RE:Ridiculous!! Better stay up this timeHi Jeff...(aka Bikerboi) Since you are posting through a third party, under a fake name and you have failed to notify your investors as to project status I take that my outrageously stupid comments can be justified. So, now that we have more clarity (through an indirect email and not a NR) we can make some more appropriate assumptions.
"During the year ended December 31, 2023, the Company entered into an option agreement to purchase up to 115 acre-feet of water rights at USD $29,260 per acre-feet and as part of the agreement paid a $1,376,556 non-refundable deposit. During the period ended March 31, 2024, the Company has not purchased any water rights under this option agreements." - Greeenbriar Financials
1. Why are the water rights still being held independently and are being purchased at a premium?The company was able to raise $4M through private placements. Why were these water rights not purchased directly from H-Star Investment without the significant increase in costs to shareholders?
2. "Greenbriar and Paul Morris own 101 net AF. (which equals 76AF each or 152AF.)
Jeff transferred 76AF to Greenbriar for - "During the year ended December 31, 2022, the Company acquired water rights for the Sage Ranch Project by way of a debt settlement agreement. The debt of US$1,000,000 was settled in exchange of 925,926 units of the Company with an estimated fair value of $1,975,455 a fair value of $25,993 USD per AF
2. Paul Morris is receiving $3,364,900 USD for his share but they apparently only need 76AF or $2,223,760
Note: "... but $1 million, which is the cost to buy Morris's 50.5 net AF.
Those numbers don't seem to compute. With this is a non-refundable deposit $1,376,556 or $11,970 per AF
3. The City is charging $4,000 per AF and requires 175AF or a mere $700,00 for half of the required water for Sage Ranch.
Greenbriar cost $4,199,215 for 50% of water needs.
Tehachapi cost $700,000 for 50% of water needs. How much will Strasser be receiving from the City per AF? or is GRB donating them for $3.25M
I highly doubt they are willing for their tax base to be absorbing water rights at $29,260 per acre feet for Greenbriar's sake.
By the way that was $20M CAD and was for the purchase of all water rights at your major shareholders cost base.