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Thursday, May 25, 2017 11:30:59 AM
so the current 14 million in pipeline when should that show up?
It's spread out over the next 12 to 24 months with much of it scheduled for this year. For example, Forest Grove was announced in March as 50,000 square feet priced at between $1.5 and $1.9 million and construction began in April. Completion was estimated within four months. The company pays mCig in advance each month for the following month's labor and materials. Consequently, assuming an even distribution, about 25% of that revenue would have shown up in the 4th quarter financials (thru April 30) with the rest coming in during 1FQ18 (thru July 31). They have another 65,000 sq ft of space that they plan to develop in phase 2, however, I'm not sure if that's being counted in the $14 million or not and what time frame they're looking at. Each project has it's own timetable many with multiple phases.
Also, keep in mind that, during the conference call, they said that if nothing else changed, their existing contracts would produce $8 million in revs for FY18 (thru 4/30/18). I think that may be a conservative estimate. According to Mike Hawkins, VitaCig alone has $6 million in contracts with $2 million scheduled for this fiscal year. I feel pretty confident they'll realize more than $6 million in construction revs in FY18
Les
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