Dilijan · Tavush · Republic of Armenia

Investment case · 2026 → 2035 · v2 (14 May 2026)

$3.83M for 90% of the night layer of the Dilijan creative peak

DeepWhite is raising $3.83M to build a Moment Factory Astra Lumina immersive night walk on a dedicated forest plot south of the AMPEAK Ropeway. The project pays back in 3.8 years (Base case) and lifts the underwriting of the entire Ampér ecosystem — turning a half-day stop in Dilijan into a 2-day destination.

$3.83Mtotal investment · 90% equity

3.8 yrspayback period · Base case

53%project IRR (with TV) · Base

Jul 2027start of revenue

Payback period

0.0years

discounted 0.0y

Time until cumulative cash flow turns positive. Your $3.83M is fully returned in Year 4 (Base case).

Project IRR

0.0%

annualised return · incl. terminal cost

The annualised return of the cash flows over the project life. Higher = better. Includes the explicit Terminal Cost of $8.0M at end of horizon.

NPV

0K USD

today's value · 20% discount · incl. TV

Today's value of all future cash flows net of the $3.83M CAPEX. Positive NPV ⇒ the project creates value above the 20% hurdle.

Visitors / yr (peak)

share of ropeway tourists 0%

Annual Astra Lumina visitors at the peak year (2028). The other ~70% of ropeway tourists provide the demand cushion.

01 · The ecosystem

A creative peak is taking shape in Dilijan

Ampér master plan + AMPEAK Ropeway + four districts. $8.1M private capital already committed since 2018.

02 · The gap

No reason to stay overnight

Visitors come, ride the ropeway, leave by sunset. The wider project needs a night anchor to lift average stay and spend.

03 · The fix

Astra Lumina by Moment Factory

A 1 km enchanted night walk through 8 zones. Light-touch, no capital construction — fits the restricted forest plot south of ST.2.

04 · The deal

$3.83M for 90% equity

DeepWhite originates, structures and operates (10% + management fees). Payback 3.8 yrs (Base), IRR 53% incl. TV.

Investment ask · what we need, when

Investment ask $3.83M total · drawn in two tranches over 12 months

+ $0.2M / yr ongoing
maintenance CAPEX

Total project investment

$3.83M

Construction $2.945M + Installation $0.3M + Land $0.5M = $3.745M project CAPEX. Plus ~$83K first-half-year maintenance CAPEX in 2027 to reach the $3.83M total ask. 100% funded by the investor in exchange for 90% equity in the Moment Factory Dilijan SPV. DeepWhite holds 10% (option to increase with operational performance) and operates the asset.

Capital schedule

Jul 2026 Tranche 1 — Land + Construction Phase 1 + Installation start. $2.27M
Jan – Jul 2027 Tranche 2 — Construction Phase 2, content production, soft launch. $1.58M
Year 2 → 10 Maintenance CAPEX — paid out of operating cash flow. $0.2M/yr

CAPEX breakdown · project investment by component

Component 01 · 78.6%

Construction $2,945K

Soft infrastructure — paths, lighting infrastructure, sound system, control room, technical building.

Component 02 · 8.0%

Installation $300K

Moment Factory equipment + on-site installation — projectors, speakers, scenography props.

Component 03 · 13.4%

Land $500K

Forest plot at 40.738060, 44.874025 (~20 acres) south of AMPEAK ST.2.

What you actually buy · ring-fenced

One SPV. One asset. your $3.83M is locked to the Moment Factory project — not the wider Ampér ecosystem

▶ Your $3.83M buys

90% of ONE asset

The Moment Factory · Astra Lumina SPV — only. The SPV is registered in Armenia, has its own balance sheet, and is fully ring-fenced from any other Ampér entity. You take 90% of its equity, DeepWhite takes 10% and operates the asset.

✗ Not included

The Ampér ecosystem

No exposure to the ropeway · the hotels · the restaurants · the wider Ampér investments. They sit next door — context, not assets.

✓ INCLUDED IN YOUR INVESTMENT

Moment Factory · Astra Lumina at Dilijan

The single asset you take 90% equity in. Standalone SPV. All cash flows from this asset flow through it.

1 – 1.5 km Astra Lumina enchanted night walk (8 zones)
Soft infrastructure — paths, lighting, sound, content, technical room
Forest plot (~20 acres) at 40.738060, 44.874025
Moment Factory creative + technical + production scope
$3.745M project CAPEX + $0.2M/yr maintenance
Revenue streams: tickets · F&B · merch · derivative

✗ NOT IN THIS DEAL — context only

The wider Ampér Creative Peak

Adjacent projects in the same district. Funded by other parties. Your SPV benefits from them indirectly (visitor flow) — but bears none of their CAPEX, OpEx or risk.

