Updates not all great news but they are being more transparent which I like. To all the a$$holes that say this is all fake, why add these updates???
Specifically the Company sees higher risks associated with lifestyle live events and the festivals businesses where we are projecting lower revenues over the next 24-36 months. As a result the company decided to merge certain assets with the financial services segment to reduce reliance on revenue streams that could be impacted by future unknown changes in the live events
As demand for LED installation dramatically shrank during the pandemic, we allocated LED e-commerce business assets to our Swiss-based Mylestone Sustainable technologies holdings. While the Company sees great opportunities for LED business within our residential and
commercial sustainable technology business associated with energy conservation, it will take
several quarters to know if the plan is effective.
The Company is finalizing demolition works in Germany and intends to continue with construction focused on the construction project in the Frankfurt area where demand remains high for low- to middle-income housing.
Plans for the luxury resort in Rhode Island and the associated shore redevelopment projects are being re-evaluated due to substantial capital expenditure requirements and uncertainties in the current environment. The plan is to retain some rights for these projects while mitigating ny financial exposure to our balance sheet.
our five-star Hotel Castle in Germany was temporarily closed, however limited access to capital at the right price extended our payout of the deposit for the Hotel. Once we finish paying out the remaining balance, the project will be added to the Company books.
Similarly we deferred the decision to complete deposits for LOI's on Vita resort and the Quantum Hotels until 2022. We assumed a number of loans for the New Living Development in Germany as well as for the Swiss Storage facility, and we owe approximately €100,000 to the heat paint supplier. We are optimistic about our ability to complete these projects as we have successfully negotiated our debts until now
