GBX International Group, Inc. Files Updated Financials Showing Improved Shareholder Equity

Rhea-AI Summary

GBX International Group has completed a corporate review, revealing a stronger Balance Sheet following asset acquisition adjustments. The company identified inaccuracies in previous financial records, leading to the writing off of $3,125,090 in Notes Payable and $3,043,629 in assets—primarily due to an impairment loss. This effort aims to clarify the company's financial standing as it shifts to a new business model. GBXI aims to support local merchants with marketing solutions and affordable processing services.

Positive

• Improved Balance Sheet after adjustments following asset acquisition.
• Write off of $3,125,090 in unreceived funding enhances clarity in financial reporting.
• Clearer representation of financial situation signals a milestone in transitioning to a new business model.

Negative

• Write off of $3,043,629 in assets, including a significant impairment loss of $2,877,170.

NEWPORT BEACH, CA / ACCESSWIRE / December 23, 2021 / Following completion of an extensive corporate review, GBX International Group, Inc. (OTC PINK:GBXI) has filed updated financials and disclosures with OTC Markets that clearly show an overall improvement in the Company's Balance Sheet. This review was initiated following the Company's recent asset acquisition and has been completed as part of the Company's transition to its new core business model.

GBXI reported earlier that it had discovered a number of entries in the company's books and reported in earlier filings made by previous management that appeared to be incorrect and in need of revision. The Company had been made aware that a previous Officer and Board member had negotiated the acquisition of assets and liabilities wherein the Company did not receive clear ownership of the assets and conversely is not liable for accounts payables associated with those assets. Upon completion of an extensive review, those assets and obligations have been written off from the Company's Balance Sheet. Accordingly, GBXI's October 31^st Quarterly Report reflects a write off of $3,125,090 in Notes Payable for funding that it never received. Correspondingly the company wrote off assets of $3,043,629, including an impairment loss of $2,877,170 plus $166,458 loss in fixed assets.

GBXI believes that this reconciliation of its books provides a much clearer and more accurate representation of the Company's financial situation and is an important milestone as it transitions to its new business model.

ABOUT GBX INTERNATIONAL GROUP, INC.

GBXI is a marketing and customer acquisition company focused on assisting local merchants and small businesses to expand their customer base, maximize their sales efficiencies and increase their profitability. GBXI provides local merchants, entrepreneurs and charities with a unique marketing and advertising system that includes online tools, marketing materials and expertise that can help merchants and charities increase their customer bases, develop more repeat customers and expand their buying and giving communities. GBXI also offers local merchants discounted credit and debit card processing services provided by third party processors and earns income on ongoing transactions occurring at those locations.

For more information and updates about GBX International Group, Inc. visit https://gbxintl.com or email ir@gbxintl.com

Precautionary and Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in the Company's disclosures or filings with the SEC.

Contact:

GBX International Group, Inc.
Investor Relations
ir@gbxintl.com

SOURCE: GBX International Group, Inc.

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https://www.accesswire.com/679280/GBX-International-Group-Inc-Files-Updated-Financials-Showing-Improved-Shareholder-Equity

FAQ

What recent financial updates has GBX International Group (GBXI) released?

GBX International Group filed updated financials showing significant write-offs that improved their Balance Sheet.

How much did GBXI write off in Notes Payable?

GBXI wrote off $3,125,090 in Notes Payable, reflecting funding it never received.

What was the total write-off of assets by GBX International Group?

The total write-off of assets amounted to $3,043,629, primarily due to an impairment loss.

What does GBX International Group focus on?

GBXI focuses on marketing and customer acquisition for local merchants, helping them enhance their profitability.

Why did GBXI conduct an extensive corporate review?

The corporate review was initiated to address inaccuracies in financial records and clarify the company's financial position.