017

Real Estate Sales And Interest Income

Real Estate Sales and Interest Income

Real estate sales and cost of real estate sales consisted of:

	2017		2016
	($ in thousands)
Real estate sales	$	-	$	9,005
Cost of real estate sales		-		747
Gross profit margin	$	-	$	8,258

During the year ended December 31, 2016, the Company sold approximately 369 acres located in Hernando County, Florida (“the Property”) for $9,000,000 to the State of Florida Department of Transportation (“Florida DOT”) and sold a small parcel of land to the South Oak Village Association in Citrus County, Florida. There were no real estate sales in 2017.

Interest income totaled $15,000 for the year ended December 31, 2017 compared to interest income of $4,000 for the year ended December 31, 2016. Related party interest income increased by $11,000 during the year ended December 31, 2017 to $13,000 from $2,000 for the comparable period in 2016. The related party interest income for the year ended December 31, 2017 is a result of the Company’s investment in a $560,000 short term note with LIC, which investment was made during the year ended December 31, 2017 with an original maturity of December 31, 2017, which was extended one year. The Company received payment of the outstanding note receivable from LIC in March, 2018. The Company received payment of the previous note receivable from LIC on June 23, 2016. Interest income of $2,000, represents interest earned on the Company’s money market account during the years ended December 31, 2017 and 2016.