ECOBANK Casa Lago update - new house(s)!
Welcome to all of those interested to another update to our ECOBANK project. Remember that all the updates will be viewable on the Ecobanker Feed, so if you are only interested in this project you can follow along there. You may remember that we built a second private suite across the lake, and have furnished it with an extra large bed.
We went up to visit our partner and take a look and got some pictures recently:
Our socio Mr. Daza is a very interesting man, with his own building style utilizing a lot of second hand materials. This sounds kind of janky at first, but walls of colored glass bottles and other tricks are really pretty - and it must be said that the 100 year old wood he finds might even be of higher quality that the new stuff you can buy.
In all, his constructions have a nice style and because he does the work with his own small crew, he is able to get a lot more bang for all of our bucks.
And while he built this second suite with the money we invested, we agreed that we would reinburse half the costs, which is fair now that we are 50% owners of the property. I was a bit nervous as we entered the bear market, but forward is the only direction I know how to march.
I have done my best to manage well the money we raised last year, but I always knew that we would need a bit more money for the Casa Lago and I am not against putting in more of my own money (as long as I have it).
So, time to bite the bullet, we reviewed Mr. Daza's records and receipts and discovered that the construction and furnishment of this second private suite cost just 28 million colombian pesos (~6511 USD), and I shouldn't forget to mention that includes quite a bit of extra wood that we will use later.
Ponying up our half, I personally injected approximately 3255 USD into our project this month, as shown on this signed receipt:
With these funds, Mr. Daza is once again reinjecting his capital into the building of an admin suite, another building on the property which we planned and discussed with him, agreeing together earlier this year.
Below you can see the progress from this past Friday, as they were cementing in the second story floor. Again, half the costs for this upgrade will be born by us - which likely means me injecting more capital although there are of course other possibilities, like selling more tokens, but I am not eager to try to sell any to crypto people in this deep bear market and I have enough belief in the project personally.
The continued alert of our local volcano has impeded the tourism activity in our sector, but I'm not worried and neither is Mr. Daza - we are officially outside of the 'danger zone' - it might be said that fear is the real danger (mind virus). As you can see, we continue to invest our own capital in advancing this great project.
Some token accounting moves
I have some accounting to do for you all, and I want to take it step by step. First, referring to this post the EcoBank has some tokens reserved for management costs. These tokens were reserved at the $1.10 dollar sale price, and I will be taking some of those now, but not for the house construction.
You may remember that we completely upgraded our legal standing, and we are in the national tourism registry now, this along with paying the associated taxes and fees cost me approximately 235 dollars (not including my time), distributed as such.
Chamber of Commerce - $80 Accountant - $85 Paperwork - $20 Taxes - $50
We also participated in some 'admin' activities, such as providing some tools and planting cuttings around the border.
Table Saw - $200 Garden Improvements - $50
We have not invested any additional money in the other property, so consider this a complete list up to this moment.
Here are the new totals for completeness:
Management - Legal: 3000 ECOBANK tokens Previously Spent: $1375 USD (1250 ECOBANK tokens) New Costs: $235 (213.63 ECOBANK tokens) Chamber of Commerce - $80 Accountant - $85 Paperwork - $20 Taxes - $50
Management - Administration: 3000 ECOBANK tokens Previously Spent: $1000 (909.09 ECOBANK tokens) New Costs: $250 (227.27 ECOBANK tokens) Table Saw - $200 Garden Improvements - $50
Licensing and Permits - 2700 ECOBANK tokens Planning Fees - 1230 ECOBANK tokens Design/Other: 4800 ECOBANK tokens
Management - Technical: 3000 ECOBANK tokens Previously Spent: $490 USD (445.45 ECOBANK tokens)
Reinbursement of costs:
These 440.9 ECOBANK tokens will be sent to my personal account in direct reinbursement of these minor costs at the original price of $1.10. Here's the Transaction.
The expansion costs on the other hand, will be reimbursed at the new price of $1.65 - we can talk more about this new number in a future post, but this is where we are at right now - this is the approved price to issue/sell any new tokens. When we get back into selling season, this will also give early investors room to exit at a (dollar) profit if they so wish.
3255 / 1.65 = 1972.72 ECOBANK tokens
Conclusion (for now)
I know this is going slow with few regular updates, but I guess that is part of the reality of physical development versus quick crypto returns. Our positioning continues to be strong, and our management continues to be deliberate and conservative. The crypto tides will change one day, and we will still be here, ready.
I'll have an official Q2 update by the end of the month for you all, talking mostly about price and portfolio positioning, so make sure to follow @ecobanker and stay tuned for that. For now, ask any questions, express any concerns or celebrate your compliments in the comments below.