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GC-Global Capital Corp. Announces its Financial Results for the Third Quarter Ended September 30, 2013
Toronto, Ontario--(Newsfile Corp. - December 1, 2013) - GC-Global Capital Corp. ("Global Ca...
About this update from Fountain Asset Corp.
[{"type":"text","content":"GC-Global Capital Corp. Announces its Financial Results for the Third Quarter Ended September 30, 2013Toronto, Ontario--(Newsfile Corp. - December 1, 2013) - GC-Global Capital Corp. (\"Global \nCapital\") (TSX Venture Exchange \"GDE.A\") announces its financial results for the \nthird quarter ending September 30, 2013. \nOverall Third Quarter Performance\nAs at September 30, 2013 GC’s net assets were valued at $9.24 \nmillion or $0.45 per share compared to $9.23 million or $0.48 per share as at \nDecember 31, 2012. The $0.01 million dollar increase in net assets is \nprincipally due to an approximate net loss of $0.90 million and the increase in \nshareholder capital of $0.91 million from the private placement financing which \nclosed on September 23, 2013. There were no share buybacks through the Company’s \nNormal Course Issuer Bid (“NCIB”) in the first nine months of 2013. \nThe net loss for the nine months ending September 30, 2013 was \n$901,129 (September 30, 2012 – net loss of $668,781) and net comprehensive loss \nwas $901,129 (September 30, 2012 – net loss of $998,087). The bulk of the loss \nfrom operations, $415,298 (September 30, 2012 - $625,922) and equity method \nvaluation which may not be realized in the future: $485,831 (September 30, 2012 \n– loss of $48,609). Net loss per share was $0.03 (September 30, 2012 – loss of \n$0.03) . In 2013 and 2012, the management team focused on reversing the impact \nof non-cash, valuation sources where possible. Progress is being made on \nreversing these non-cash expenses which are focused on: 1) recovering capital \nfrom legacy bridge loans which have been written down, 2) identifying \nopportunities to reduce the provision for loan losses, 3) improving the \nvaluation of equity investments through working with management to drive net \nprofit, 4) capturing improvements in the United States real estate market.\nTotal assets as at September 30, 2013 were $10.0 million \ncompared to $10.0 million as at December 31, 2012, no change from year end. In \nthe first nine months of 2013, cash and short term investments decreased by $0.2 \nmillion. GC’s loan and convertible debenture portfolio amounted to $1.7 million, \nno change as compared to $1.5 million as at December 31, 2012. The \nCompany’s portfolio investme...