So what about this from last year's 10k:
We will rely on third parties to conduct certain of the research and clinical trials for products using Trappsol® Cyclo™.
The company used to make its own Cyclodextins in its very own manufacturing facility and 40 acres.
But the 10k tells us they basically "sold the farm", so to speak:
For year ended December 31, 2016, our operations used approximately $2,951,000 in cash. This cash was provided primarily by cash on hand, net proceeds of $1,880,000 from equity issuances, and net proceeds of approximately $256,000, after closing costs and repaying our bank indebtedness, from the sale of our office and manufacturing facility and related equipment.
J. Tate used to tout the importance of making their own product and had gobs of videos on YouTube on the building of the facility and now --- POOF! its gone.
Can you tell us who BOUGHT the office and manufacturing facility? Was that office separate from the 40 acres?
Curious investors would like to know????
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (CONTINUED)
(h) PROPERTY HELD FOR SALE–– In 2015, property held for sale consists of 40 acres of land and buildings located in High Springs, Florida. This property was used for operations and our corporate offices through September 30, 2011, and was sold in 2016. Property is classified as held for sale when management’s intent is to sell the property and the applicable accounting criteria are satisfied. This determination requires management to make estimates and assumptions, including assessing the probability that potential sales transactions may or may not occur. Actual results could differ from those assumptions. Upon designation as held for sale, the carrying values of the assets are recorded at the lower of the carrying value or the estimated fair value, less estimated selling costs. Assets held for sale are no longer depreciated. We periodically review our property held for sale to determine if the carrying value of assets may not be recoverable. If we identify impairment, a loss is recognized for the difference between the carrying amount and the estimated market value of the assets. In 2015, an impairment loss of $125,000 was recorded on this property to adjust its carrying value to $275,000. This property was sold in January 2016 for $275,000.
