RE:RE:Hexo sold Belleville for $10 million to a Hexo BoardTouran77 wrote:
Keeler wrote: member.
I posted that the transaction seemed greasy - given Hexo had invested $10s of millions into Bellevilel renovations and upgrades and the Board memebr seemed to be acquiring a fully retrofited complex at less than what Hexo had invested.
tonto of course, being a paid pumptard, was qick to point out that I didnt know what I was talking about - Hexo had actually recorded a 'gain on disposal' of $9 million - see below.
queertard of coruse, being a paid pumptard, was quick to point out that I didnt know what I was talking about - it couldnt possibly cost $10s of millions to renovate Belleville.
So - as below Hexo did show a paper gain of $9 million - 100% of which went directly to servciing the ridiculous High Trail financing. Unfortunately - as below - leasehold improvements and other expenses amounted to an impairment of $83.1 million - as shown on April 30/22 financials.
The KIT operation, also shuttered in Belleville recorded a loss of $13 million.
So, Hexo lost over $70 million by closing/writing off Belleville - and laying off hundreds of employees - while key management saw a 100% in compensation for the same period.
Seems fair.
Keeler Broadcasting "The Truth"
Belleville Complex Inc.
On January 18, 2022, the Company disposed of its 25% interest in the joint venture Belleville Complex Inc (Note 28) which carried a value of $984. The interest was sold to the other shareholder, the related party Olegna Holdings Inc. (“Olegna”), a company owned and controlled by a director of the Company for gross proceeds of $10,111 and gain on disposal of $9,127. The proceeds were fully used towards the settlement of a monthly optional redemption on the Senior Secured Convertible Note (Note 18).
On October 31, 2021, the Company identified impairment to its Keystone Isolation Technology (KIT) capital project which was suspended. The KIT capital project related to the development and commissioning of new cannabis extraction and isolation equipment. During the three and nine months ended April 30, 2022, the Company recognized impairments on the associated equipment for an impairment loss of $nil and $13,377.
During the three months ended April 30, 2022, management announced the planned cessation of operations at the leased, centralized manufacturing and processing facility, Belleville. The Company expects to phase out operations at the facility and migrate to other existing facilities. Certain identified cultivation equipment will also be transferred to alternative sites. The leasehold improvements, remaining construction in progress, associated and certain, redundant equipment have been impaired to their recoverable amounts. 16 Also on April 30, 2022, certain conditions existed requiring an adjustment to the recoverable value of a cultivation facility.
As a result of the above, the Company recognized impairment losses of $83,171 during the three months ended April 30, 2022.
Thanks for pointing out I was right about the 9M gain.
Have you stopped acting like a teenager and now recognize when you are wrong?
Touran
Keeler posts about how bad managed was Hexo and you Touran try to look smarter. You never post these kinds of informations
but stup!d thing like the second sentence you wrote. guess you is the teenager. Touran you are one of the d4mmy in this group. At least, quinlash has good manupilation skill to convince the naive people. You bla bla bla, saying you were right 9 months ago, you were right two years ago and you didn't lose money because you swing trade. Stop humiliating yourself, try to be actual, nvm 1 year's ago. The funniest of all is when you say so many times to not buy heavy until there is an uptrend. Wow, even Buffett would be proud of you. I didn't buy lightly, in fact not at all, and I didn't lose money.