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9. Convertible Debentures Payable
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Convertible Debentures Payable

In May 2008, LIC purchased $703,000 in principal amount of the Company’s convertible debentures from the previous debenture holder. The balance of the outstanding convertible debentures in the amount of $797,000, were held by Love-1989. The debentures held by Love-1989 and LIC were secured by a second mortgage behind PGIP on the 366 acres retained by the Company and a security interest behind that held by PGIP in the restricted proceeds escrow. The total debentures balance of $1,500,000 carried a maturity date of July 8, 1997 and were in default as of December 31, 2015 and paid off in 2016. Interest on the debentures accrued at the rate of fourteen percent compounded quarterly. The Company’s primary lender credit agreements prohibit the payment of interest until such time as the primary lender loans are repaid. The convertible debentures and a portion of the accrued interest were paid in 2016.

 

The remaining accrued interest is $52,915,000 as of December 31, 2018 and 2017.