New Colombia Resources Inc fka NEWC

[quipu]

Sannabis:

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10765362

Effective December 1, 2014, the Company acquired 50% of ownership interest in Sannabis SAS, a Colombian entity, for a consideration of $25,000. The Company agreed to a total contribution of $125,000 for the 50% ownership. As of December 31, 2014, the Company had only contributed $25,000. The Company agreed to the acceptance of the ownership, receiving 50%, ownership of Sannabis SAS. New Colombia accounts for its investment in Sannabis SAS as an equity method investment The Company has reviewed the relationship between the Company and Sannabis SAS, and has determined that the relationship does not meet the criteria regarding variable interest entities (“VIE”) as defined in ASC 810 Consolidation . As such, the Company has not accounted for Sannabis SAS as a VIE, and have not included the accounts of Sannabis SAS in the consolidated financial statements as of and for the year ended December 31, 2014. The Company has not entered into any side agreements that would materially affect the accounting for Sannabis SAS.