Replies to post #143897 on TAP Real Estate Technologies Inc (RWAX)

[ListenToTheTrees]

Awww the ol' which is heavier, 1000lbs of feathers vs 1000lbs of stone, like you said $20M is $20M

[Shawonsarker84]

That's correct Captain! Let's freaking go

[TenKay]

“Steel slag a new word for you“

Did you read the 10K? Wasn’t my word….lol.

As for the balance sheet…right now the “asset” has zero net value any way you cut.

Just like if they didn’t own it because they haven’t paid for it yet…or if they had impaired the entire value of the asset.

I think there is more going on than just the share issuance. If they had paid for it and that liability was moved to the equity part of the balance sheet then the auditors would have to have dug a lot further than just that “valuation report” which is likely the same one from 2017 that Ybyra’s auditors referenced.

And they would have been unable to provide an opinion just like Ybyra’s auditors couldn’t.

That little accounting twist bought them a year before they have to revisit it with their auditors.

As for selling it…I wouldn’t hold my breath. It was booked as a long term asset and appears to have been around since 2017. Notice they referred to FinCapital and a “previously dormant” entity? That’s another clue.

[NoMoDo]

I decided to go to Utah last week and check on the property that WSCG earmarked for the joint venture. I will say that I was impressed.

When I arrived, the first time, there was an event just getting started - people directing traffic, parking lots filled. Maybe a graduation? Not sure. I poked around quickly and then drove around the property and the neighborhood.

1. Property looks like they are about to start construction. There were several excavators, dirt haulers, trailers, and a bobcat. It was a weekday, but nothing was happening - likely due to the event.
2. Looks like there is an operating golf course on the property earmarked for the JV. The golf course was hopping. Only potential source of income right away. No idea what financial arrangements they have.
3. Second nicest section of land was in the back of the college near the road. There was a lake at the edge of the property and enough land to put apartments, another college building, or maybe a parking garage?
4. Across the street from the college was a nice piece of land that currently had a few trailers. Some of the land looked recently cleared.
5. The area of the college seemed to be upper class. Incredible mountain view, a small lake, and housing around the area was upper middle class.

The college was not huge, but still impressive. We tried to stay out of the way, but poked around a little. You can tell that they didn't skimp in building this project.