Page 8 of the company's Form 10 indicates that more income from the water rights assets is coming in February 2022 !! Excerpt from Form 10:
PLAN OF OPERATION
The Company owns $47,591,426 in audited water assets (recently appraised at over $60,000,000) which WSRC is actively applying to "beneficial use" projects in Routt County, Colorado. These water assets have serviced 3 rural residential subdivisions for over 10 years, and have been decreed for residential, commercial, and industrial development as well as agriculture, storage, and several other "beneficial uses" under Colorado State Water Law. These water assets (water rights and extensive infrastructure) have, since execution of a February 5, 2021 contract with Global Hemp Group, Inc. become pivotal in a plan being active executed for cultivation of industrial hemp on 664 acres of land; processing and manufacture of hemp-based construction materials on 44 acres; and construction of affordable homes on 166 acres of land using hemp-based materials to meet a serious demand for housing to support the Steamboat Springs Resort area. To that purpose, the Company acquired (closed June 15, 2021) the 44 acres of commercial/industrial property at a price of $1,400,000, which is now in the final stages of City Planning Commission approval after receipt of the Company's final engineered site plan design for this collaborative project with Global Hemp Group Inc. This approval paves the way for construction of the processing and manufacturing facilities for scheduled completion in late Summer 2022. The 664-acre agricultural land parcel and 166-acre residential development land parcel are under "hard contract" with $450,000 paid October 21, 2021 as non-refundable earnest money pending City approval of land use plans submitted for commencement of development in the Spring of 2022. As of the Company's September 30, 2021 audited financial statements, this project has generated net income for the Company in the amount of $1,065,993, with an additional contractual payment resulting in over $3,000,000 of net income for the Company as a receivable on February 25, 2022.
As announced in a press release of 09.30.21 the Company confirmed the audit and filing of Company's 09.30.21 Financial Statements. The Company's 3rd Quarter financial statements were completed and filed within the guidelines of Generally Accepted Accounting Principles (GAAP) and reflect net income of $1,065,993 and total assets of $50,137,216. The Company filed copies of the completed 2019 and 2020 Audits on OTC Markets concurrent with its 10.27.21 press release.
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