Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN UNCONSOLIDATED ENTITIES

v3.22.2.2
INVESTMENT IN UNCONSOLIDATED ENTITIES
9 Months Ended
Sep. 30, 2022
NOTE 6 - INVESTMENT IN UNCONSOLIDATED ENTITIES

NOTE 6 – INVESTMENT IN UNCONSOLIDATED ENTITIES

 

The Company accounts for its investment in Viking under the equity method. The Company owns approximately 60.9% of the outstanding common shares of Viking at September 30, 2022 and December 31, 2021.

 

Table below shows the changes in the investments in unconsolidated entities for the nine-month period ended September 30, 2022 and the year ended December 31, 2021.

 

 

 

September 30,

2022

 

 

December 31,

2021

 

Carrying amount – beginning of period

 

$

36,299,592

 

 

$

15,830,538

 

Investment in Viking

 

 

-

 

 

 

29,900,000

 

Proportionate share of (losses)

 

 

(8,265,256

)

 

 

(9,430,946

)

 

 

 

 

 

 

 

 

 

Carrying amount - ending

 

$

28,034,336

 

 

$

36,299,592