Real Estate Inventory Write-down

12 Months Ended

Dec. 31, 2015

Real Estate [Abstract]

Real Estate Inventory Write-down

Note 4 – Real Estate Inventory Write-down

In October 2015, the Company executed a listing agreement with a real estate broker to list its real estate inventory for sale at a list price of $4.9 million.  The carrying value of the inventory had been $6.5 million.  The Company determined that the net realizable value for the inventory, based on the most probable selling price net of costs to complete the sale, was $3.7 million.  As such, the Company recorded an inventory write-down charge during 2015 of $2.7 million, reducing the carrying cost of the inventory to $3.7 million.