Pretty disappointing to see this on another 10-Q
Post# of 13551
(Total Views: 146)
Posted On: 11/20/2022 1:13:15 PM
Pretty disappointing to see this on another 10-Q
Now (7 months later with no 8-K issued) we finally know that subsidiary has lost its original 10-yr contract with Ri transit company. I was hoping some of these solar bus shelters, still for sale, were part of the $80K in company assets sold last quarter. Maybe...maybe not?
11/14/22 3rd Quarter 10-Q
https://app.quotemedia.com/data/downloadFilin...CK=1343465
Project Financing Obligation
Page 15
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 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, 2022 and December 31, 2021, 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 consolidated balance sheet as a Project Financing Obligation. The Company’s contract with Rhode Island has been mutually terminated and the Company is presently in the process of selling the bus shelters and working with the investors as the project is wrapped up and concluded and the project financing obligation resolved.
Did those 20 solar bus shelters ever get installed? Why this? [color=red"]Company is presently in the process of selling the bus shelters."[/color] ...if they were installed?
Sort of weird to see dozens of "solar bus shelter" photos showing up on Twitter page this past July. If they were installed not sure why this "Company is presently in the process of selling the bus shelters". Think they're still up on Twitter. Check them out. Where are the bus shelters now? They can't be installed...that's for certain.
Once again, the answers to these questions (I would think) are most beneficial to shareholders. Then again, maybe I'm hallucinating?
just due diligence...not personal
in my humble opinion
cheers
Now (7 months later with no 8-K issued) we finally know that subsidiary has lost its original 10-yr contract with Ri transit company. I was hoping some of these solar bus shelters, still for sale, were part of the $80K in company assets sold last quarter. Maybe...maybe not?
11/14/22 3rd Quarter 10-Q
https://app.quotemedia.com/data/downloadFilin...CK=1343465
Project Financing Obligation
Page 15
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 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, 2022 and December 31, 2021, 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 consolidated balance sheet as a Project Financing Obligation. The Company’s contract with Rhode Island has been mutually terminated and the Company is presently in the process of selling the bus shelters and working with the investors as the project is wrapped up and concluded and the project financing obligation resolved.
Did those 20 solar bus shelters ever get installed? Why this? [color=red"]Company is presently in the process of selling the bus shelters."[/color] ...if they were installed?
Sort of weird to see dozens of "solar bus shelter" photos showing up on Twitter page this past July. If they were installed not sure why this "Company is presently in the process of selling the bus shelters". Think they're still up on Twitter. Check them out. Where are the bus shelters now? They can't be installed...that's for certain.
Once again, the answers to these questions (I would think) are most beneficial to shareholders. Then again, maybe I'm hallucinating?
just due diligence...not personal
in my humble opinion
cheers
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