In contrast, in 2019 and 2018 we held six events, all with fans in attendance. Due to the COVID-19 pandemic, the 2020 event was cancelled. There has been no decision yet regarding whether Firefly will be held in 2021. We began our motorsports operations in 1969 in Dover, Delaware. Proceeds from the sale, less closing costs, were $6,460,000. Net proceeds after taxes were approximately $5,290,000 resulting in a gain of $4,843,000. The buyer’s deposit previously paid to us was credited to the purchase price. The transaction is expected to be consummated on or before May 31, 2021. The remaining 90% is recorded as broadcasting revenue. As a result, our business is highly seasonal. & We are exposed to fluctuations in interest rates for these bonds. NOTE 1 – Business Operations and Item 8. For 2020, all six NASCAR racing events were held in the third quarter. We do not currently maintain weather-related insurance for major events. At December 31, 2020, we had remaining repurchase authority of 384,809 shares. & ldquo;Admissions” revenue includes ticket sales for our events. & Revenues pertaining to specific events are deferred until the event is held. Concession and souvenir revenues are recorded at the time of sale. Net earnings were $7,482,000 in 2020 compared to $5,500,000 in 2019. In addition, the credit agreement includes a material adverse change clause. Michael A. Tatoian joined us as Executive Vice President in January 2007. 4.1Description of Capital Stock. & Accordingly, we express no such opinion. & 29 & & DOVER MOTORSPORTS, INC. & In February 2016, the FASB issued ASU No. The rights expire on June 13, 2026, unless earlier redeemed. & The surrender of these shares is treated by us as a purchase of the shares. & Preferred Stock & No shares of Preferred Stock are outstanding. Computershare Inc. is the Company’s transfer agent. & The rights are attached to and trade in tandem with our common stock.& Rights that are beneficially owned by an acquiring person will be null and void. &