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