How is the sale of the Luxuria "good news" to shareholders of GBBT?
Havent you done the math?
Post sale, that leaves the company (it's shareholders) with a whopping $128,000 in cash.
What about capital gains taxes on the sale + all the "salary" money the CEO is owed?
This leaves the company with NOTHING
Also keep in mind that the sole purpose to sell this vessel was to service debt AND fund new vessel build outs.
Well, that's not going to happen now
So what does one own now when they own GBBT?
See below
Item 2.01
Completion of Acquisition or Disposition of Assets.
On April 24, 2019, the Company closed on the sale of the Luxuria, the luxury floating vessel, designed, built and owned by the Company. The purchase price of the Luxuria was $750,000. Upon closing the Company paid $600,000 to Tonaquint Inc. and St. George Investments LLC in accordance with the Note Settlement Agreement described in Item 1.01, above. Additionally, the Company was obligated to pay a brokerage fee of $22,500 on the sale. Neither the purchaser nor the broker was not an affiliate of the Company.
