What date are we tracking as the date the business started operations? The June 23rd PR announces the IPO, but if unclear as far as if the IPO was complete or ongoing. Or is the IPO opening just the 392,000 shares that were sold? But when I look at a chart I don't see much trading until the end of August. If we assume July 1st is the start of business then the end of the quarter would be October 1st and the financial results are past due. If it is more like August 1st then we are due any time now for results to be released. I know this is a pinkie and there is not requirement to file yet (not enough shareholders), but I'm thinking that Dennis might just be waiting for the quarter to end to release any information.
I'm struggling with the June 23rd PR. There are a few things in there that bug me. It says the estimated value of the property is $40M for the Ambrose Building. I just don't see how that is possible. Even at an average price of $200,000 per loft and there are 22 lofts I think, so that comes to $4.4M. There are four large commercial spaces on the first floor. At most I would that each of those would be worth $1 million. So that comes to $8.4M, far short of the $40M project. I think we are looking at a $4.7M purchase price plus construction costs based on the vague PR. Which equates to over a million profits for LFWK after taxes (40% ownership). Not a bad start. By my estimates the project should be completed around February or March. So I guess we would have to knock off a year of interest on the $3.5M loan for the property.
Anyone care to venture how much effect the huricane season had on the company's bottomline. I read in money magazine that lumber prices went up like 30%. I would venture that we will see at least a 10-20% increase in material costs.
