(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. Management has decided to permanently discontinue the operations of High Impact Sports due to market and financial considerations.
We are actively looking to invest in opportunities in alignment with the business purpose of the company.
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.
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. A second loan was applied for in March of 2021 for $94,000 and the loan was approved and proceeds have been utilized in accordance with the rules in order to apply for forgiveness.
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 makerent 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 is that $843,661 is owed that includes past and future rent payments remaining under thelease. Corporate Art Force, LLC has retained the services of legal counsel and filed a counter claim onJune 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 January 14,2021, Corporate Art Force is claiming damages of $1,469,845, including $795,003 in rent abatement. The trial date has been scheduled for February 14, 2022.
We have recently been notified by OTC Markets that GFDV will be de-listed beginning in September of 2021 in accordance with a new SEC 211 reform requirement unless annual shareholder reports are posted with OTC Markets. Management has determined that the regulatory requirements, financial and time commitments don’t justify being listed on the OTC Markets and will assess a separate platform for “Expert Investors” that has been announced by OTC Markets. Management anticipates the details of the platform to be made available prior to September of 2021.
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
William Kieger CEO, CFO
Mark P. Borman Independent Director, Audit Committee Member
William Kieger
Mark Setterstrom Independent Director
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
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
Messerli & Kramer, PA
1400 Fifth Street Towers
100 South Fifth Street
Minneapolis, MN55402
MMID Name Location
CDEL Citadel Securities Chicago, IL
CSTI CANACCORD GENUITY LLC. New York NY
ETRF G1 Execution Services, LLC Chicago, ILGTSM
GTS Securities LLC New York
NITE VIRTU Americas LLC NYC
OTCX OTC Link ECN New York, NY
Shareholder Reports are available by request for shareholders of record. Contact
InvestorRelations@genfd.com
www.genfd.com
The foregoing material may contain forward-looking statements. We caution that such statements maybe 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.
General Finance and Development, Inc.
600 Co Rd D West, Suite 15
New Brighton, MN 55112
Phone 763-567-2208
OTC Marketplace - Pink Open Market Platform
Reporting Standard Alternative Reporting Standard as of Sept 15, 2005 – Currently DarkCIK 0001313800
Fiscal Year End 12/31
William Kieger CEO, CFO
Mark P. Borman Independent Director, Audit Committee Member
William Kieger
Mark Setterstrom Independent Director
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
Signature Stock Transfer, Inc.
14673 Midway Road - Suite 220
Addison, TX 75001
Casey, Menden, Faust & Nelson, P.A.
7900 W 78th StreetSuite 450
Edina, MN 55439
Messerli & Kramer, PA1400 Fifth Street Towers100 South Fifth Street
Minneapolis, MN55402