AMPEAK Ropeway (ST.1 → ST.2 → AMPER District)
Hotels & accommodations
Restaurants (Bears & Deers Mountain Gastro Pub, etc.)
Cultural & Design District (Three Apples, Artoon Center)
View Park / Plateau Viewing Park
$8.1M private capital already committed by others (2018 – 2023)

Headline metric · for decision-makers

Payback in 3.8 years your $3.83M comes back fully in Year 4

Base · 3.8 yrs
Optimistic · 2.3 yrs

Payback period · Base case

3.8years

Cumulative cash flow turns positive in Year 5 (2030). After that point every USD of operating cash flow is investor return. Discounted payback (after 20% cost of capital): 5.4 years. Optimistic scenario: 2.3 yrs.

Timeline of your $3.83M

2026
tranche 1

2027
launch

Year 5 · Break-even

2035
+$7.7M

CAPEX Cash recovery Pure profit

Where it sits

Where Moment Factory sits in the Ampér master plan

Full interactive map
on the Site & Map tab

Ampér master plan

4 districts · 1 ropeway · 1 night walk

The AMPEAK Ropeway connects Dilijan Center to the Takhta settlement. Moment Factory anchors the eastern end of the route — the only night attraction in the system.

Authoritative geography from the Ampér Creative Peak master plan, 2024. The Moment Factory plot is intentionally separated from the other districts: it sits in the forest with no capital-construction infrastructure around it.

User journey · how a visitor uses the ecosystem

A day in Ampér half-day visit → 2-day destination · Moment Factory makes the night

Step 01 · Daytime

Arrival in Dilijan

99 km · 1.5 h from Yerevan. Check in at the Cultural & Design District: hotels, F&B, books, design shops.

Cultural & Design District~1 h

Step 02 · Afternoon

AMPEAK Ropeway up

From ST.1 the ropeway climbs to ST.2 (View Park) and on to AMPER District. View, café, light walk in the touristic district.

ST.1 → ST.2 → AMPER~2 h

Step 03 · Evening · your asset

Astra Lumina walk

After sunset, a 1 – 1.5 km enchanted multimedia walk through 8 zones in the forest plot south of ST.2. Mood: dramatic, cinematic, finale.

Moment Factory plot45 – 60 min

Step 04 · Overnight

Stay & spend

Hotel / B&B in the village. Average stay extends from half-day to 2+ days. Local F&B, retail and lodging benefit from the night anchor.

AMPER District1 – 2 nights

Why this asset

Three reinforcing forces why Moment Factory is the right anchor for Dilijan

Force 01

Anchor for the Dilijan ropeway

The ropeway needs a destination at its eastern end. A Moment Factory experience is the highest-yield, lowest-footprint anchor available — it adds a reason to stay overnight without compromising the natural landscape.

→ night extends Ampér
past sunset

Force 02

Restricted land, perfect fit

The plot south of ST.2 has a restriction on capital construction. Moment Factory's Astra Lumina format requires only soft infrastructure (paths, lights, sound) — ideal under that restriction and aligned with Dilijan National Park.

0 heavy capital
construction required

Force 03

Lifts the ropeway underwriting

An evening immersive walk creates an overnight reason to visit. Tourist density, average spend and ropeway ticket capture all rise — so this single asset improves the financial model of the wider Ampér project, where the investor participates in parallel.

↑ wider-project
cashflow uplift

Returns · two levels of view

Project-level vs Investor-level the same asset, before and after DeepWhite's operating fees

Investor share: 90%
DeepWhite: 10% + mgmt fees

Project-level (gross)

The asset by itself

All cash flows produced by the asset — before splitting equity or paying DeepWhite's management fees. This is the underlying return of the SPV.

IRR (with Terminal Value): 53%
NPV (with Terminal Value, 20% discount): $5,666K
Payback period: 3.8 years
Discounted payback: 5.4 years
Terminal Cost (residual value): $8,040K

▶ Investor-level (your share)

What the investor receives

After DeepWhite's 10% constant + 5% additional management fees, and after the 90% / 10% equity split. This is the actual return on your $3.83M.

IRR (with Terminal Cost): 49%
NPV (with Terminal Cost): $4,752K
Payback period: 4.0 years
Equity share: 90%
Option: scale-up share with operational performance

Headline economics · Base case

$3.83M in, ~$7.7M cumulative cash by Year 9

Switch to Financial Model tab
for full scenario controls

Cumulative cash flow vs CAPEX

Project crosses zero in Year 5 (2030) — Base case. By Year 9 cumulative cash is ~$7.7M (Base) / ~$19.6M (Optimistic).

CAPEX of $3.83M is drawn in two tranches (Jul 2026: $2.27M · Jan–Jul 2027: $1.57M). Maintenance CAPEX of $0.2M / yr begins from Year 2.

