Post by
colima on May 29, 2019 6:36am
Exerpt from one of RALLYS many articles on FGD
It is evident that the FGD.V was over-reporting revenues. This led the company to having to restate its numbers for both 2016 and 2017. The results was that from a forecast of $140M to the previously reported $11M for 9 months; FGD.V's actual revenue were $1.4M for 2017. That's quite the gap! Moreover, looking at this year earnings to date, FGD.V is actually under-performing the restated 2017 earnings for 9 months ($1.0M vs $1,2M). In fact, there is a downward trends in earnings for the last three consecutive quarters: Q1 2018 ($0.5M), Q2 2018 ($o.3M), and Q3 ($0.2M). FGD.V is also still without a CFO and auditing firm which it will soon need to conduct the annual earning reports. FGD.V has issued press releases during the halt period (now over 8 months). However, none on actual business activities have been issued since August 21, 2018. The last news release to the market was on October 18th, 2018. In the meantime, FGD.V is no doubt focused on responding to the OSC's request regarding the continuous disclosure record which will assist investors (and the market) to determine how this situation occurred in the first place. The FGD.V story is slowly unraveling itself and the facts are astonishing.