Quarterly report pursuant to Section 13 or 15(d)

Subsequent Event

v3.3.0.814
Subsequent Event
9 Months Ended
Sep. 30, 2015
Subsequent Event [Abstract]  
Subsequent Event
Note 9.  Subsequent Event:
Subsequent to September 30, 2015, on October 16, 2015, the Company entered into a contract to sell its corporate headquarters, land and building to a third party at a purchase price of $4,053,000.  The closing is expected to occur in December 2015. In addition to agreeing to the sale, the Company will lease back from the Buyer approximately 22,000 square feet (approximately 55% of the total square footage) in the building under a month to month lease that requires 60 days' notice by either party to terminate and notice cannot be made prior to January 31, 2016.  The lease payments will be approximately $22,000 per month base rent plus the Company's proportionate shares of expenses, taxes and utilities. The sale is expected to generate approximately $1.7 million in net cash after expenses and mortgage payoffs.