Replies to post #156340 on GNCC Capital Inc (GNCP)

[Tgarfield2]

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Use this PDF of annual financials with the search command and the word ASPA. There are 10 hits total that all say the same thing. They have stated it 4 times in financial that they filed 20 times.

The Company acquired 142,500,000 shares of ASPA Gold Corp. Common Stock on December 1, 2014 for an amount of $265,000. The Company has elected to account for this asset at cost despite the trading price of its shares of Common Stock on the OTC Markets from time to time. The Company does not have any other assets or liabilities measured at fair value on a recurring basis at June 30, 2015. The Company did not have any other fair value adjustments for assets and liabilities measured at fair value on a nonrecurring basis during the nine month period ended June 30, 2015. These were written off as valueless in the Fiscal Year Ended September 30, 2015.

EXTRAORDINARY ITEMS
In the Last Quarter for the Year Ended September 30, 2015, the Company wrote off its investments and in and loans to both ASPA Gold Corp. and North American Gold & Minerals Fund. These were irrecoverable. A total amount of $429,950 was written off.

The Company acquired the amount of 142,500,000 (One hundred and forty two million five hundred thousand) restricted shares in ASPA Gold Corp. (“ASPA”) from North American Gold & Minerals Fund (“NMGL”) on December 1, 2014. At that time, GNCC controlled an amount of 70.13% of ASPA shares of outstanding Common Stock. The Company has written off this as irrecoverable.

The Company’s stockholding in ASPA shares of Common Stock, was been accounted for at GNCC’s purchase price, that being $265,000 (Two hundred and sixty five thousand dollars), regardless of the market price of the ASPA shares of Common Stock from time to time. The Company has written this off as irrecoverable.