This past quarter management focused on establishing additional liquidity by ending short term loan agreements that were ideal investments during the uncertainty of the recession. Terminating security on assets and confirming the final payments of the interest and fees associated with the agreements included returns of 13% interest and revenue of more than $48,000.00.
NASCO provided a total of $280,000.00 in management fees (revenue). The company is continuing to consider growth and business model changes to help improve sales, particularly in the Ardicom sector. YIDC management is the treasurer and audit committee chair of this strong performer.
First Nations Bank of Canada has completed a share offering that raised enough equity to increase its First Nations Shareholder position to a majority of 81.17%. The bank has been requested to provide a share valuation to several shareholders (including YIDC). Crosbie & Company was retained by FNB to perform a share valuation resulting in an estimated range of $2.45 to $2.81 per unit and a mean of $2.63 per unit. This will make YIDC’s share valuation $375,800.00, a gain of $125,800.00 (33%). This year FNB paid a dividend to unit holders and YIDC received a payment of more than $1,000.00.
Northern Visions management has refocused the corporation's strategic actions to increase cash flow from operations in the short term while making it through the economic downturn which affected many of its properties in the last 2 years. The company decreased acquisitions and focused on higher revenues from operations, a step that will move the company towards its goal of annual dividends or returns on capital to LP holders.
YIDC Management completed the sale and transfer 50% shares of 39913 Yukon Inc. to 12028 Yukon Inc. in April 2009. YIDC demanded repayment of its 2 promissory notes to 39913 (90,000 and 129,000) along with a final payment of accrued interest charges. As a result, YIDC has earned $55,164.00 as of March 2009 (25% return). YIDC continues to provide all management services for this building.
Management of the Lynn Building was transferred to Vuntut Property Management in September 2009. YIDC continues to support Vuntut's transition into its new role. The building mortgage remains at $1,066,000.00 and in March 2010, a new 3-year lease with Yukon Government was signed by the Board.
The investment of $500,000.00 in SASJ LP (Ste Agathe and St Jerome) Super 8 Hotels was completed in December 2009. The investment strategy is currently being executed.
The escrow agreement between the founding parties (YIDC, VDC and New NorthNetworks) remains and all principle and interest payments to DNV for the outstanding liabilities (guaranteed loan by YIDC) continue to be paid. The proportionate number of shares have been released from escrow to the new owner of the ICE shares.
