Restricted Cash

9 Months Ended

Sep. 30, 2016

Notes

Restricted Cash

4.                       NOTE 4: CASH AND CASHEQUIVALENTS

Cash and cash equivalents are available to the Company without any restriction or limitation on withdrawal and/or use of these funds. The Company’s cash equivalents are placed with financial institutions that maintain high credit ratings. The carrying amounts of these assets approximate their fair value.

	USD			CHF	Other	Total	Total
	Cash and cash equivalents					September 30, 2016	December 31, 2016
	original currency   52,765			2,830,117	14,655
	in$                        52,765			2,921,140	11,793	2,985,698	111,830
	USD ($)=       USDollar
EURO		=	Euro
CHF		=	Swiss Francs
AUD		=	Australian Dollar
CRC		=	Costa Rican Colón

5.                       NOTE 5: RESTRICTEDCASH

As of September 30, 2016, the Company has the following restricted cash positions:

Restricted Cash	September 30, 2016 $	December 31, 2015 $
Credit Suisse in favor of BVK pension fund	131,911	128,805
Banco Lafise in favor Costa Rican Tourism Board	933,350	-
HSBC in favor of Costa Rican Tourism Board	-	370,000
Banco National de Costa Rica in favor of the Costa Rican Tourism Board	-	563,350
Banco Lafise in favor Costa Rican Environmental Agency – SETENA	608,302	-
Banco Nacional de Costa Rica in favor of the Costa Rican Environmental Agency – SETENA	-	622,312
Gross	1,673,563	1,684,467

Restricted cash positions in favor of Costa Rican Tourism Board and Costa Rican Environmental Agency – SETANA are related to the hotel project in Costa Rica and therefore their release is not expected before finalization of the corresponding project. Due to this fact, these restricted cash positions have been classified as long term.

The restricted cash position in favor of BVK pension fund is a rental deposit related to a long term lease contract for office space. Therefore, this restricted cash position is also classified as long term.