Quarterly report pursuant to Section 13 or 15(d)

Notes Payable to Former Stockholders

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Notes Payable to Former Stockholders
9 Months Ended
Sep. 30, 2019
Payables and Accruals [Abstract]  
Notes Payable to Former Stockholders
8.
Notes Payable to Former Stockholders
 
 
 
 
In conjunction with the
spin-off
and IPO, notes payable to certain former stockholders of MMREIS were issued in settlement of restricted stock and SARs awards that were redeemed by MMREIS upon the termination of employment by the former stockholders (the “Notes”). Such Notes had been previously assumed by MMC, and were transferred to the Company. The Notes are unsecured and bear interest at 5% with annual principal and interest installments with a final principal payment due during the second quarter of 2020. During each of the nine months ended September 30, 2019 and 2018, the Company made total payments on the Notes of $1.5 million, including principal and interest.