Real Estate Sales, Forgiveness of Debt and Interest and Other Income

12 Months Ended

Dec. 31, 2022

Real Estate Sales, Forgiveness of Debt and Interest and Other Income

Real Estate Sales, Forgiveness of Debt and Interest and Other Income

3. Real Estate Sales, Forgiveness of Debt and Interest and Other Income:

Revenues included forgiveness of indebtedness income and totaled $96,638,000 for the year ended December 31, 2022 compared to revenues of $94,000 for the year ended December 31, 2021.

Real estate sales and cost of sales consisted of:

	2022		2021
	($ in thousands)
Real estate sales	$	239	$	90
Cost of sales		17		15
Gross profit margin	$	222	$	75

The Company recognized forgiveness of debt and interest expense for the year ended December 31, 2022 as follows:

	Forgiveness		Forgiveness
	of Debt		of Interest		Total
	($ in thousands)
Notes Payable (Note 6)	$	1,198	$	3,593	$	4,791
Subordinated convertible debentures (Note 7)		8,025		30,915		38,940
Convertible debentures related party (Note 8)		-		52,510		52,510
Accrued expenses		154		-		154
Accrued real estate taxes		4		-		4
	$	9,381	$	87,018	$	96,399

Other income totaled $4,000 for the year ended December 31, 2021 which represents income from a settlement claim from over 30 years ago when the Company was operating as a home builder. There was no other income for the year ended December 31, 2022.