OTCPK:INPCF - Post by User
Post by
WheresMeGoldon Feb 12, 2020 6:56am
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Post# 30679108
Mortgage loss
Mortgage lossIn Input’s financial statement it says this:
”The increase in the assets held for sale was the result of the Company assuming ownership of a property underlying a mortgage. At the time of transfer, the property was valued at fair value which resulted in a loss from settlement of mortgages of $4,430,689 being recognized in the condensed interim statement of loss.”
So it looks like it acquired land from a default. How can a mortgage be valued at over $4 million above the value of the land and property. Hopefully this an accounting issue and the resulting sale will generate income of a similar amount. Some clarity from management would be nice.
I’ve suggested before that management offers the bare minimum when it comes to information by design as any drop in stock price simply offers an even better opportunity to retire stock well below book value. Imo this is more of the same.
Outside of this mortgage fiasco that may correct itself after sale the rest of the performance was solid. In the end I believe Input should push this project to end, liquidate the company asap, and distribute funds to shareholders. The liquidation value will certainly be comfortably above $1 per share. JMHO.