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EXCEL - IDEA: XBRL DOCUMENT - AMERICAN LOCKER GROUP INCFinancial_Report.xls
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v2.4.0.6
Sale of Property
9 Months Ended
Sep. 30, 2012
Sale of Property [Abstract]  
Sale of Property

2. Sale of Property

During May 2011, the Company relocated its corporate headquarters and Texas manufacturing facility from Grapevine, Texas to a new 100,500 sq. ft. building in DFW Airport, Texas. The Company sold its prior location to the City of Grapevine (the “City”) in 2009 and, as part of that transaction, the City provided a $341,000 relocation allowance to offset the moving costs. This relocation allowance was recorded as “Deferred revenue” in the Company’s consolidated balance sheet as of December 31, 2010. The Company offset $211,768 of moving expense against such deferred revenue in the second quarter of 2011 and the remaining $129,232 in relocation allowance was recorded as “Other income” in the second quarter of 2011. Proceeds of the sale were used to pay off the $2 million mortgage secured by the property and for general working capital purposes.

The Company invested approximately $875,000 during 2011 for leasehold improvements and machinery and equipment related to relocating.