Infrax Systems Inc (IFXY)

[1971]

Infrax Systems (IFXY) Announces Final Record Date and Dividend Rate for Lockwood Technology Spin-Off
March 19, 2012
http://www.prnewswire.com/news-releases/infrax-systems-ifxy-announces-final-record-date-and-dividend-rate-for-lockwood-technology-spin-off-143298256.html

So much for our Lockwood Dividends, lol


Discontinued Operations

In accordance with ASC 205-20, Presentation of Financial Statements-Discontinued Operations (“ASC 205-20”), we reported the results of Lockwood Technology Corporation as discontinued operations. The application of ASC 205-20 is discussed in the notes to the financial statements.

Discontinued Operations

In June of 2015, the Company sold its 70% controlling interest in Lockwood Technology Corporation to Sam Talari, the Company’s Chairman in exchange for approximately $735,000 of accrued compensation and related party debt payable to Mr. Talari. As a result of the decision to sell this subsidiary, the Company has identified the assets and liabilities of Lockwood as pertaining to discontinued operations at December 31, 2015 and 2014 and has segregated its operating results and presented them separately as a discontinued operation for all periods presented.

So he sold himself Lockwood to pay .. for.. himself... LOL OMFG

http://ih.advfn.com/p.php?pid=nmona&article=70503262&symbol=IFXY