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Posted On: 01/31/2024 2:06:02 PM
Post# of 13036
How will this get resolved? Potential lawsuit?
https://app.quotemedia.com/data/downloadFilin...2023-11-20
Project Financing Obligation
In June 2018, the Company received proceeds of $260,000 pursuant to a partnership agreement and related partnership contribution agreements with third party investors , pursuant to which investors have agreed to provide financing for no less than (10) ten new bus shelters being installed annually. Each investment in the partnership grants the investor the right to preferential distributions of profits related to the Company’s contract with Rhode Island. The investors receive 100% of the profits from the Rhode Island contract to install 20 bus shelters until 100% of the initial investments are returned. Thereafter, the investors receive 20% of the remaining profits from Rhode Island contract. As of September 30, 2023 and December 31, 2022, no profits have been earned on the Rhode Island contract, no repayments have occurred, and the total amount of investments received totaling $260,000 is reflected on the accompanying condensed consolidated balance sheet as a Project Financing Obligation. The contract with Rhode Island has been cancelled with the Company, the bus shelters are being liquidated or disposed of , and the Company is in discussions with the third party investors on next steps concerning the project financing obligation
One of few scenarios brewing in the background.
in my opinion
cheers
https://app.quotemedia.com/data/downloadFilin...2023-11-20
Project Financing Obligation
In June 2018, the Company received proceeds of $260,000 pursuant to a partnership agreement and related partnership contribution agreements with third party investors , pursuant to which investors have agreed to provide financing for no less than (10) ten new bus shelters being installed annually. Each investment in the partnership grants the investor the right to preferential distributions of profits related to the Company’s contract with Rhode Island. The investors receive 100% of the profits from the Rhode Island contract to install 20 bus shelters until 100% of the initial investments are returned. Thereafter, the investors receive 20% of the remaining profits from Rhode Island contract. As of September 30, 2023 and December 31, 2022, no profits have been earned on the Rhode Island contract, no repayments have occurred, and the total amount of investments received totaling $260,000 is reflected on the accompanying condensed consolidated balance sheet as a Project Financing Obligation. The contract with Rhode Island has been cancelled with the Company, the bus shelters are being liquidated or disposed of , and the Company is in discussions with the third party investors on next steps concerning the project financing obligation
One of few scenarios brewing in the background.
in my opinion
cheers
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