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Note 4 - Mortgage Note Receivable
9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Notes to Financial Statements    
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]
(
4
) MORTGAGE NOTE RECEIVABLE
 
On
January 21, 2016,
we sold our real property located in High Springs, Florida to an unrelated party. Pursuant to the terms of the sale, at the closing, the buyer paid
$10,000
in cash, less selling costs and settlement charges, and delivered to us a promissory note in the principal amount of
$265,000,
and a mortgage in our favor securing the buyer's obligations under the promissory note. The promissory note provides for monthly payments of
$3,653,
including principal and interest at
4.25%,
over a
seven
-year period that commenced
March 1, 2016,
with the unpaid balance due in
February 2023.
(
4
) MORTGAGE NOTE RECEIVABLE:
 
On
January 21, 2016,
the Company sold its real property located in High Springs, Florida to an unrelated party. Pursuant to the terms of the sale, at the closing, the buyer paid
$10,000
in cash, less selling costs and settlement charges, and delivered to the Company a promissory note in the principal amount of
$265,000,
and a mortgage in our favor securing the buyer's obligations under the promissory note. The promissory note provides for monthly payments of
$3,653,
including principal and interest at
4.25%,
over a
seven
-year period that commenced
March 1, 2016,
with the unpaid balance due in
February 2023.
Scheduled debt principal collections remaining on this mortgage are as follows:
 
Year Ending
       
December 31,
 
Principal
 
2020
  $
39,061
 
2021
   
40,754
 
2022
   
42,520
 
2023
   
7,322
 
    $
129,657