Headline numbers · Base case

Total project investment$3.83M
Total CAPEX (incl. maintenance)$5.45M
Peak revenue (2028)$1.91M
Revenue (steady, 2030)$1.85M
Operating margin (steady)~78%
Net margin (steady)~56%
Payback period3.8 yrs
Discounted payback5.4 yrs
IRR · 10-year project only32%
IRR · incl. terminal value53%
NPV · incl. terminal value (K USD)5,666
Terminal Cost (K USD)8,040
Cumulative cash by 2035 (K USD)7,733

What these numbers mean

Payback period

Years to recover the $3.83M CAPEX from cumulative operating cash flow. Lower = your money comes back faster. Discounted version accounts for the 20% cost of capital.

IRR

The annualised rate of return that makes NPV = 0. Compare it to your cost of capital (20% used in the model) — higher means the project clears the hurdle.

NPV

Today's value of all future cash flows minus the CAPEX, discounted at 20%. Positive NPV = value created above the hurdle rate.

TV vs TC

Terminal Value (TV) — cash flows past Year 9 as a perpetuity at 4% growth. Terminal Cost (TC) — explicit residual asset value at exit. The live model uses TC = $8.0M for the project, $4.75M for the investor after fees.

Next steps · for the investor

From here to launch three steps over the next 9 – 14 months

ba@deepwhite.am

Q2 – Q3 2026 · now

Letter of Intent

Indicative term sheet, $3.83M commitment, 90 / 10 equity, governance basics. SPV registered in Armenia. DeepWhite leads documentation.

Sign LOI→

Q3 2026

Moment Factory Initiation Phase

4–6 person MF team comes on-site. 6–8 weeks. Site survey, technical feasibility, visitor path layout, creative deck. Cost €50–65K, paid by SPV.

Kick off→

Q4 2026 → Jul 2027

Build & launch

Tranche 1 drawdown, construction. Tranche 2 in early 2027, content production, soft launch. Public opening summer 2027 — revenue starts.

Launch→

Moment Factory · Astra Lumina

Astra Luminaan enchanted night walk among the stars

The format chosen for Dilijan: Moment Factory's Astra Lumina — a 1–1.5 km immersive multimedia walk through eight emotional zones, paced over 45–60 minutes, designed for forest sites without heavy construction.

About Moment Factory

One studio, the team behind Astra Lumina

HQ Montréal
Offices in Paris, NY, Tokyo, Singapore

400

Employees

Years in business

525

Productions

Global offices

Headquartered in Montréal with offices in Paris, Tokyo, New York and Singapore. Notable collaborations: Changi Airport Terminal 4, Foresta Lumina, Jacques Cartier Bridge Lights, The Forum Shops at Caesars Palace, Super Bowl Halftime with Madonna, AURA at Notre-Dame Basilica, Disney Shanghai opening gala. The Lumina series of enchanted night walks is the most relevant body of work for Dilijan — Astra Lumina is the format we've selected.

Why Astra Lumina for Dilijan

Light-touch infrastructureyes
Compatible with restricted plotyes
Forest / nature site formatnative fit
FormatAstra Lumina
Path length1–1.5 km
Capacity600–800/h
Ticket price (model · Base)$10 – 15

The chosen format · Astra Lumina

What is Astra Lumina an enchanted night walk among the stars

8 zones · welcome area
+ photo booth

Astra Lumina is Moment Factory's enchanted night walk inspired by the cosmos and the stars. Visitors enter through an archway portal and progress through eight emotional zones, each with a different multimedia language — sound, light, video, scenography, special effects. The path is custom-fit to the host site.

The 8 zones · Astra Lumina

8 zones, one journey welcome area → 8 zones → photo booth

~45 – 60 min
per visitor

Welcome Area

Gathering point, ticketing, briefing. The threshold to the cosmos.

Gathering · Threshold

Astra Archway

A glowing portal opens the journey, drawing visitors into the night.

Mysterious · Alluring · Portal

Forest of Falling Stars

Suspended lights cascade through the canopy — the first emotional peak.

Exciting · Dramatic · Inspiring

Cosmic Choir

A soundscape of voices and orbs synced to the night.

Musical · Ethereal · Emotional

Stardust Rays

Beams of light from a central source — playful, immersive, lively.

Enchanting · Impressive · Lively

Stellar Visions

A cinematic constellation. The mid-walk crescendo.

Cinematic · Mesmerising · Stunning

Celestial Trail

A reflective passage between peaks — pause, listen, breathe.

Contemplative · Beautiful · Calming

Astral Genesis

The sky opens, hypnotic, with the universe coming into being.

Hypnotic · Breathtaking · Inspirational

Rise of the Stars

The grand finale — sky, sound and light merge in a single elevation.

Grand Finale · Mindbending · Elevating

Photobooth

Closing keepsake. Visitors capture the experience, share it.

Closing · Souvenir · Share

Map, zone sequence and pathway are adapted to the client's site by Moment Factory's team. Source: Astra Lumina executive presentation, March 2024 (Moment Factory × DeepWhite proposal).

