XML 31 R22.htm IDEA: XBRL DOCUMENT

Selling, General and Administrative Expenses, Policy

9 Months Ended

Sep. 30, 2016

Selling, General and Administrative Expenses, Policy

20. NOTE 20: GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses according to the consolidated statement of comprehensive loss include:

	Three-month period ended September 30, 2016 $	Three-month period ended September 30, 2015 $	Nine-month period ended September 30, 2016 $	Nine-month period ended September 30, 2015 $
Rental & related expenses	49,031	51,674	153,818	153,302
Audit	63,698	2,900	251,338	180,430
Consulting	1,022,910	378,692	1,984,715	971,073
Marketing, Investor & public relations	36,055	26,789	77,364	70,551
Travel expenses	66,053	130,710	262,966	418,460
Personnel costs including social security’s costs and share based remuneration	(219,192)	455,749	686,963	2,166,779
Various other operating expenditures	53,270	70,959	581,397	382,924
Total according statement of	$ 1,071,827	1,117,470	3,998,562	4,343,520
comprehensive loss

Termination of agreement with Concreta

In March 2013, SunVesta Holding AG, together with SunVesta Costa Rica Ltda. concluded an agreement with Concreta S.R.L for the “Design & Execution Plans, Logistics, Supply and Installation of all Interiors” for the “Papagayo Bay Resort & Luxury Villas” project in Costa Rica. Over time, the project developed differently to what the parties expected. Consequently, contract renegotiations became necessary. As these renegotiations could not be finalized satisfactorily, the Company terminated the existing contract effective February 3, 2016. In the meantime, a settlement agreement is being discussed, which, if signed by the parties, is probable to settle for an estimated amount of $600,000. This amount is accounted for as of September 30, 2016, under consulting expenses.