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I <br /> 1 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--Continued <br /> ADJUSTERS INTERNATIONAL, INC. AND SUBSIDIARIES <br /> I <br /> December 31, 2016 and 2015 <br /> 1 <br /> NOTE B--ACQUISITION OF TIDAL BASIN HOLDINGS, INC.--Continued <br /> In connection with the acquisition, AI owed approximately.$393,000 to a former Tidal Basin <br /> executive who became an AI employee upon closing and then in August 2016, an AI stockholder <br /> (See Note D. The liability was settled in March 2017. o (NA‘ <br /> 1 NOTE C--INVESTMENT IN JOINT VENTURE 6e1) <br /> c\ <br /> Tidal Basin entered into a joint venture agreement with twonational consulting firms, Atkins <br /> North America, Inc. and The Louis Berger Grou cli-i''t,c. to form Vanguard Emergency <br /> Management (Housing Inspection Services) ("Vanguard ) . The joint venture was formed for the <br /> Ipurpose of providing complete and compliant Disaster Home Inspections under FEMA's <br /> Housing Inspection Services Program. Exceptgaskotherwise may be provided in the joint venture <br /> agreement, Tidal Basin's interest in the joint ev nture's profits and assets and losses and liabilities <br /> arising out of, or resulting from, the execution and performance of the contract or this joint <br /> venture agreement is approximately 33i <br /> t 1/4(ri(ON <br /> IIncome recognized by Tidal Basin from Vanguard amounted to approximately $1,066,000 from <br /> the date Al acquired Tidal Ba"smthrough December 31, 2016. Distributions received by Tidal <br /> Basin from Vanguard for the <br /> The foow <br /> me period amounted to $500,000 (See Note B). <br /> Thlling tableigiy s the approximate significance of assets and liabilities within the <br /> unconsolidated jomt�venture at December 31, 2016 and for the period from the date of AI's <br /> Iacquisition of Tidal Basin through December 31, 2016 (See Note B): <br /> Assets $7,625,000 <br /> iLiabilities 3,858,000 <br /> Equity $3,767,000 <br /> Net income $3 198 000 <br /> 1 <br /> 1 <br /> 1 -15- <br /> 1 <br />