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Real Estate Inventory
6 Months Ended
Jun. 30, 2016
Real Estate [Abstract]  
Real Estate Inventory

Note 3 – Real Estate Inventory

In the first quarter of 2016, the Company entered into a purchase and sale agreement with International Auto Processing Inc. (“IAP”) to sell the Company’s real estate inventory for $4.1 million.  IAP subsequently assigned the purchase and sale agreement to an affiliate, International Investments and Infrastructure, LLC (“III”).  

Concurrently, the Company entered into a five year lease agreement with an affiliate of IAP to lease the building during the escrow period, which will terminate at the close of escrow.  The purchase agreement gives IAP the right to terminate its obligation to consummate the sale for any reason before June 9, 2016, but in the event the sale is not consummated, the lease agreement will continue through the end of the lease term.  

Annual rental payments under the lease are $0.7 million, and the lessee is responsible for all operating costs associated with the property.  During the three and six months ended June 30, 2016, the Company earned rental income of $0.2 and $0.3 million, respectively, which is included within services revenue in the condensed consolidated statement of operations.  No rental income was earned during the three or six months ended June 30, 2015.    

See Note 11 for further details on the sale of the Company’s real estate inventory.