RE:RE:RE:RE:The wait continues...Form-7 Monthly Report/ Dec 2019
Describe any acquisitions by the Issuer or dispositions of the Issuer’s assets that occurred during the preceding month. Provide details of the nature of the assets acquired or disposed of and provide details of the consideration paid or payable together with a schedule of payments if applicable, and of any valuation. State how the consideration was determined and whether the acquisition was from or the disposition was to a Related Person of the Issuer and provide details of the relationship.
The Company has completed buildout of its bottling line in Long Beach, California, and is working to complete minor tenant improvements requested by municipal inspectors. The Company responded to questions asked by relevant cannabis regulators and they have replied with no further questions. The final commissioning of the bottling line will be performed once the license is received, as this commissioning requires handling of cannabis. The project therefore remains classified and “Construction in Progress” until such time as project and facility is “in use.” Expenditures consist of Equipment and Tenant Improvements. See the Company’s November 27 press release regarding remaining steps to licensing and commissioning, and timeline..
The project therefore remains classified and “Construction in Progress” until such time as project and facility is “in use.” I guess I just mis-enterpreted that statement..