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| ADK > SEC Filings for ADK > Form 8-K on 24-Nov-2008 | All Recent SEC Filings |
24-Nov-2008
Other Events
On November 18, 2008, we completed the acquisition of our partners' interest in Hearth & Home of Van Wert, LLC. We had a forward purchase contract to acquire the outstanding limited liability company interests in Hearth & Home of Van Wert by October 2008. We extended offers to the partners of the subsidiary and have either acquired their interest in exchange for cash and/or a note payable.
We paid approximately $800,000 in cash and issued approximately $141,000 in notes payable. Of the notes payable, $113,000 is not interest bearing and approximately $28,000 bears 5% interest. The notes mature during the fourth quarter of 2010.
We satisfied the majority of this contract with cash proceeds from refinancing our Hearth & Care of Greenfield property which returned cash to the Company that was invested to complete the construction and remodel project. On July 29, 2008, the refinance of the Hearth & Care of Greenfield property was completed and consequently the company received approximately $800,000 in cash.
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