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Note 6 - Assets held for sale
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9 Months Ended |
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Jun. 30, 2011
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| Long Lived Assets Held-for-sale, Description |
Note
6. Assets held for sale
The
Company has been in the process of evaluating other uses for
its Aberdeen, South Dakota facility for over a
year. The Company had not occupied the facility
since fiscal year 2006. Previously it was determined that it
was unlikely that a sale of the building would occur within
twelve months and the facility was not classified as assets
held for sale for accounting purposes. During the
second quarter of fiscal 2011, the Company received and
accepted a purchase offer for the facility and therefore the
Company classified the Aberdeen building and land as assets
held for sale within the balance sheet. In June 2011,
the Company completed the sale of the facility and land in
the amount of $725,000. The final proceeds to the Company
after transaction costs were $660,000. We recorded a gain on
the sale of these assets of approximately $37,000. This
gain is reflected in income from operations in the statement
of operations for the quarter ending June 30, 2011.
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