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20. SUBSEQUENT EVENTS

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Dina   Tuesday, 05/01/18 08:12:37 PM
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20. SUBSEQUENT EVENTS

Management has evaluated subsequent events after the balance sheet date, through the issuance of the financial statements, for appropriate accounting and disclosure. The Company has identified the following subsequent events:

•On February 15, 2018, CHF 7 million (approximately $7.5 million) in bonds were sold to New Berlin Limited (a related party controlled by Dr. Max Rössler, a Director and related party). The respective amount was debited to the non-subordinated loan due to Global Care AG (a related party controlled by Dr. Max Rössler as well).

•On February 28, 2018, the Company met with Melía to advise that the amended completion date for the project could not be met. Discussions are now ongoing as to whether Melía will extend the agreement again or whether the Company will choose to engage a different management company for the project.

•The Paradisus Papagayo Bay Resort was accepted in the association of the “Leading Hotels of the World."

https://backend.otcmarkets.com/otcapi/company/sec-filings/12659112/content/html

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