Tenet Fintech Group Inc. C.PKK

RE:RE:RE:A 53 millions write off For Cubeler and Heartbeat

[jetfuel10X]

How come a BOD that is in conflict of interest accepted to pay 106m for Cubeler September 30th 2021 and the same BOD 3 moth later do a write off of 53m;

Is They sipmly admit that they pay or screw investor by 53M ?????  any comment on that?  look was the admition of Landreville in the conference call - what a joke

jetfuel10X wrote: Someone can explain this?

Looks to me that price paid for Cubeler was based on 5 years revenue forecast presented and accepted by the board of director last September (BOD)

BUT ONLY

3 months later - they revised it and take an impairement of over 50m


BOD - CFO and JJ should be all fired

Remember as for the date of acquisition - Cubeler has praticly no revenue - no emplyee - no IP - even no office;

jetfuel10X wrote: September 2021 - Board agree to pay over 100m for Cubeler - Many BOD was sharhoder of Cubeler;

December 2021 Board member comment:

The recoverable amounts of the CGUs were determined based on value in use calculations which use cash flow projections based on financial budgets approved by the directors covering a five-year period. Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGUs. The rates used to discount the forecast cash flows for Heartbeat is 66.1% and for Cubeler Inc. is 40.8% which are similar discount rates as used in the PPA analysis when the businesses were acquired. The key assumptions used by management in setting the financial budgets for the initial five-year period include are as follows: For Heartbeat, forecast sales growth rates are based on past experience adjusted for gaining of market share due to new industry regulations in China. Operating profits are forecasted based on historical experience of operating margins, adjusted for increased operating efficiency. For Cubeler Inc., forecast sales growth rates are based on past experience adjusted for its forecasted expansion of its service offering in North America and revenue growth driven by increase subscription to its data platform which was historically solely used by the Company . Operating profits are forecast based on historical experience of operating margins recognizing the fact that its operating expenses are fixed in nature.