RE: RE: tarnoir Interesting perspective birch1. I too was wondering about the 15$MM Epay revenue.
Indeed this may have been the "revenue recognition" challenge/problem. But it goes to say something that is both negative and positive at the same time.
The early reporting of this EPay revenue (15$MM) obviously in the eyes of the auditors was misreported or reported too early. The negative connotation here is that it would have appeared the the Mint Empty (MT -Management Team) were pulling the wool over the stakeholders eyes. You know where I am heading with this. They wanted a jolt in the SP to raise equity via a PP. So they may have become (just speculation here) creative and reported earnings too early. Of course this backfired on two levels. Firstly it did not give the SP boost that was expected. Secondly, it will send some investors bolting to the doors tomorrow. I expect that this would bring a great downward pull on the SP.
Now the positive take is that this revenue may be reported in the future. Who knows, it may all be reported in Q1 2013.
But all in all, Mint should get a failing grade for their IR department. A bad job was done and someone's head should go on the block.
Remember that these guys are getting rewarded with investor's money. They need to be held accountable. We do not want a repeat of their failed NA initiative.
For me, Mint is full of hot air. Lots of talk and little or no action. All we get are excuses. Now when I look into the mirror I see a very stupid person. I fell for their dung. That is the result of my stupidity and personal greedy streak. Now my wallet is paying for my actions.
All we need now to put the nail in the coffin is a dump from TD and or Portland Holdings. This Mint scud was a dud!