Note N - Related Party Transactions |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Notes to Financial Statements | |
| Related Party Transactions Disclosure [Text Block] |
NOTE N: RELATED PARTY TRANSACTIONS In March 2026, the Company sold certain real property located in Laredo, Texas, consisting of land, office space, maintenance shop, and dock facilities, to Crown Enterprises, LLC (the “Buyer”), a related party. The Buyer is an affiliate of the Company due to common control by a significant shareholder. The transaction was not part of a broader arrangement and did not include any continuing involvement by the Company. The Company did not enter into a lease or other ongoing contractual arrangement with the Buyer in connection with the sale.
The property had a carrying value of $7.1 million and was sold for $19.8 million, resulting in a gain of $12.7 million, which is included in “Gain on sale or disposition of assets” within operating expenses in the consolidated statement of operations. The sales price was based on an independent third-party appraisal.
Cash proceeds from the transaction were $13.6 million, reflecting the $19.8 million sales price less repayment of approximately $6.0 million of outstanding debt secured by the property and transaction costs, which were not material. The purchase price was paid in cash at closing.
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