Post by
KozmoT on Sep 21, 2021 12:24pm
Financial Statements just came out - MMJ is f*cked
Some impotant tidbits.. Start with the killer one
"As of June 30, 2021, the Company had suspended growing activities and had nil plants (December 31, 2020 – 1,630 plants).
Cash ... ...................$198,385 (WTF happened to all the $$??)
Accounts Payable ...$785,446
That "loan" to Management relatives for the Hemmingford greenhouses? ... "The loan balance at May 19, 2020 was $3,060,956. ... Funds advanced from Matica were used by Quebec Inc. to prepare the land for construction of outdoor greenhouse facilities. However, in 2020, it was determined that the construction of outdoor greenhouses was no longer determined to be economically viable, and accordingly the Company recognized a loss on acquisition." I'd be amazed if it cost them more than $100K to clear 5 acres - where did the loan to relatives disappear to?
Trichome Treats? you ask ... "During the year ended December 31, 2020, management wrote down the full balance of intellectual property to $nil, given the Company halted its development of edible cannabis infused products and, therefore, such intellectual property provided negligible value to the Company." Oops?
Ionic Mist? ... "At June 30, 2021, inventory was comprised of 6,743 bottles of IonicMist, odour neutralizing sprays, carried at a cost of $36,641 (December 31, 2020 – 6,746 bottles carried at cost of $36,658)" In other words ... In SIX MONTHS they managed to sell THREE CANS OF FART SPRAY!?!
Yunify ... "As at June 30, 2021, the investment (Yunify) is being reported at a $1 nominal value based on management’s estimate of its fair value."
And the ultimate slap in the face for what they've done to investors ... "Total key management compensation $399,288" (?!?!)
Comment by
bruiserr56 on Sep 21, 2021 3:49pm
Looks like old Boris is going to milk this cow to the bitter end. Just enough time to clean out the warehouse and sell the racking & equipment to cover Boris's "travel" expenses of 50k. LOL, looks like Jjeerrry and DaveBlows will be homeless again soon.
Comment by
HemmingfordJoe on Sep 25, 2023 9:15am
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Comment by
HemmingfordJoe on Sep 25, 2023 9:31am
That was the situation two years ago. What are they now. OUCH !