Annual report pursuant to Section 13 and 15(d)

INVESTMENT IN UNCONSOLIDATED ENTITIES

v3.22.4
INVESTMENT IN UNCONSOLIDATED ENTITIES
12 Months Ended
Dec. 31, 2022
INVESTMENT IN UNCONSOLIDATED ENTITIES  
INVESTMENT IN UNCONSOLIDATED ENTITY'S

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 December 31, 2022.

 

Table below shows the changes in the investments in unconsolidated entities for the years ended December 31, 2022 and 2021.

 

 

 

December 31,

2022

 

 

December 31,

2021

 

Carrying amount – beginning

 

$ 36,299,592

 

 

$ 15,830,538

 

Investment in Viking

 

 

-

 

 

 

29,900,000

 

Proportionate share of (losses)

 

 

(9,461,874 )

 

 

(9,430,946 )

 

 

 

 

 

 

 

 

 

Carrying amount – ending

 

$ 26,837,718

 

 

$ 36,299,592