$SSBN JACKSONVILLE, FL--(Marketwired - Nov 11,
Post# of 921
Posted On: 11/12/2014 9:11:30 AM
$SSBN
JACKSONVILLE, FL--(Marketwired - Nov 11, 2014) - Sunset Capital Assets, Inc., (OTC: SSBN), announced today that it has released Audited Financial Statements for the years ending December 31, 2012 and December 31, 2013 as part of the Firm's continued commitment to transparency. Chief Executive Officer Alan L. Speck said, "This is a significant milestone in the maturation of our Firm, and a critical next step in our effort to strengthen our already solid foundation." The release of these statements will aid us in our ability to secure the formation of near term capital, additional mergers and acquisitions, as well as facilitate the expansion of Sunset on to additional equity exchanges.
of special significance...
Item 5 - Other Assets of Annual Financial Report
5. OTHER ASSETS
The Company has a number of fine art, antiquities, and hard assets, none of which are held for trading
purposes. The Company estimates that the fair value of all fine art, antiquities, and hard assets at
December 31, 2013 did not materially change from the aggregate carrying values of its antiquities
recorded on the accompanying balance sheet.
Hard assets are comprised of over 15,000 carats of various precious gemstones in a secured vault and
are carried at Cost of acquisition. On August 30, 2014, the Company received an independent appraisal
from LLOYDS ASSOCIATES INC. in accordance with the 2012-2013 USPAP. The values provided by
the appraiser are as of the aforementioned date. The appraisal is for Retail Replacement Value, defined
by the Appraiser’s Association of America as the amount it would cost to replace an item with one of
similar and like quality purchased in the most appropriate market place within a limited amount of time;
Fair Market Value, defined by the Appraiser’s Association of America as the price that property would
sell for on the open market between a willing buyer and willing seller, with neither being required to act,
and both having reasonable knowledge of the relevant facts; and neither being under constraint to buy or
sell.
The following is an excerpt from the appraisal dated August 29, 2014 and values as of August 30, 2014.
Combined Replacement Value: $1,249,238,322 ( One Billion Two Hundred Forty Nine Million Two Hundred and Thirty Eight Thousand and Twenty Two USD)
Combined Fair Market Value (65%): $ 812,004,909 ( Eight Hundred Twelve Million Four Thousand Nine Hundred and Nine USD)
As per certificates of appraisal dated September 16, 2011, the Fair Market Values of the gemstones
were in excess of their book value
prof
JACKSONVILLE, FL--(Marketwired - Nov 11, 2014) - Sunset Capital Assets, Inc., (OTC: SSBN), announced today that it has released Audited Financial Statements for the years ending December 31, 2012 and December 31, 2013 as part of the Firm's continued commitment to transparency. Chief Executive Officer Alan L. Speck said, "This is a significant milestone in the maturation of our Firm, and a critical next step in our effort to strengthen our already solid foundation." The release of these statements will aid us in our ability to secure the formation of near term capital, additional mergers and acquisitions, as well as facilitate the expansion of Sunset on to additional equity exchanges.
of special significance...
Item 5 - Other Assets of Annual Financial Report
5. OTHER ASSETS
The Company has a number of fine art, antiquities, and hard assets, none of which are held for trading
purposes. The Company estimates that the fair value of all fine art, antiquities, and hard assets at
December 31, 2013 did not materially change from the aggregate carrying values of its antiquities
recorded on the accompanying balance sheet.
Hard assets are comprised of over 15,000 carats of various precious gemstones in a secured vault and
are carried at Cost of acquisition. On August 30, 2014, the Company received an independent appraisal
from LLOYDS ASSOCIATES INC. in accordance with the 2012-2013 USPAP. The values provided by
the appraiser are as of the aforementioned date. The appraisal is for Retail Replacement Value, defined
by the Appraiser’s Association of America as the amount it would cost to replace an item with one of
similar and like quality purchased in the most appropriate market place within a limited amount of time;
Fair Market Value, defined by the Appraiser’s Association of America as the price that property would
sell for on the open market between a willing buyer and willing seller, with neither being required to act,
and both having reasonable knowledge of the relevant facts; and neither being under constraint to buy or
sell.
The following is an excerpt from the appraisal dated August 29, 2014 and values as of August 30, 2014.
Combined Replacement Value: $1,249,238,322 ( One Billion Two Hundred Forty Nine Million Two Hundred and Thirty Eight Thousand and Twenty Two USD)
Combined Fair Market Value (65%): $ 812,004,909 ( Eight Hundred Twelve Million Four Thousand Nine Hundred and Nine USD)
As per certificates of appraisal dated September 16, 2011, the Fair Market Values of the gemstones
were in excess of their book value
prof
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