Gourmet Provisions Intl Corp (GMPR)

[driven3]

Shocker, this's from the companies mouth . More to the point, IMO, this came from Jim V. and his skillful accountant.

This's from UPZS's June 29,2015 Quarterly Report.

http://www.otcmarkets.com/financialReportViewer?symbol=UPZS&id=140803

Page 11 says, and I quote:

" . Deferred tax assets are reduced by a valuation allowance to the extent
management concludes it is more likely than not that the assets will not be realized .
------------------------------------

IMO, Jim's ways of running UPZS just may blow up in his face if he stays on the same path he's on.

Case in point: Jim it seems has a piggy bank that IMO he can't ever pay back.

Page 17 (Same report) describes said piggy bank:

" The Company has an unsecured convertible note payable to an unrelated third party,
at March 31, 2015 of $45,000 representing cash advances made to the Company in the amounts of $20,000 and $25,000 in late 2014. The entire note has a line of credit in the amount of $250,000 for the Company to draw upon."

So it looks like Jim has no money problems,that is until that $250,000 goes to zero. (What then does Jim do ?)

I think maybe, that "unrelated third party" may want that $250,000 back.
I did say maybe...after all I'm not a skillful accountant and I don't know what kinds of deals UPZS made regarding finance.


But a question to ponder is... where did all that money go to ?

You may want to read the whole June 29,2015 Quarterly Report.
On one hand it seems honest, but on the other hand its shocking because it tells how UPZS is really doing its business.