Quarterly report pursuant to Section 13 or 15(d)

Notes Payable to Former Stockholders

v3.20.2
Notes Payable to Former Stockholders
6 Months Ended
Jun. 30, 2020
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 were fully paid in April 2020 in the amount of $6.9 million ($6.6 million principal and $333,000 interest).