Where the F&%$ are the F/S????? And other matters.These F/S were due on Feb 28, 2022. I understand that the Company is going through litigation as outlined in the March 1, 2022 news release. You note in the press release that the delay was the result of having a third party valuation done of the PP&E for Solargram. The valuation of simple land, buildings and equipment is not complex........ we are not talking about valuation of complex intangibles.... this should already have been done....... Where are the F/S?
If I'm not mistaken, the licenses will stay with Solargram as they were issued in their name... The marijuana business is thus dead for the company. This is simply a matter of how much you can recover in respect of the PP&E and receivable from Solargram on your balance sheet. I will be particularly interested to see the carrying value of those assets come release of the F/S..... I'm not sure what farm land in the middle of New Brunswick is worth but I assume not all that much. Solargram brought a sound business plan to the table which had intangible value (i.e. future earning potential). Now we will be lucky to recover what we carry on our balance sheet.
This is an utter cluster f$%$......... I am not imporessed at all and am pissed off that it took this length of time to come up with empty hands when all the way along the Company made no mention that there were any issues with this business. I would have expected there to be revenue and to move forward with expansion of annual grow plans. This does not look good whatsoever.
Jeff, on November 9, 2021, you put a post on the PWR Bullboard. I want to highlight one quote,
"A comprehensive news release will be issued as we close a few of our other projects and nothing has changed from when the shares were 50 to 76 cents. I have simply watched the stupidity on this board and the stupididty from Solargram take on its own life. no use fighting the flu when you can rest and let the virus run its course. This is the end of the stupidity. The company will succeed and I will make sure the loyal and patient shareholders will prosper as I always have since my first public company in 1985"
Okay....we have been as patient as anyone would ever have expected but no news release has been issued and financial statements have not been filed. We're almost a year and a half away from the revenues that were promised on the Mexican mushrooms, with sales contracted for three years at almost $150 million sales per year.
There is no news as to what happened with the Crypto fiasco... We now have a 50% net profit interest in Sage Ranch while we previously held a 50% joint venture interest (and owned 50% of the land upon which the development will take place), and you stated that we would be diluted down further as Captiva would not have the money to fund its proportional interest. How did the transaction to convert our 50% joint venture interest into the net profit interest benefit shareholders of PWR? I won't go into further detail here.
The storm clouds are building. You had better start to address these issues beginning with completing your financial statements for last year.