LAND HELD FOR INVESTMENT

6 Months Ended

Jun. 30, 2015

LAND HELD FOR INVESTMENT

LAND HELD FOR INVESTMENT

NOTE E: LAND HELD FOR INVESTMENT

In February 2014 the company acquired 7.4 acres of undeveloped land in Desoto, Texas for $624,000.The Company believes the highest and best use of this property is for the construction and development of multifamily housing. The Company acquired the property for investment purposes.

When the Company acquired Mountaineer State Energy in 2008 the acquisition included certain undeveloped land adjacent to the Company’s operational facility. On June 30, 2015 we sold a portion of the land for $580,000 of which $415,000 was in the form of a note receivable over 10 years. The property was sold for book value. The Company used the cash portion of the transaction to pay down a note owed to a bank.