Financials...has a working capital deficiency of $6,478,520 and an accumulated deficit of $27,470,722.
Thanks goodness for the $1.9M from Green Matter Technologies received for consulting fees. That company has obviously sold a significant amount of HVAC units (beside the one sold to a hotel in Puerto Rico) to account for making those kinds fees. Still no mention of using them at Sage Ranch.
- liabilities have increased from $5.6M to $13M+ and they haven't even taken out the VOYA loan yet.
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 year ended December 31, 2023, the Company has not purchased any water rights under this option agreements. 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. Each unit consists of one common share plus one whole share purchase warrant. Each warrant is exercisable to acquire one common share at an exercise price of $1.46 until December 13, 2025 (Note 13).
During the year ended December 31, 2022, the Company sold 36,487,500 shares of Captiva for net proceeds of $722,393 resulting in a loss on disposition of $2,093,851. After this sale, the Company no longer had any ownership in Captiva.
On various dates since execution of the land lease option agreement, the parties have executed separate amendments to extend the expiration date. During the year ending December 31, 2023, the Company made payment totalling USD$105,667 (December 31, 2022 – USD$115,775), related to extension agreements. Subsequent to year end, the Company entered into additional extension agreements extending the option term on all agreements to December 31, 2024 and agreeing to make future payments totalling US$221,000.
On December 13, 2023, the Company issued a USD$3,000,000 unsecured convertible debenture. As part of the issuance, the Company received USD $2,640,000 in cash and USD $360,000 was retained by the investor as prepaid interest.
On June 22, 2023 and amended on August 21, 2023, the Company entered into an agreement with Captiva to settle the outstanding joint-venture agreement on Sage Ranch between the Company and Captiva, whereby the Company will pay Captiva $5,591,588 in 48 equal monthly installments of $116,491 starting on July 1, 2024, with the last payment on June 1, 2028.
$1.7M in consulting fees, management fees and share based compensation