After creating a new K2 Content module, changes to the module configuration is no longer allowed...error message says something about null value with the module. Joomla error message then shows the sql syntax that has an error when saving...sorry, didn't took a screenshot of the error message but I remember that the syntax was an sql update to the jox_modules table and obviously the first column being updated was the module ID and the value being applied to it was a value of ZERO...bad for Joomla!
Deleted the module and repeated the entire process, same error after saving the new K2 Content module...ZERO value for it's ID.
Immediate remedy I did was a direct assignment of a unique ID for the module in the jox_modules table for the K2 Content module and also updated the jox_assets table pertaining to the same K2 Content module. The module now works and can be edited...further effects of the remedy is still unknown.
Bottom line...
Creating a new K2 Content module always generates a ZERO value for the module ID...this seems to be a bug with K2. Creating other modules does not produce the same problem.