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SUBSEQUENT EVENTS | 12 Months Ended
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Sep. 30, 2020
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS In October 2020, the Company was notified by the lender of our PPP loan of changes to certain terms of our PPP loan to conform with the amendments to the CARES Act implemented by the Flexibility Act that was signed into law in June 2020. Under the Flexibility Act, key changes to our PPP loan included, but were not limited to, the extension of the initial deferment period of the loan’s principal and interest payments from six months to ten months after the last day of the covered period and if the Company does not apply for forgiveness of the loan within ten months after the last day of the covered period, the PPP loan is no longer deferred and the borrower must begin paying principal and interest. As of the date of this filing, the Company is in the process of applying for forgiveness and believes that its use of the loan proceeds will meet the conditions for forgiveness under the PPP and expects the loan to be recorded as income when legal forgiveness is obtained. In November 2020, Kaupulehu Developments received a percentage of sales payment of $170,000 from the sale of one lot within Phase II of Increment I. Financial results from the receipt of this payment will be reflected in Barnwell's quarter ending December 31, 2020. Additionally, subsequent to September 30, 2020, Barnwell received net cash distributions in the amount of $1,034,000 from the Kukio Resort Land Development Partnerships. Of the $1,034,000 in net cash distributions received from the Kukio Resort Land Development Partnerships, $459,000 represents preferred return payments from KKM and will be recorded as an additional equity pickup in the quarter ending December 31, 2020, as discussed in more detail in Note 6. The preferred return payments received after September 30, 2020 brought the cumulative preferred return to $656,000, which is the total amount Barnwell was entitled to, and thus there is no more preferred return outstanding as of the date of this report.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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