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SUBSEQUENT EVENTS | 6 Months Ended
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Mar. 31, 2021
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Kukio Resort Land Development Partnerships and Sale of Interest in Leasehold Land Subsequent to March 31, 2021, Barnwell received net cash distributions in the amount of $1,554,000 from the Kukio Resort Land Development Partnerships. Financial results of this distribution will be reflected in Barnwell's quarter ending June 30, 2021. Additionally, subsequent to March 31, 2021, Kaupulehu Developments received percentage of sales payments totaling $548,000 from the sale of three lots within Phase II of Increment I. Financial results from the receipt of these payments will be reflected in Barnwell's quarter ending June 30, 2021. Paycheck Protection Program Loan Forgiveness On April 18, 2021, the Company was notified by the lender of our PPP loan that the entire PPP loan amount of $147,000 and related accrued interest was forgiven by the Small Business Administration. As a result of the loan forgiveness, the Company expects to recognize a gain on debt extinguishment in the Company's Condensed Consolidated Statement of Operations in the quarter ending June 30, 2021. Postretirement Medical Plan Termination In April 2021, the Company's Board of Directors initiated the termination of the Postretirement Medical plan and the Company provided all participants of the plan with a sixty-day notice of termination. The Postretirement Medical plan is an unfunded plan and the Company currently estimates that it will recognize a non-cash gain of approximately $2,000,000 upon the termination of the Postretirement Medical plan in the quarter ending June 30, 2021. Oil and Natural Gas Property Dispositions and Acquisitions On April 8, 2021, Barnwell entered into a purchase and sale agreement with an independent third party and sold its interests in properties located in the Hillsdown area of Alberta, Canada. The sales price per the agreement was adjusted for customary purchase price adjustments to $138,000 in order to, among other things, reflect an economic effective date of October 1, 2020. $70,000 of the sales proceeds was withheld for remittance by the buyers to the Canada Revenue Agency for potential amounts due for Barnwell’s Canadian income taxes related to the sale. The final determination of the customary adjustments to the purchase price has not yet been made, however it is not expected to result in a material adjustment. Additionally, on April 8, 2021, Barnwell acquired additional working interests in oil and natural gas properties located in the North Twining area of Alberta, Canada for cash consideration of $340,000. The purchase price per the agreement was adjusted for customary purchase price adjustments to reflect the economic activity from the effective date to the closing date. The final determination of the customary adjustments to the purchase price has not yet been made, however it is not expected to result in a material adjustment. The oil and natural gas property transactions above will be reflected in Barnwell's quarter ending June 30, 2021.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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