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SUBSEQUENT EVENT
6 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENT

NOTE 15. SUBSEQUENT EVENT

 

On January 6, 2016, the Company entered into a Receipt for Earnest Money Deposit and Real Estate Purchase Contract, as modified by an Addendum to Real Estate Purchase Contract (collectively, the “Purchase Contract”), to sell approximately 2.2 acres of land and an approximately 30,000 square foot building thereon located in the City of Ramsey and included in Investment in Ramsey property and related notes receivable in our condensed consolidated balance sheet, as of December 31, 2015, for an amount of $1,653,000. The Purchase Contract, as reported in the Company’s Current Report on Form 8-K filed with the SEC on January 8, 2016, provides the Purchaser up to 45 days to perform its due diligence. In addition to legal fees and other transaction costs, the Company is obligated to pay broker commissions of $99,180 (6% of the purchase price) at closing.