Yes, that's about right. It's addressed in the press release I included at the end of this post. But in addition to the 10 properties, there was also the 3 unit property in the Carribean as weel as the boutique hotel. As well, as the crypto currency exchange. The app has been around for three years and has yet to earn any revenue.
I guess I have a different perspective on VAYK having been reading Justice's press releases all these years. 139 of them. Everything he's tried to do has gone awry and then gone away. I know there's always a chance of success with any venture but the odds seem not to be in shareholder's favor on this one. Just my opinion.
DALLAS, Dec. 11, 2020 /PRNewswire/ -- World Series of Golf, Inc. (USOTC: WSGF) ("WSGF"), through its new subsidiary, Vaycaychella, today announced a transaction underway expected to be completed by month end that will reduce balance sheet reported debt by $1.25 million.
In January of this year, WSGF acquired Vaycaychella, a sharing economy technology company with a P2P App to connect entrepreneurs seeking to acquire short-term rental vacation properties with investors to back them. WSGF is in the process of making a corporate name change in conjunction with its new Vaycaychella business focus.
Vaycaychella is a three-year-old operation that has built a business model focused on financing short-term vacation rental properties outside of conventional financing channels. Vaycaychella's mission is to empower entrepreneurs looking to get into the short-term vacation property rental business marketed through sharing technology apps such as Airbnb, Booking.com and Vrbo.
Now that Vaycaychella has established a proven model through developing a portfolio of properties that includes 10 Caribbean beach front vacation homes, a boutique hotel, and a recently acquired 3 unit building in Puerto Rico with an overall estimated cumulative value of $12 million, the company is scaling that model with the introduction of a peer-to-peer (P2P) application (App) designed to connect new and existing short-term vacation property rental operators with prospective investors.
Management has targeted closing 10,000 short-term vacation property rental purchase transactions within the first twelve months after releasing the production version of its P2P App producing over $100 million in estimated revenue.
WSGF acquired Vaycaychella in exchange for a $1.5 million purchase note. Vaycaychella brought to WSGF a $1.25 million note receivable asset secured by short-term vacation rental properties with approximately $10 million in real estate enterprise value. The $1.5 million note holders have agreed to exchange the note for a control block of preferred shares. At the same time, the current majority shareholder has agreed to surrender his control block of preferred shares in exchange for a $250,000 note. The net reduction in debt will be $1.25 million.
You can lead a horse to water. But you can't make him get down on one knee and do an Al Jolson impression!
