Business
GBX International Group, Inc. Files Updated Financials Showing Improved Shareholder Equity
GBX International Group, Inc. Files Updated Financials Showing Improved Shareholder Equity.
About this update from Gbx International Group Inc.
[{"type":"text","content":"NEWPORT BEACH, CA / ACCESSWIRE / December 23, 2021 / Following completion of an extensive corporate review, GBX International Group, Inc. (OTC PINK:GBXI) has filed updated financials and disclosures with OTC Markets that clearly show an overall improvement in the Company's Balance Sheet. This review was initiated following the Company's recent asset acquisition and has been completed as part of the Company's transition to its new core business model.GBXI reported earlier that it had discovered a number of entries in the company's books and reported in earlier filings made by previous management that appeared to be incorrect and in need of revision. The Company had been made aware that a previous Officer and Board member had negotiated the acquisition of assets and liabilities wherein the Company did not receive clear ownership of the assets and conversely is not liable for accounts payables associated with those assets. Upon completion of an extensive review, those assets and obligations have been written off from the Company's Balance Sheet. Accordingly, GBXI's October 31st Quarterly Report reflects a write off of $3,125,090 in Notes Payable for funding that it never received. Correspondingly the company wrote off assets of $3,043,629, including an impairment loss of $2,877,170 plus $166,458 loss in fixed assets.GBXI believes that this reconciliation of its books provides a much clearer and more accurate representation of the Company's financial situation and is an important milestone as it transitions to its new business model.ABOUT GBX INTERNATIONAL GROUP, INC.GBXI is a marketing and customer acquisition company focused on assisting local merchants and small businesses to expand their customer base, maximize their sales efficiencies and increase their profitability. GBXI provides local merchants, entrepreneurs and charities with a unique marketing and advertising system that includes online tools, marketing materials and expertise that can help merchants and charities increase their customer bases, develop more repeat customers and expand their buying and giving communities. GBXI also offers local merchants discounted credit and debit card processing services provided by third party processors and earns income on ongoing transactions occurring at those locations.For more information and updates about GBX International Group, ...