Pathway · indicative

The pathway a continuous loop, walked once, after sunset

Astra Lumina · pathway

Welcome → 8 zones → Photobooth~1.0 – 1.5 km · 45 – 60 minutes per visitor

Indicative Astra Lumina pathway. The actual route is laid out by Moment Factory's team during the Initiation Phase based on the topography of the Dilijan plot south of AMPEAK ST.2. The path is a continuous loop — visitors walk it once, after sunset.

Emotional curve · how the experience unfolds

Emotional curve two peaks · paced over 45 – 60 minutes

8 zones · paced
like a film score

Each of the 8 zones occupies a position on the emotional curve. The two peaks — Z2 Forest of Falling Stars and Z5 Stellar Visions — are where Moment Factory builds the most cinematic moments; Z8 Rise of the Stars is the grand finale. Quieter zones (Z1, Z3, Z6) are deliberate breaks. Source: Astra Lumina executive presentation, March 2024.

Key parameters · Astra Lumina

Key parameters site, experience and budget

Source: Moment Factory ×
DeepWhite proposal, May 2024

1 – 1.5 km

Length of path

45 – 60 min

Duration of experience

600 – 800

Guests / hour

$10 – 15

Ticket price · model (Base)

Budget & revenue model

Total project CAPEX (model)$3.83M
↳ Construction$2.945M
↳ Installation (MF equipment)$0.300M
↳ Land$0.500M
Initiation Phase fee€50 – 65K
Ticket price · Base (adult / child)$15 / $10
Ticket price · Opt (adult / child)$20 / $15
Design capacity600 – 800 / hour
MF yearly royalty · gross income5 – 10%
MF yearly royalty · net ticket / F&B / merch15%
Operational staff (nightly)12
Revenue streamsTickets · F&B · merch · derivative

Project price disclosure. The numbers shown above reflect the financial model assumptions used in this dashboard ($3.83M total CAPEX, $10 – 15 ticket price for the Base case, 70/30 adult/child mix). Moment Factory's official Initiation Phase Proposal (May 2024) quotes their own scope at €2.2 – 2.6M (creative + technical + custom fabrication + equipment + project management, excludes travel/accommodations) and a list ticket range of €20 – 35 — the model is more conservative on both ticket price (adult/child mix at lower USD level) and adds client-side construction / land / installation on top of MF's scope to arrive at the $3.83M total. Pre-opening costs (client side) cover financing, permits, on-site project management, marketing & ticketing, derivative product. Sources: Moment Factory × DeepWhite Initiation Phase Proposal (May 2024) · 20260514 Moment Factory financial model.

How Astra Lumina lifts a destination

Increase appeal & boost revenues — direct + indirect

Generate direct & indirect revenue + benefits for local stakeholders
Broaden visitor demographics, including families & diverse cultures
Extend operating hours and diversify a site's offering
Inspire day / evening trips and overnights
Enhance a site's experiential value & a destination's brand
Elevate local job creation to ensure financial & economic sustainability
Increase social media presence and reach

Moment Factory's Lumina Night Walks employ multimedia storytelling to leverage and enhance natural sites — to increase visitorship, engagement, and renown.

Case study · Alta Lumina (Les Gets, France)

Alta Lumina a Lumina-class proof point for Astra Lumina in Dilijan

12th enchanted Lumina
1 km · French Alps

Alta Lumina (Les Gets) is the closest Lumina-class precedent: 1 km mountain night walk in a small ski-village. 2/3 of visitors knew about it before arriving. 3/4 said it was an important factor in their decision to visit Les Gets. 1/3 stayed overnight specifically because of the experience. Brand recognition: 40% social media, 28% friends/relatives, 26% internet search, 17% advertising. NPS 75+.

Next steps · Initiation Phase

From here to launch a 6 – 8 week initiation phase

Initiation Phase · scope of work

Prior to deep-diving into the project,
we propose to conduct an Initiation Phase.

A 4 – 6 person team from Moment Factory visits Dilijan, runs a technical feasibility of the plot, sketches the visitor path and produces a creative deck for Astra Lumina at this site. The output is the document that becomes the roadmap of the project. Once approved, the full project launches.

Site visit and project evaluation
Technical feasibility evaluation
Lay out of a potential visitor path
Creative deck outlining the Astra experience
Preliminary expenditure structure
Preliminary work schedule
Final presentation

Budgetary parameters

Initiation Phase fee

€50 – 65K

Moment Factory scope. Excludes travel and accommodations.

Duration

6 – 8 weeks

From site visit to final presentation.

Team on site

4 – 6

Moment Factory team members.

Output

1 deck

Project roadmap. Approval unlocks the full Astra Lumina build.

