|6 Months Ended|
Jun. 30, 2018
|Subsequent Events [Abstract]|
|Subsequent Events [Text Block]||
Management has evaluated subsequent events through August 13, 2018 the date on which the accompanying financial statements were completed. Except as otherwise set forth in this Note 11, based on management’s evaluation, no adjustments were required in the accompanying financial statements.
In July 2018, the Compensation Committee of the Company’s Board of Directors, the members of which are the three independent members of the Board of Directors approved an increase in the annual base compensation payable to each of the Company’s two senior executive officers retroactive to April 1, 2018. As of that date, the annual base compensation of each senior executive officer is $360,000. Accordingly, an additional $50,000 was accrued as compensation expense for the three-months ended June 30, 2018.
In addition, the Compensation Committee also adopted a new compensation plan for the independent members of the Company’s Board of Directors effective as of July 1, 2018. The elements of such compensation plan are as follows:
On July 2, 2018, the Company entered into an agreement to sell a property classified as real estate owned and held for rental. The selling price is $382,000 and the Company is required to make certain repairs prior to sale. The carrying cost of the property is approximately $241,500, not including the costs of repairs to be made by the Company. The Company expects a profit on the sale of the property.
On August 2, 2018, the Company entered into an agreement to sell a property classified as real estate owned and held for sale. The selling price is $224,000 and the carrying cost of the property is approximately $223,000. The Company expects to recover its investment in the property.
On August 6, 2018, the Company entered into an agreement to sell a property classified as real estate owned. The selling price is $211,000 net buyer credits and the carrying cost of the property is approximately $182,000. The Company expects a profit on the sale of the property.
On July 27, 2018, the Company paid a dividend of $0.11 per share, or $1,698,060 in the aggregate,to its shareholders.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef