Post by
ctblizzard on Aug 28, 2017 10:45pm
I found it - They reversed 729k of Mezzi's Revenue
In the MDA, under the section that shows quarterly results, the other 3 quarters appears as they should. However the 4th quarter shows 729k NEGATIVE REVENUE. That is how they got to the low year end figure.
What this means is those sales never existed!!!! Maybe they were never sales just sales into the pipeline of sellers who then returned all the product????? Who knows, no explanation that I could find. If anyone can find out the explanation for SUCH A MATERIAL CHANGE than please post it.
And insider selling stock all through all these "sales" while shareholders remained hopeful that sales were going up and held their shares. Now that the stock is down 80% or more and insider mostly out, we find out this about the sales.
Any thoughts? Cant put any lipstick on this one.
Comment by
ctblizzard on Aug 28, 2017 11:06pm
Consigment stuff is not shown as sales. As there is no revenue coming in. Let us assume it was consignment and they just did it all wrong. Those "returns" or lack of payments for what was previously "sold" and reported as "Sales" would have come in way before this report. This is a material matter and was NOT disclosed.