The blending facility was the only Canadian property. The mortgage was denominated in Canadian dollars, etc.
Besides, no way the blending facility stays on JBII's books as an asset to be seized.
EDIT: Looks like you're right; from the 10K:
2. Niagara Falls Facility
The Niagara Falls Facility is our first commercial-scale P2O facility, and also facilitates further enhancements to our P2O process as well as research and development. We have enhanced the security at the facility by installing a multi-camera security system, a video archival security system, a perimeter fence and by building a small guardhouse to control access to the facility. We have contracted with off-duty East Buffalo law enforcement to protect and secure the property around the clock. On April 4, 2011 we purchased this 15,000 square foot facility for $401,978. The Company applied $301,978 worth of credits against this purchase price, and provided the seller of the property $100,000 payment at the closing. The credits on the property included an insurance adjustment credit to the seller, rent payment already paid to the seller by the Company from the dates of April to February 2011, and a seller-held mortgage for the remaining balance of the purchase price, which is $216,832. The Company has issued the seller a promissory note for $216,832 which is due on October 4th 2011, bearing a current interest rate of 0% per annum, and a 5% per annum interest on the balance due if the Company falls into default on the promissory note. |