Source: Moment Factory × DeepWhite, Initiation Phase Proposal, May 2024. Information confidential. All figures in EUR, based on North-American industry standards; final scope and pricing to be revised and confirmed during the Initiation Phase.

Ampér · Creative Peak — concept in Dilijan

One destination,three layers — ropeway, village, immersive walk

Powered by DeepWhite. The Ampér master plan envisions Dilijan as a creative peak: village + park + heritage + immersive multimedia. Moment Factory completes the night layer.

Value proposition · why Ampér + Moment Factory

Four pillars tourism · culture · transport · environment

Source: Ampér Creative Peak
master plan, 2024

01 · Tourism

Tourism

The cluster development of AMPER district will give the city iconic facilities — AMPEAK ropeway, Touristic District and Moment Factory (the immersive park in the forest). Together they extend the stay of tourists, offer modern entertainment, and turn tourist flow into a multi-seasonal year-round product.

AMPER District AMPEAK Ropeway Touristic District Moment Factory

02 · Culture

Culture

Design district and Artoon Cultural Center become the centre of art and culture — the revival of nostalgic legacy of intellectual and culturally enriched Dilijan of the past. Two blocks within the neighbourhood, with ground floors and the central street, are exclusively designated for creation in its broadest sense.

Design District Artoon Cultural Center

03 · Transport

Transport

AMPEAK ropeway becomes a link not only between the main objects of the city, such as Central Park and Takhta district, but also the subject of coordination and interaction between the main current and future stakeholders of the city — a new transit spine for Dilijan.

AMPEAK Ropeway

04 · Environment

Environment

AMPEAK ropeway is ecological-friendly and reduces use of cars and buses by zoning eco-friendly areas in the city. Moment Factory entertainment, being modern and trendy, establishes the connection between human leisure and nature without harming the current ecological infrastructure. Viewing Park attracts locals and tourists without affecting the natural landscape.

AMPEAK Ropeway Moment Factory Viewing Park

Master plan · architectural vision

Five principles light-touch, nature-led, year-round

All five principles are
compatible with Astra Lumina

Public space design priority

Emphasis on the thoughtful design of public spaces — squares, streets, ground floors — as the framework that ties the project together.

Dissolution into nature

Prioritising interaction with the natural environment, given the strategic location between the City and the National Park. The architecture recedes; the forest leads.

Development vision

A harmonious blend of public, commercial and social components — to be developed at a moderate scale that fits the topography and the existing village fabric.

Holistic approach

Commitment to the development of all communities of the site — people, birds, animals, plants, minerals — as one ecosystem to be preserved and enhanced together.

Recycling & waste sorting

Proactive recycling on site, focus on energy conservation. Green spaces infiltrate roofs, terraces and balconies during landscape architecture.

Existing private commitment · 2018 – 2023

$8.1M already invested private commitment in Takhta (Ampér) district

Source: Ampér Creative Peak
master plan, 2024

Total private investment 2018 – 2023

$8.1M

Private capital already committed to Takhta (Ampér) district between 2018 and 2023, of which the major lines are detailed on the right. The infrastructure base is in place — Moment Factory adds the night layer.

Social infra (since 2020)

$850K

Cultural · Park · Touristic

$600K

Ampeak Ropeway

$250K

Other district investments

$6.4M

Headline private capital already committed to the Ampér / Takhta district. Lines shown are the principal allocations communicated in the Ampér master plan; "Other district investments" is the residual to reach the $8.1M headline. Figures reflect the cumulative private capital deployed between 2018 and 2023.

Financial model

Financial model Base-case vs Optimistic

Source: 20260514 Moment Factory
(live Google Sheet, 14 May 2026)

Scenario

share 35% → 10% · adult $15 / child $10 Operating margin ~78% CAPEX $3.83M (project) · $5.45M (incl. maint.) IRR with TV: 53%

Tourist flow Dilijan total vs Moment Factory visitors

Tourist flow to Dilijan grows ~10%/yr after the cable car launches, with a one-time 50% boost in the launch year. Moment Factory captures a declining share (35% → 5%) — a conservative ramp-down assumption.

Revenue / Operating profit margin held at 85%

Revenue peaks in year 2 then gradually declines as share normalises. Operating margin held flat at 85% by design (low fixed cost base — content, sound, light, paths).

Cumulative cash flow

CAPEX recovered by Year 5 in Base (2030). Cumulative cash $7.7M by Year 9 (Base) / ~$19.6M (Optimistic).

Scenario comparison

Optimistic raises share BEG (35→40%), share END (10→15%) and price ($15/$10 → $20/$15).

IRR (no TV) · Base32%
IRR (no TV) · Opt64%
IRR with TV · Base53%
IRR with TV · Opt88%
NPV w/TV · Base5,666
NPV w/TV · Opt16,136
Payback · Base3.8 yrs
Payback · Opt2.6 yrs
Cum cash · Base7,733
Cum cash · Opt19,569

Model assumptions

Source: Inputs sheet of the live financial model.

