OTCPK:APHWF - Post by User
Post by
zalmonellaon Aug 14, 2021 2:15am
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Post# 33705689
Sneaking the bad news out the back door
Sneaking the bad news out the back doorWith all the fanfare of a wet fart, management tries to sneak this quarter's report out the back door without so much as a squeak. What a disaster! Revenues and EBITDA less than half of the previous year, net earnings just enough to top off the gas tank of the chairman's Jag, and for some reason, they persist in the MD&A in calling thesmsevles "debt-free" when Note 10 says they still have $29M in debt due their credit facility.
Wiorse yet, not a word - not a single word! - about the disastrous loss of product due to the recall. You can't find it anywhere in the SGA costs, nothing in notes, nowhere! It's like it didn't happen. So someone cut corners on a tanker-car of ethyl alcohol made in some refinery in Baton Rouge and these guys bought it and tried to sell it to Canadians. And got caught. But no heads rolled? No idea what it cost us? No transparency whatsoever? Don't forget, the credit facility is guaranteed primarily against inventories. How much did the inventories go down by? What's the plan for recovery?
There'll be no support for this on Monday morning. $2 at the end of the week, and who knows where it goes from there. What a f**ken disaster.