VETANOVA, INC. 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
The Company recently completed a private placement and raised
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
For Six Months Ended
The Company did not begin operations until July, 2020; therefore, there were no
operations for the six months ended
For the three months ended
Liquidity and Capital Resources
We have begun our operations relying on external investors. Since inception and
through
See Note 1 to the financial statements included as part of this report for a discussion of our anticipated capital requirements and plans to fund our anticipated capital requirements.
The Company received preliminary approval from C-PACE, a
We believe with additional capital from third party investors we will have sufficient capital to meet our anticipated cash needs for at least the next twelve months.
12
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
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.
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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