GNCC Capital Inc (GNCP)

[moe_the_gyp01]

Huge difference, when HCMC issues or converts preferred stock , the cash actually winds up on their balance sheet.

When GNCP issues or converts shares, they wind up in Lumb's brokerage account or any one of his phony companies where he later lines his own pocket.

FINANCING ACTIVITIES
Principal payments on loan payable (255,592) (209,941)
Principal payment on the line of credit (2,000,000) -
Proceeds from rights offering, net of offering costs 24,344,317 -
Proceeds from loan and security agreement - 2,540,000
Proceeds from preferred stock 5,000,000 -
Proceeds from paycheck protection plan - 876,515
Proceeds from exercise of stock options 227,500 -
NET CASH PROVIDED BY FINANCING ACTIVITIES 27,316,225

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENT AND RESTRICTED CASH 25,246,972 1,462,984
CASH, CASH EQUIVALENTS AND RESTRICTED CASH— BEGINNING OF PERIOD 2,925,475 3,525,415
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — END OF PERIOD $ 28,172,447

So when the much anticipated website goes up, someone ought to pose that question to management as to why they are so allergic to cash on the balance sheet if indeed they are anything more than a de facto shell.