GENERAL FINANCE AND DEVELOPMENT, INC. – RECENT DEVELOPMENTS

Overview

General Finance and Development, Inc. (GFD) is a Minnesota based micro-cap holding company that invests in and manages creative venture projects with growth potential that are complimentary with our business model. The growth of these ventures is driven by individuals who have a creative entrepreneurial spirit. Our subsidiary GFD Investments, LLC is an investment fund that invests directly in companies and provides capital for financing purposes. Our subsidiary Corporate Art Force, LLC dba Art Force, is a nation-wide provider of artwork and consulting services for small to enterprise level organizations. Our subsidiary High Impact Sports, LLC brings sports clubs and other sports related businesses into the organization that benefit from Centralized Functions, Buying Power and Economies of Scale.

Status as of December 31, 2020

GFD Investments, LLC

We are actively looking to invest in opportunities in alignment with the business purpose of the company.

Corporate Art Force, LLC (“Art Force”) 

Primarily due to the Covid 19 pandemic there has been a significant reduction of opportunities for art related corporate sales. Art Force is continuing to control costs by reducing staff and limiting the risk of any new initiatives until there is more clarity on the market following the pandemic.

High Impact Sports, LLC

Primarily due to the Covid 19 pandemic and the economic shut down affecting youth sports. All operations of High Impact Sports have been put on hold and will not resume until there is a complete resumption of sports activities and management determines the strategic direction moving forward. 

Material Developments

Relocation of Offices and Facilities

In May of 2020 the office of General Finance and Development moved to a new location in New Brighton Minnesota along with Corporate Art Force and its operating facility. In April 2020 Corporate Art Force, LLC, entered into a lease agreement for 5,884 square feet of space at 600 Co Rd D, New Brighton, MN 55112. The lease is for a term of 5 years with a base rent of $3,368 per month and an increase of 3% annually.  All operations of High Impact Sports have been put on hold and equipment is in storage until the direction of the company has been determined.

SBA PPP Loan

General Finance and Development received an SBA PPP Loan in April of 2020 in the amount of $94,000 and utilized all proceeds in accordance with the loan forgiveness requirements. Subsequently the SBA has forgiven the loan in full in January of 2021.  

Current Lawsuit

On May 22, 2020 Acky-Van Buren, LLC filed a lawsuit against Corporate Art Force, LLC in Hennepin County District Court, Minnesota, alleging breach of contract and unjust enrichment for failure to make rent payments under a lease agreement which has been subsequently terminated. The lawsuit seeks damages in excess of $50,000, plus attorney’s fees and costs. As of May 15, 2020, Acky-Van Buren is claiming that $843,661 is owed that includes past and future rent payments remaining under the lease. Corporate Art Force, LLC has retained the services of legal counsel and filed a counter claim on June 21, 2020 alleging breach of contract, unjust enrichment and rental abatement.  According to a mold report conducted by the company’s insurance provider, the space occupied by Corporate Art Force has heavy levels of mold contamination. Simultaneously there was abundant rodent infestation that together with the mold contamination caused health issues for key employees and eliminated the use of the facility for client meetings and show room presentations, consequently affecting business operations and sales. The counterclaim is seeking damages in excess of $50,000, plus attorney’s fees and costs, special damages, consequential damages, business interference, among others.  As of February 24, 2021, Corporate Art Force is claiming damages of $1,423,963 , including $749,121 in rent abatement.

Public Company Information

  • General Finance and Development, Inc.
  • 600 Co Rd D West, Suite 15
  • New Brighton, MN 55112
  • Phone 763-567-2208
  • Public Company Listing                OTC Marketplace – Pink Open Market Platform  
  • Reporting Standard                       Alternative Reporting Standard as of Sept 15, 2005 – Currently Dark
  • CIK                                                    0001313800
  • Fiscal Year End                               12/31

Company Officers

William Kieger   CEO, CFO

Board of Directors

Mark P. Borman                           Independent Director, Audit Committee Member

William Kieger  

Mark Setterstrom                        Independent Director

GFDV Security Details               

Market Value $2,342,981 a/o Dec 31, 2020
Authorized Shares 50,000,000 a/o Dec 31, 2020
Outstanding Shares 4,259,966 a/o Dec 31, 2020
-Restricted 992,453 a/o Dec 31, 2020
-Unrestricted 3,267,513 a/o Dec 31, 2020
Held at DTC 148,514 a/o Dec 31, 2020
Float 139,064 a/o Dec 31, 2020
Par Value 0.01  

Transfer Agent

  • Signature Stock Transfer, Inc.
  • 14673 Midway Road – Suite 220
  • Addison, TX 75001

Accounting/Auditing Firm

  • Casey, Menden, Faust & Nelson, P.A.
  • 7900 W 78th Street
  • Suite 450
  • Edina, MN 55439

SEC Legal Counsel

  • Messerli & Kramer, PA
  • 1400 Fifth Street Towers
  • 100 South Fifth Street
  • Minneapolis, MN55402

Market Makers

MMID Name    Location
CDEL Citadel Securities Chicago, IL
CSTI CANACCORD GENUITY, LLC New York, NY
ETRF G1 Execution Services, LLC Chicago, IL
GTSM GTS Securities, LLC New York
NITE VIRTU Americas, LLC NYC
OTCX OTC Link ECN New York, NY

Shareholder Reports

Shareholder Reports are available by request for shareholders of record. Contact InvestorRelations@genfd.com

Website

www.genfd.com

Disclaimer

The foregoing material may contain forward-looking statements. We caution that such statements may be subject to uncertainties and that actual results could differ materially from the fore-going statements. Readers accordingly should not place undue reliance on these forward-looking statements which do not reflect anticipated or unanticipated events or circumstances occurring after the date of these forward-looking statements. More information regarding General Finance and Development including financial statements and reports is available at the company’s website www.genfd.com and www.otcmarkets.com.