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Note 9 - Note Receivable | 3 Months Ended
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Jun. 30, 2019
Notes to Financial Statements |
Notes Receivable [Text Block] | 9. Note Receivable The Company entered into the PSA dated February 1, 2018, for the sale of the Devens facility (including land, building and building improvements) located at 64 Jackson Road, Devens, Massachusetts to 64 Jackson, LLC, a limited liability company (subsequently assigned to Jackson 64 MGI, LLC) in the amount of $23.0 million. The terms for payment included a $1.0 million security deposit, and a note receivable for $6.0 million payable to the Company with the remaining cash net of certain adjustments for closing costs at the date of settlement. The note receivable was due in two $3.0 million installments plus accrued interest at a rate of 1.96% on March 31, 2019 and March 31, 2020. The note was subordinate to East Boston Savings Bank's mortgage on the Devens property. The first installment was paid on March 28, 2019 and the second installment was paid on May 23, 2019. The note receivable was discounted to its present value of $5.7 million utilizing a discount rate of 6%, which was based on management’s assessment of what an appropriate loan at current market rates would be. The $0.3 million discount was recorded as an offset to the long term portion of the note receivable. In addition, the resulting gain of $0.1 million from the sale of the Devens property which was deferred previously was recorded as a component of the cumulative effect of an accounting change upon the adoption of Accounting Standards Update ("ASU") 2017 - 05 Other Income - Gains and Losses from the Derecognition of Non-financial Assets (Subtopic 610 - 20 ) which was issued as a part of ASU 2014 - 09 Revenue from Contracts with Customers (Topic 606 ) . This gain was recorded as an offset to the opening accumulated deficit in the three months ended June 30, 2018. Note receivable as of June 30, 2019 and March 31, 2019 consisted of the following (in thousands):
Current assets |  | June 30, 2019 |  |  | March 31, 2019 |
Note receivable, current |  | $ | - |  |  | $ | 3,000 |
Note receivable discount |  |  | — |  |  |  | (112 | )
Total current note receivable |  | $ | - |  |  | $ | 2,888 |

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