Project start01.01.2026
Construction12 months
Revenue start01.07.2027
Share BEG / END (Base)35% / 10%
Share BEG / END (Opt)40% / 15%
Adult / Child split70% / 30%
Ticket A / C (Base)$15 / $10
Ticket A / C (Opt)$20 / $15
Employees · gross salary12 × $1K /mo
Marketing Y1 / Y2+$200K · $100K /yr
SPV mgmt fee$2.5K /mo · $30K /yr
Other OpEx5% of rev
CPI / VAT4% / 20%
Discount / TV grow20% / 4%
Corporate tax18%
DW fee const / addl10% / 5%

Operating expenses · anatomy

Where the OpEx goes four buckets · $3.53M cumulative over 10 years

Fixed bones, variable layer
~78% steady operating margin

01 · Fixed

Salaries

$12K / month

12 staff × $1,000 / month gross. Grows with CPI (4% / yr). Largest single OpEx bucket — the operating team running the night walk.

10-year
$1.51M

02 · Fixed

Marketing

$8.3K / mo · Y2+

Year 1 ramp at $16.7K / month for launch awareness, then $8.3K / month steady. CPI-indexed. Largest in 2027–2028 marketing push.

10-year
$0.96M

03 · Variable

Other expenses

5%of revenue

Variable bucket: utilities, consumables, content licensing fees, miscellaneous on-site costs. Scales directly with traffic — the only revenue-tied OpEx line.

10-year
$0.77M

04 · Fixed

SPV mgmt fee

$2.5K / month

Operational management fee paid by the SPV — covers DeepWhite's day-to-day operating role. Separate from the equity 10% + 5% performance management fees.

10-year
$0.29M

Salaries42.7%

Marketing27.2%

Other21.9%

Mgmt8.2%

Cumulative 10-year OpEx = $3,533K across all four buckets. Operating margin holds at ~76–80% because ~75% of OpEx is fixed (salaries + marketing + mgmt fee) and revenue grows with CPI. "Other expenses" is the only revenue-linked bucket and scales naturally with traffic. Note: the SPV mgmt fee ($2.5K / month) is the operational fee — it sits inside OpEx. DeepWhite's equity management fees (10% constant + 5% additional) are charged on cash flow distributions, not on revenue, and live below the operating profit line. Source: 20260514 Moment Factory model · Inputs & Control sheets.

Operating expenses · year by year

Annual OpEx mix 2026 → 2035 · K USD

Total 10-yr OpEx
$3,533K

Stacked bars: total OpEx per year split by bucket. Marketing peaks in launch year (2027 – 2028) due to the Year 1 ramp of $16.7K / month; salaries grow with CPI; "other expenses" (5% of revenue) tracks the revenue curve. SPV management fee runs flat at $2.5K / month from project start. Source: 20260514 Moment Factory model · Model sheet.

P&L · Year-by-year

Profit & loss 2026 → 2035 · K USD

Stacked bars show Revenue and Operating Profit (K USD); the line shows Net Profit margin (%). Switch the scenario above to see how the curve shifts. Note: Moment Factory's official Astra Lumina list price is €20–€35 (~$22–$38). The model uses adult $15 / child $10 (Base) and $20 / $15 (Optimistic) with a 70/30 demographic split for conservatism.

Live financial model

Open the full model in Google Sheets

All formulas, all assumptions, monthly granularity. 10 sheets — Title · Control · For presentation · Inputs · Model · Timing · Tech · QA · Market. Read-only access to validate every line item rendered on this dashboard.

20260514 Moment Factory Live Read-only · view

Open in Sheets

Authoritative site map · from the Ampér master plan

Ampér Ropeway site plan districts & the Moment Factory plot

Source: Ampér Creative Peak
master plan, 2024

The Ampeak Ropeway connects Dilijan Center to the Takhta settlement and the National Park, bringing visitor flows to and through the Ampér neighbourhood. The Moment Factory destination entertainment will create a special attraction for tourists in the forest, up in the Takhta district. Using the immersive multimedia environment, the project can combine the nature and entertainment, bringing new opportunities for stay in Dilijan, especially in the evening times.

The four districts of Ampér

Four districts, one route cultural & design · view park · touristic · forest entertainment

The Ampér master plan organises Dilijan into four anchored districts along the ropeway: Cultural & Design District (residentials · Three Apples Books & Coffee · Artvoyn Cultural Center) · Plateau Viewing Park (View Park · Gifted) · Touristic District (Bears & Deers · Mountain Gastro Pub · Station 2) · Forest Entertainment District (Moment Factory). The Moment Factory plot anchors the eastern end of the route, beyond Station 2, in the forest.

