Note 16 - Noncontrolling Interest |
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Notes to Financial Statements | ||||||||||||||||||||||||||
Noncontrolling Interest Disclosure [Text Block] |
NOTE 16 – NONCONTROLLING INTEREST
In accordance with Stock purchase agreement signed on July 26, 2024, with Bollinger Motors, Inc, our majority owned subsidiary, the Company, as part of activities to launch production in the Bollinger segment, invested an additional $11 million in newly issued shares of Bollinger Motors, Inc during the six months ended March 31, 2025. This investment has been eliminated in the consolidated statement of cash flows but impacted additional paid-in capital and noncontrolling interest in the consolidated balance sheets.
As further described in Note 19 - Contingencies and claims, on May 7, 2025, the United States District Court for the Eastern District of Michigan issued an order appointing a receiver over the Company's majority-owned subsidiary Bollinger Motors in response to litigation initiated by Robert Bollinger regarding untimely payment of interest on long-term loan.
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