Noble Iron Inc. (TSXV:NIR) announced a judgement of $219,259 rendered against a wholly owned U.S. subsidiary in September 2002 has expired.
As quoted in the press release:
The original default judgment amount was accrued by the Company in 2002 and interest on the judgment has been recorded in the Company’s financial statements in each subsequent quarter up to and including June 30, 2012.
Accordingly, the Company will record a one-time, non-cash income inclusion of approximately $693,000 to reverse the accrued liability relating to the default judgment in the quarter ended September 30, 2012. The amount of the reversal is approximately $0.05 per basic common share and $0.04 per common share on a fully diluted basis.