Overview
The Company is in its development stage and intends to build and operate solar-powered, carbon-negative greenhouses utilizing Artificial Intelligence assisted technologies to control the growing environment if it can obtain financing. The Company's revenue is expected to come from growing farm-fresh fruits and vegetables to be sold to local markets.
The Company intends to produce farm-fresh fruits and vegetables for local
delivery in historically productive agricultural regions with high solar indexes
and close to large urban areas of
Results of Operations Year EndedDecember 31, 2020
During the year ended
During the year ended
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Year Ended
For the twelve months ended
Liquidity and Capital Resources
We have not yet begun operations. Since inception and through
On
Our sources and (uses) of cash for the periods presented were:
Year ended Year ended 12-31-2021 12-31-2020 Cash Used in Operations $ <913,381 > $ <351,091 > Purchase of Units from VitaNova Solar Partners, LLC <4,420 > - Sale of common stock and warrants 214,611 351,091 Sale of Units by VitaNova Solar Partners, LLC 962,422 - Payoff due to related party <448,925 > - Sale of Convertible Debt 308,200 - Capital Requirements
Our estimated capital requirements for the period ending
? General and administrative expenses$ 625,000 ? Payments related to the purchase of land in$ 2,500,000 southeasternColorado (1) ? Retrofit/expand existing greenhouse and warehouse (2)$ 9,500,000 ? Construction of solar system to power expanded$ 3,000,000 greenhouse and warehouse
(1) See Item 1 of this report regarding payments we are required to make in connection with the purchase of these properties.
(2) Represents the costs to retrofit and expand an existing greenhouse and
warehouse we acquired in southern
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Significant Accounting Policies
See Note 2 to the
Impairment Policy
At least once every year, management examines all our assets for proper valuation and to determine if an impairment is necessary. In terms of real estate owned, this impairment examination also includes the accumulated depreciation. Management examines market valuations and if an additional impairment is necessary for lower of cost or market, then an impairment charge is recorded.
Contractual Obligations
As of
Significant Accounting Policies
For a discussion of our significant accounting policies please see Note 2 to the audited financial statements included as part of this report.
Critical Accounting Estimates
The preparation of financial statements in conformity with
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