Property and Equipment, Net
|3 Months Ended|
Dec. 31, 2020
|Property Plant And Equipment [Abstract]|
|Property and Equipment, Net||
Note 4. Property and Equipment, Net
Property and equipment, net consists of the following at December 31, 2020 and September 30, 2020:
For the three months ended December 31, 2020 and fiscal year ended September 30, 2020, the Company did not record any impairments.
On October 30, 2020, the Company purchased approximately 3,280 gross acres located in Hendry County for a purchase price of approximately $16,450,000.
On June 1, 2020, the Company sold approximately 30 ranch acres to an employee for approximately $122,000 and recognized a gain of approximately $83,000.
On May 4, 2020, the Company purchased approximately 334 citrus acres for approximately $2,850,000. This acquisition complements the Company’s existing citrus acres as these acres are located adjacent to existing groves in the Frostproof area. Additionally, this purchase was part of a like-kind exchange transaction, which will allow the Company to defer taxes relating to the sale of certain sections of the East Ranch.
The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef