18.	Subsequent Events

Cortlandt Manor.

As of

December 7, 2019,

the Company's wholly owned subsidiaries GSD Cortlandt, LLC, a New York limited liability company, and Buttonwood Acquisition, LLC (together the “Cortlandt Subsidiaries”), executed a Purchase and Sale Agreement (the “SC Agreement”) for the sale of approximately

4.5

acres of its real property located in Cortlandt Manor, New York, together with the improvements thereon (the “SC Agreement Property”), to Sound Cortlandt, LLC, a Delaware limited liability company (“SC LLC”), for a purchase price of

$5,720,000.

The SC Agreement provided that SC LLC would have the right to terminate the SC Agreement by written notice to GSD prior to the expiration of a defined inspection period (which had been extended via amendments to the SC Agreement) if SC LLC was

not

fully satisfied, in SC LLC's sole discretion, as to the status of title, suitability of the SC Agreement Property and all factors concerning same, in which case SC LLC would have the right to receive a refund of its earnest money deposit.

February 1, 2021,

the Company received a notice (the “SC Termination Notice”) from SC LLC that it is terminating the SC Agreement. The SC Termination Notice referenced the foregoing termination right and called for the Escrow Agent (as defined in the SC Agreement) to return the earnest money deposit immediately to SC LLC in accordance with the provisions of the SC Agreement.

Flowerfield.

August 27, 2019,

the Company's wholly owned subsidiary GSD Flowerfield, LLC entered into a Purchase and Sale Agreement (the “BSL Agreement”) for the sale of a

9.0

-acre parcel of vacant land (the “BSL Agreement Property”) in the Flowerfield complex in Smithtown, New York for

$16,800,000

to BSL St. James LLC, a Delaware limited liability company (“BSL”). The Agreement provided that BSL would have the right to terminate the BSL Agreement by written notice to GSD Flowerfield prior to the expiration of a defined inspection period (which had been extended via amendments to the BSL Agreement) if BSL was

not

fully satisfied, in BSL's sole discretion, as to the status of title, suitability of the Property and all factors concerning same, in which case BSL would have the right to receive a refund of its earnest money deposit.

March 16, 2021,

the Company received a notice (the “BSL Termination Notice”) from BSL that it is terminating the BSL Agreement. The BSL Termination Notice referenced the foregoing termination right and requested the return of the earnest money deposit BSL in accordance with the provisions of the BSL Agreement.

The BSL Agreement Property is included in the Company's subdivision application with the Town of Smithtown, New York, to subdivide the entire Flowerfield property into

eight

separate parcels (

one

parcel of which is a catering hall facility sold by the Company in

2002

). The Company believes the termination of the BSL Agreement should have

impact on the subdivision application, and will continue to actively market its entire Flowerfield property on the basis of

eight

subdivided lots subject to and contingent upon approvals for the subdivision and related entitlements.

Credit Facility

. The Company amended and extended the working capital line which included extending the conversion date of the Interest-Only Phase to the earlier of

May 20, 2021

or upon drawing down a total of

$3,000,000

after which it automatically converts to a permanent loan maturing on the earlier of

May 20, 2028

months after conversion to a permanent loan (the “Permanent Phase”).

February 22, 2021,

the Company, through its subsidiary GSD Cortlandt, LLC (“GSD Cortlandt”) amended its line to remove the contingency that required signed purchase and sale agreements on Cortlandt Manor to be able to draw on the line.