Geographic overview · interactive

Geographic overview interactive — drag, zoom, click

99 km from Yerevan
190 km from Tbilisi

Dilijan · Interactive Map

Ampér ropeway + MF plot · indicative

Yellow = the Ampér ropeway, running west → east through Dilijan to the Takhta district. Purple = Moment Factory plot at the eastern end. The exact alignment is in the Ampér master plan above — this map is a geographic overview only.

Ampér Ropeway · ST.1 → ST.2 → AMPER District

Stations & AMPER District

Moment Factory · Astra Lumina plot

Coordinates: AMPEAK ST.1 — 40.741141, 44.868481 · AMPEAK ST.2 — 40.740028, 44.876145 · AMPER District — 40.741000, 44.877120 · Moment Factory · Astra Lumina — 40.738060, 44.874025. Map tiles by CartoDB / Esri World Imagery.

AMPEAK · ST.1

Dilijan Center base station

Lat40.741141
Lon44.868481
DistrictCultural & Design
Functionarrival

AMPEAK · ST.2

Mountain station plateau / view park

Lat40.740028
Lon44.876145
DistrictTouristic
Connects toMF plot

AMPER District

Touristic cluster end of ropeway

Lat40.741000
Lon44.877120
UseF&B · stay
Anchor tenantsBears & Deers · Gastro Pub

Moment Factory

Astra Lumina forest, south of ST.2

Lat40.738060
Lon44.874025
Restrictionno capital build
FormatAstra Lumina

Wider context

Dilijan in the region 99 km Yerevan · 190 km Tbilisi

Dilijan sits in northern Armenia between Yerevan (1.5 h drive) and Tbilisi (3 h). Lake Sevan and Vanadzor are within 30–60 minutes. The natural catchment is Yerevan + Tbilisi + the Sevan / Vanadzor / Gyumri tourist circuit.

Deal structure · preliminary

Deal structure 90% Investor · 10% DeepWhite

Subject to definitive
documentation

Equity split

90 / 10

Investor · DeepWhite

Strategic investor (Armenia)

Lead equity · 100% of CAPEX

Funds the full $3.83M project CAPEX. Operates in parallel as a participant in the Dilijan Ropeway project.

DeepWhite

Sponsor & operator · option to scale up

Originates and structures the deal, drives Moment Factory engagement, manages the asset (10% + 5% mgmt fees). Option to grow share based on operational performance.

Deal mechanics · indicative terms

Deal mechanics profit · governance · consent · exit — DRAFT, to be finalised in SPA

Draft · Terms TBC

01 · Profit & distribution

How the money comes back

Equity split: 90% Investor · 10% DeepWhite
Operating cash flows distributed pro-rata to equity after deducting DeepWhite management fees (10% constant + 5% performance)
Distribution policy: annual cash sweep — surplus above operating reserve paid out to shareholders
Reinvestment by mutual consent (e.g., for content refresh, expansion)
Maintenance CAPEX ($0.2M/yr) funded from operating cash flow — no further capital call from investor

02 · Investor rights

What the investor gets, beyond equity

Information rights: quarterly P&L and KPIs, annual audited accounts
Board seat: right to appoint one board representative
Pre-emption on any new equity issuance (anti-dilution)
Tag-along if DeepWhite sells its stake
Information access to operational data and management team

03 · Joint approvals

Decisions requiring investor consent

Annual budget & business plan approval
Non-budgeted CAPEX > $100K
Change of Moment Factory contract or operator
Asset sale or refinancing event
Material amendment to the SPV structure or articles
Issuance of new shares or debt at the SPV level

04 · Exit options

How the investor exits

Put option to DeepWhite at formula price — exercisable from Year 5
Call option from DeepWhite at fair value — by mutual agreement
Trade sale to third party — drag-along applies above an agreed threshold
IPO of broader Ampér holding — if it materialises
Refinancing event — debt raised to pay down equity
First exit window: Year 5 – Year 10

DRAFT The terms above are indicative, not legally binding. Final mechanics to be agreed in the Sale & Purchase Agreement (SPA) and Shareholders' Agreement (SHA) during the Q3 2026 documentation phase. DeepWhite leads documentation; investor to appoint counsel for review. Specific thresholds (e.g., CAPEX consent level, exit formula, valuation methodology) are placeholders pending negotiation.

Project readiness · For decision-makers

Readiness timeline 2 of 7 milestones de-risked · investment case in progress

Q2 2026
active investor outreach

Today · May 2026

2024

Ampér concept

May 2024

Moment Factory contact

May 2026

Investment case

H2 2026

Investor commit

Jul 2026

Construction start

Jul 2027

Launch

2030+

Maturity

Done

2024

Ampér Creative Peak concept

Master plan and architectural vision for Dilijan as a creative peak — village, parks, pedestrian route, view-park.

ConceptDeepWhite

Done

May 2024

Moment Factory engagement

Initiation phase proposal received from Moment Factory. Astra Lumina identified as the candidate format.

