from 10Q,"The books and records of the National Acceptance Corporation (NAC) will be subject to an independent audit. Any variance in the fair value of the assets acquired in the transaction will be adjusted accordingly upon the completion of the audit, projected to be in September, 2015. In connection with the acquisition of NAC, the Company is expected to pay $180,000 on an annual basis to its employee, the former owner, to manage the operations of NAC. During the three and nine months ending June 30, 2015, the Company incurred $48,000 and $96,000, respectively, in compensation costs related to this agreement.
It is the intention of the Company, upon completion of the audit, to distribute the 15,182,860 common stock shares it owns as of December 31, 2014 to the shareholders of The Company.
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All posts are strictly my opinion and are not buy or sell recommendations.
