CAPEX sits on Balance Sheet. If AVQ funds this as JV partner I'm sure the JV Agreement will detail whether that's AVQs share of the JV (given land is provided by the landholders) or if there's some form of loan arrangement. Do not confuse balance sheet with the P&L. 20/80 profit split on L&L is after all operating and financial expenses are incurred
AVQ Price at posting:
25.0¢ Sentiment: Buy Disclosure: Held