Unless the context requires otherwise, references in this Form 10-Q to "we,"
"our," "us" and similar terms refer to
Note about Forward-Looking Statements
This Form 10-Q contains forward-looking statements, such as statements relating
to our financial condition, results of operations, plans, objectives, future
performance and business operations. These statements relate to expectations
concerning matters that are not historical facts. These forward-looking
statements reflect our current views and expectations based largely upon the
information currently available to us and are subject to inherent risks and
uncertainties. Although we believe our expectations are based on reasonable
assumptions, they are not guarantees of future performance and there are a
number of important factors that could cause actual results to differ materially
from those expressed or implied by such forward-looking statements, including
the risks described in Item 1A. Risk Factors in our Annual Report on Form 10-K
for the year ended
Overview
As its initial development project, the Company expects to purchase, develop and
operate four adjoining parcels of approximately 39 acres each, totaling
approximately 157 acres in rural
In 2020, VitaNova began acquiring and now owns or controls a supermajority of
the preferred or controlling equity interests of the four parcels in the
The Company received preliminary approval from C-PACE, a
The Company recently completed a private placement and raised
On
On
12 Results of Operations
For Three Months Ended
The Company did not begin operations until July, 2020; therefore, there were no
operations for the three months ended
For the three months ended
Liquidity and Capital Resources
We have begun our operations relying on external investors. Since inception in
July, 2021, we have raised
We believe with the anticipated influx of additional capital from external investors we will have sufficient capital to meet our anticipated cash needs for at least the next twelve months.
Our future working capital requirements will depend on many factors, including the expansion of farming and water projects. To the extent our cash, cash equivalents and cash flows from operating activities are insufficient to fund our future activities, we may need to raise additional funds through public or private equity or debt financing. We also may need to raise additional funds in the event we determine in the future to effect one or more acquisitions of businesses, technologies and products. If additional funding is required, we may not be able to effect an equity or debt financing on terms acceptable to us or at all.
At the present time we have no available line or letters of credit.
To date we have only had limited revenue, which occurred the last one-half of
2020 via a sublease of farming land. Therefore, presently operations are not
sufficient to sustain our operations without the additional sources of capital.
As of
As of
Cash provided by financing activities was
Critical Accounting Policies
We have identified the policies below as critical to our business operations and the understanding of our results from operations. The impact and any associated risks related to these policies on our business operations is discussed throughout "Management's Discussion and Analysis of Financial Conditions and Results of Operations" where such policies affect our reported and expected financial results. For a detailed discussion of the application of these and other accounting policies, see Note 2 of the notes to condensed consolidated financial statements included elsewhere in this Form 10-Q. Our preparation of such condensed consolidated financial statements and this Form 10-Q requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of our financial statements, and the reported amounts of revenue and expenses during the reporting period. There can be no assurance that actual results will not differ from those estimates.
Revenue Recognition
We follow specific and detailed guidelines in measuring revenue; however, certain judgments may affect the application of our revenue policy. Revenue results are difficult to predict, and any shortfall in revenue or delay in recognizing revenue could cause our operating results to vary significantly from quarter to quarter and could result in future operating losses.
Impairment Policy
At least once every year, management examines all of our assets for proper valuation and to determine if an impairment is necessary. In terms of real estate owned, this impairment examination also includes the accumulated depreciation. Management examines market valuations and if an additional impairment is necessary for lower of cost or market, then an impairment charge is recorded.
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