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Subsequent Events
12 Months Ended
Dec. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events

22. SUBSEQUENT EVENTS

On January 15, 2018, the Company extended its revolving acquisition and construction loans related to The Towns at 1333 Project. The loans had an initial maturity date of January 15, 2018 and the subsequent extensions provide for a maturity date January 19, 2019. All other terms of the original agreements remain in full force and effect. As of December 31, 2017, the Company had $5.2 million in outstanding borrowings under this revolving credit facility.

On March 15, 2018, the Company extended its credit line deed of trust note for acquisition and construction related to the Woods at Spring Ridge Project. The note had an initial maturity date of March 15, 2018 and the subsequent extension provides for a maturity date of June 15, 2018. The note is modified to state that the lender, after June 15, 2018, shall have no obligation to approve a new construction loan under the construction line for any lot or unit pursuant to the loan approval conditions set forth in the loan agreement or to make any further advances of loan proceeds under the loans. All other terms and conditions of the original agreements remain in full force and effect. As of December 31, 2017, the Company had $2.2 million in outstanding borrowings under this revolving credit facility.

On March 30, 2018, CDS Asset Management, L.C. (“CAM”), an entity wholly owned by the Company, entered into a master asset management agreement (“the Agreement”) with Comstock Development Services LC (“CDS”), an entity wholly owned by Christopher Clemente, the Chief Executive Officer of the Company. The effective date of this agreement is January 2, 2018. Entering into the Agreement is part of the Company’s strategic plan to transform its business model from for-sale homebuilding to commercial development, asset management and real estate services. The Company intends to concurrently wind down its current for-sale homebuilding business.

Pursuant to the Agreement, CDS will pay CAM an annual cost-plus fee (the “Annual Fee”) in an aggregate amount equal to the sum of (i) the employment expenses of personnel dedicated to providing services to the Comstock Real Estate Portfolio pursuant to the Agreement, (ii) the costs and expenses of the Company related to maintaining the listing of its shares on a securities exchange and complying with regulatory and reporting obligations as a public company, and (iii) a fixed annual payment of $1,000,000.

On April 16, 2018, the Company extended its notes payable with Comstock Growth Fund I. This loan had a maturity date of April 16, 2018 and the extension provides for a maturity date of April 16, 2019. As of December 31, 2017, the Company had $11.3 million of principal and interest, net of discounts, outstanding under the credit facility.