PartnerMF · Initiation

In progress

May 2026

Investment case · DeepWhite

Financial model, this dashboard and the deal structure prepared for investor outreach.

CapitalDecision phase

Upcoming

H2 2026

Investor commitment

Sign-off on the SPA. Equity 90% Investor · 10% DeepWhite. CAPEX schedule kicks off in July.

Capital$3.83M

Upcoming

Jul 2026

Start of construction

12-month soft-infra build window opens. Paths, lighting, sound, control room. Moment Factory production in parallel.

Build12 mo

Planned

Jul 2027

Launch

First evening walks open. Staffing, calibration, soft launch in summer 2027. Revenue starts H2 2027.

OperationsLive

Projected

2030+

Project maturity

Operating margin ≈ 78%. Cumulative cash ≈ $7.7M (Base) / ~$19.6M (Opt) by Year 9. Net margin ~56%.

Returns85% margin

Strategic context

Why now three windows opening at the same time

Project context

Dilijan ropeway · planninglive
Moment Factory · proposalreceived
Ampér master plan · conceptready
Land plot · forest, south of ropewayidentified
Land restrictionno capital build

What the investor gets

Equity in MF Dilijan90%
Parallel role · ropeway projectco-anchor
Brand · global IPMoment Factory
Project IRR with TV53–88%
Investor IRR (after fees)49–82%
Payback period2.6–3.8 yrs
Optionality · scale to 2nd attractionyes

Investment summary

Moment Factory × Dilijan — a $3.83M anchor that lifts the entire ropeway project.

$3.83M project CAPEX · IRR with TV 53–88% · payback 2.6–3.8 years · ~78% operating margin · NPV $5.7–16.1M. 90% Investor · 10% DeepWhite.

Open live model in Sheets

Moment Factory × Dilijan · Investor Dashboard

$3.83M for 90% of the night layer of the Dilijan creative peak

Investment ask $3.83M total · drawn in two tranches over 12 months

Construction $2,945K

Installation $300K

Land $500K

One SPV. One asset. your $3.83M is locked to the Moment Factory project — not the wider Ampér ecosystem

Moment Factory · Astra Lumina at Dilijan

The wider Ampér Creative Peak

Payback in 3.8 years your $3.83M comes back fully in Year 4

Where Moment Factory sits in the Ampér master plan

A day in Ampér half-day visit → 2-day destination · Moment Factory makes the night

Arrival in Dilijan

AMPEAK Ropeway up

Astra Lumina walk

Stay & spend

Three reinforcing forces why Moment Factory is the right anchor for Dilijan

Anchor for the Dilijan ropeway

Restricted land, perfect fit

Lifts the ropeway underwriting

Project-level vs Investor-level the same asset, before and after DeepWhite's operating fees

The asset by itself

What the investor receives

$3.83M in, ~$7.7M cumulative cash by Year 9

Cumulative cash flow vs CAPEX

What these numbers mean

From here to launch three steps over the next 9 – 14 months

Letter of Intent

Moment Factory Initiation Phase

Build & launch

Astra Luminaan enchanted night walk among the stars

One studio, the team behind Astra Lumina

What is Astra Lumina an enchanted night walk among the stars

8 zones, one journey welcome area → 8 zones → photo booth

Welcome Area

Astra Archway

Forest of Falling Stars

Cosmic Choir

Stardust Rays

Stellar Visions

Celestial Trail

Astral Genesis

Rise of the Stars

Photobooth

The pathway a continuous loop, walked once, after sunset

Welcome → 8 zones → Photobooth~1.0 – 1.5 km · 45 – 60 minutes per visitor

Emotional curve two peaks · paced over 45 – 60 minutes

Key parameters site, experience and budget

Site & experience

Budget & revenue model

Increase appeal & boost revenues — direct + indirect

Alta Lumina a Lumina-class proof point for Astra Lumina in Dilijan

From here to launch a 6 – 8 week initiation phase

Prior to deep-diving into the project,we propose to conduct an Initiation Phase.

One destination,three layers — ropeway, village, immersive walk

Four pillars tourism · culture · transport · environment

Tourism

Culture

Transport

Environment

Five principles light-touch, nature-led, year-round

Public space design priority

Dissolution into nature

Development vision

Holistic approach

Recycling & waste sorting

$8.1M already invested private commitment in Takhta (Ampér) district

Financial model Base-case vs Optimistic

Tourist flow Dilijan total vs Moment Factory visitors

Revenue / Operating profit margin held at 85%

Cumulative cash flow

Scenario comparison

Model assumptions

Where the OpEx goes four buckets · $3.53M cumulative over 10 years

Salaries

Marketing

Other expenses

SPV mgmt fee

Annual OpEx mix 2026 → 2035 · K USD

Profit & loss 2026 → 2035 · K USD

Prior to deep-diving into the project,
we propose to conduct an Initiation Phase.