Replies to post #40698 on Rimrock Gold Corp (RMRK)

[randy218]

which was followed by this in april of this year

Impairment of other asset



Pursuant to a Note Purchase Agreement dated as of March 27, 2017 by and between the Company and Rimrock Gold Corp, (“Rimrock”), the Company advanced $134,100 on behalf of Rimrock for the period from Inception through December 31, 2017, for the ultimate acquisition of Rimrock. The Company accounted for such advanced funds as an asset. As of December 31, 2017, the Board of Directors determined that it is in the best interests of the Company and its stockholders not to proceed with the acquisition of or any other business combination with Rimrock, and halted all future advances. The Company has deemed this asset unrealizable and, therefore, recorded an impairment of $134,100 for the period from Inception through December 31, 2017.

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