It was a bogus acquisition meant to induce buying volume in the stock. It was rescinded. Shocker...
...and all the luscious cashflow so warming expected in 2015 went away (not that the businesses were successful to begin with).
Notice one of the reasons?
"GNCC failed to raise the required cash for Gold Coast on or before September 30, 2014 on terms that were acceptable to the Directors on GNCC. This was primarily due to negative publicity and unwarranted controversy surrounding the operations of Gold Coast’s businesses in the South Florida media; this occurred at the same time as GNCC acquired the businesses of Gold Coast. Despite Gold Coast Management’s best efforts, this impacted upon their profitability for many months post GNCC’s acquisition of the business, despite their gross gaming revenues increasing in that period. It is noted that the supposed facts and allegations made against the businesses of Gold Coast in the South Florida media were proven to be false and the businesses of Gold Coast were cleared of any misconduct allegations after some months of investigations by local law enforcement."
Had they done even a minimal amount of due diligence before signing the agreement they might have been able to avoid this...or at least decide to wait until the investigation was over....but NOOOOO...they didn't care, they just wanted an acquisition to pump...
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