No problem at all, LG. When I first read it, I laughed as I thought it had to be one your famous satirical posts, but upon further readings, I began to harbour grim doubts about that first thought. lol
As to your question of "actual income," this goes to the heart of the matter. To recapituate, there was no cash income per se recorded in EOY 2013 (incl Q4) except for cash advances totaling $298,347. One can assume they learned a hard lesson from the CF cash advances in the past, and the conversion rate, if it applies, is fair.
"Financing Activities
Related party advances 298,347
Net cash provided by financing activities 298,347"
From this amount $298,347 was deducted net cash for operating expenses of $145,038, which left a remainder of $153,309 cash on hand at EOY 2013.
Allowing for all expensed items and bad debt, they come up with $16,778, 733 as "net income. However, as we know, this is money owed and not yet collected.
http://investorshangout.com/post/view?id=1466405
That's 2013. What about 2014?
With PJ serving sectors within two major urban areas of CA and with presumed sales at participating collectives, there obviously should be money coming in pursuant to licensing fees. How much? That would be blind guesswork for others to undertake. Furthermore, we don't know the licensing fee schedule. You also ask where is the money held. Given that a significant percentage of it would be in cash, it had better be in a safely guarded place. In any case, cash receipts require strict accounting, bookkeeping and auditing protocols. We must assume those procedures are being followed to the letter.
Regarding Q1 2014 fins. As of this writing, the firm is still in tier Limited Information and the attorney letter, due May 1, has not yet been posted at OTCM. If SKTO remains in Limited Information tier, the firm has no OTCM obligation to issue Q1 fins May 15 or (if late) May 20, the respective deadlines for Current Information tier. Rather they have maximium 6 months from EOQ to report. We would fervently hope the firm abides by May deadlines even in the event they need not do so. However, if Limited Info tier prevails, let us be spared here of the repeated agonizing ritual of counting down something that may not happen on time. Whatever comes will come.
As to your question of "actual income," this goes to the heart of the matter. To recapituate, there was no cash income per se recorded in EOY 2013 (incl Q4) except for cash advances totaling $298,347. One can assume they learned a hard lesson from the CF cash advances in the past, and the conversion rate, if it applies, is fair.
"Financing Activities
Related party advances 298,347
Net cash provided by financing activities 298,347"
From this amount $298,347 was deducted net cash for operating expenses of $145,038, which left a remainder of $153,309 cash on hand at EOY 2013.
Allowing for all expensed items and bad debt, they come up with $16,778, 733 as "net income. However, as we know, this is money owed and not yet collected.
http://investorshangout.com/post/view?id=1466405
That's 2013. What about 2014?
With PJ serving sectors within two major urban areas of CA and with presumed sales at participating collectives, there obviously should be money coming in pursuant to licensing fees. How much? That would be blind guesswork for others to undertake. Furthermore, we don't know the licensing fee schedule. You also ask where is the money held. Given that a significant percentage of it would be in cash, it had better be in a safely guarded place. In any case, cash receipts require strict accounting, bookkeeping and auditing protocols. We must assume those procedures are being followed to the letter.
Regarding Q1 2014 fins. As of this writing, the firm is still in tier Limited Information and the attorney letter, due May 1, has not yet been posted at OTCM. If SKTO remains in Limited Information tier, the firm has no OTCM obligation to issue Q1 fins May 15 or (if late) May 20, the respective deadlines for Current Information tier. Rather they have maximium 6 months from EOQ to report. We would fervently hope the firm abides by May deadlines even in the event they need not do so. However, if Limited Info tier prevails, let us be spared here of the repeated agonizing ritual of counting down something that may not happen on time. Whatever comes will come.
