Branny, would you mind elaborating on the failed acquisition of CREI? Given that the current round of funding was largely justified for this purpose, personally I was surprised and a bit confused by the update this morning. It was not entirely clear to me if you've decided to give up on the acquisition entirely or if it just hasn't happened yet. Could you clarify this? Thanks!
There was a deadline of funding of something like April the 15th to fund their first property. In order to fund it, Havelock & I wanted me to be able to meet with the CREI owner/manager personally by flying out to NC and inspecting his operation/properties/ect. I tried several times to get out there, and at no fault of CREI (Or myself for that matter) I couldn't make it out. Flights kept being delayed/pushed off and/or cancelled.
This isn't to say we can't or will not fund CREI properties in the future, however the first go-around has not come to fruition.
I'll have to check the numbers, but the CREI purchase accounted for 1/3rd of this current round of IPO's funding, the rest was for additional properties. As it stands now I expect to be able to leverage our current properties which will do away with the need for additional funding rounds and help us to scale greatly.