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knoxweb1

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knoxweb1

Re: knoxweb1 post# 19010

Wednesday, 11/16/2011 10:47:08 AM

Wednesday, November 16, 2011 10:47:08 AM

Post# of 21127
In April of 2009 the Company reacquired a residential property for sale and assumed the mortgage. The value of the property has been recorded at its appraised value which equals the amount of mortgage of $496,000 as the property is held for sale the Company is not depreciating the asset. On June 30, 2011 a Quit Claim Deed was executed transferring the property and related liability to Steven Bonenberger, the Company’s former CEO, in connection with forgiveness of accrued salary of $60,000.
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