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GC-Global Capital Corp. Announces its Financial Results for the First Quarter Ended March 31, 2012
Toronto, Ontario--(Newsfile Corp. - May 30, 2012) - GC-Global Capital Corp. ("Global Capital") (...
About this update from Fountain Asset Corp.
[{"type":"text","content":"\nGC-Global Capital Corp. Announces its Financial Results for the First Quarter Ended March 31, 2012\n\nToronto, Ontario--(Newsfile Corp. - May 30, 2012) - GC-Global Capital Corp. (\"Global Capital\") (TSX-V: GDE.A) is pleased to announce its financial results for the first quarter ending March 31, 2012. Overall First Quarter PerformanceTotal revenue for the quarter ended March 31, 2012 was $117,932 compared to $961,730 for the same period in 2011.Interest and dividend income decreased from $135,566 to $88,688 in 2012. The expected trend is for interest and dividend income is to remain constant or increase in subsequent years. Structuring fees and bonuses decreased significantly from $75,948 to $8,787 in 2012. The Company charges interest and a structuring fee or a bonus on its bridge loan financings. Bonuses can be in the form of cash, shares in companies, warrants or other compensation. The expected trend is for structuring fees to be consistent with the current year. The sale of investments and securities have resulted in GC recording a realized gain of $15,355 for the quarter as compared to a realized gain of $685,922 in the same quarter in2011. The amount includes a gain of $15,355 from available for sale investments and no change in the sale of fair value through profit or loss investments (2011 – gain of $140,940 from available for sale investments and $544,982 from fair value through profit or loss investments). The current year gain is primarily due to the sale of publicly traded investments.The net profit for the quarter ended March 31, 2012 was $101,745 (2010 – $370,242) and net comprehensive profit was $224,681 (2010 – $340,234). The bulk of the gain from the following non-cash, valuation related sources may not be realized in the future: $294,273 due to unrealized gains on fair value through profit or loss investments (2011 – gain of $Nil. Net gain per share was $0.01 (2011 – $0.02) . Excluding the income statement item noted above, the adjusted net loss before tax per share was $0.01 (2010 – profit of $0.02) . In 2012, the management team is focusing on reversing the impact of non-cash, valuation sources where possible. Efforts to reverse these non-cash expenses will focus on: 1) recovering capital from legacy bridge loans which have been written down, 2) identifying opportunitie...