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 ArtForce, 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.
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.
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.
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.
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. CorporateArt 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 counter claim 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 ArtForce is claiming damages of $1,469,845, including $795,003 in rent abatement.
600 Co Rd D West, Suite 15
New Brighton, MN 55112
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