NOTE
1 - THE COMPANY
Acacia
Diversified Holdings, Inc., formerly known as Acacia
Automotive, Inc., (“Acacia” or the
“Company”) is engaged in acquiring and
operating auctions that sell automobiles, trucks,
equipment, boats, motor homes, RVs, and other related
vehicles.
In
June of 2007 the Company raised capital through a
private placement offering that enabled it to acquire
for common stock in July of that same year the assets
and business of Augusta Auto Auction, Inc, in North
Augusta, South Carolina. This wholly-owned
subsidiary, doing business as Acacia Augusta Vehicle
Auction, Inc., became the first operations of
Acacia Automotive, Inc.
In
December of 2009, the Company acquired the assets and
business of Chattanooga Auto Auction Limited Liability
Company in Chattanooga,
Tennessee. This wholly-owned
subsidiary, doing business as Acacia Chattanooga
Vehicle Auction, Inc., became the second operations of
Acacia Automotive, Inc., and was subsequently
discontinued on August 31, 2010 following litigations
between the Company and the seller of the Chattanooga
assets. Those operations were first
accounted for as discontinued in the Company’s
Quarterly Report on Form 10-Q for the period ended June
30, 2010.
As
of December 31, 2011, Acacia owned one auction in North
Augusta, South Carolina, and was subsequently sold on
July 31, 2012. Those operations were first
accounted for as discontinued effective with this
Annual Report on Form 10-K for the year ended December
31, 2011.
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