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Alias Born | 11/13/2010 |
Monday, March 06, 2017 6:08:03 PM
On August 22, 2016 the Company entered into an agreement to invest $2,500,000 into NQ Minerals, PLC, an Australian mining company listed in London under the symbol of NQMI. Upon entering this agreement the Company invested $150,000, purchasing 1,351,351 shares. At September 30, 2016 the Company invested an additional $100,000 receiving 900,901 common shares. Effective December 1, 2016 the Company has withdrawn from its commitment to NQ Materials PLC to purchase a $2,500,000 stake in the company. At the time of the termination of this agreement the Company had invested $250,000 acquiring 2,252,252 common shares. With the withdrawal from the commitment the Company has classified the entire investment as a current asset. At September 30, 2016, the Company recorded an unrecognized loss in Other Comprehensive Income in the amount of $103,604. The loss was determined by recalculating the investment at it's fair value at September 30, 2016 and adjusting the valuation account to reflect the change in value.
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