Hey toodles, I just want to point something out as, based on the way you've presented this "information" that "someone posted on iHub," you seem to be actually taking it seriously.
The idiot who posted that message has a history with ONCI, and ONCI isn't the only stock that he's pulled his "I'm a retired CPA and I know everything" routine on, in order to bash and try to beat it down.
To even respond to this crap from QTRIPPERQ is giving way to much credibility to the jerk. But to see a trader/investor/businessperson like yourself who's contributed positively to the general ONCI discussion get "taken" by this idiot's crafty crap... doesn't sit well with my either. So I'll address one or two points here.
As Winston pointed out...
> I am pleased to announce that we have signed a letter of intent to purchase 75% of a craft Cannabis company called Sifthouse BC. Sifthouse is a craft Cannabis company and a new business based in Vancouver. If you think of craft cannabis like a craft beer company, they will grow highly profitable and specialty blends in the way craft beer, such as montaulk IPA, does. This business is about to explode and we are in on the ground floor. It is my expectation that big tobacco and spirits companies will be in control of this business going forward and the expectations and potential profits will be amazing. Terms of financing are being worked out and will be announced in the next update but we will be sending Sifthouse a payment of $100,000 within the next few weeks. As new markets and countries open we will be able to franchise our company to every city that makes cannabis legal over the next few years and I believe craft growers will be the biggest part of the cannabis boom. <
Read the lines carefully. And then read between the lines.
For one thing, it's stated very clearly - it's a NEW company. You can connect whatever additional dots you think may be connectable to that statement or any of the other statements in the paragraph. So QTRIPPERQ cherry-picks his references and says "I can't find anything on this company, so it's more FRAUD!! Believe me, I'm a retired CPA, and I even know some buzzwords and phrases in beancounterese!!"
Or would you rather analyze the bullcrap crafted by a basher with a clear agenda which - I'm pretty sure - goes completely against YOUR agenda. A basher who is now trying desperately to convince others that there's some sort of "accounting fraud" in the ONCI reporting. That's complete and utter bullshit. Pink alternative reporting (not SEC-reporting) issuers are given MUCH latitude in their reporting. When ONCI eventually gets to filing audited financial reports (and paying the significant cost for the PCAOB-registered accounting firm to perform the audit, along with quite a bit of ONCI's officers' time to support the audit), you'll see a statement like this in the report:
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and board of directors of
ABC Company, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of ProGreen US, Inc. and its subsidiaries (collectively, the “Company”) as of April 30, 2018 and 2017, and the related consolidated statements of operations, stockholders’ deficit, and cash flows for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of April 30, 2018 and 2017, and the results of their operations and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
accounting principles generally accepted = GAAP (Generally Accepted Accounting Principles)
UNTIL THAT TIME... NO ONE has made a signed statement in the ONCI financial reports claiming that anything or everything in the balance sheet, income statement or statement of cash flows conforms to GAAP. It's just ludicrous to make such a statement as this ahole has made about ONCI reports being fraudulent.
I hope you'll see that it's better to ignore the loser than to re-post his BS lies over here or anywhere else. It doesn't "show... what other were thinking of the MJ deal...". It shows what certain others WANT others to believe. Why? Should be obvious. He sold a while back and now... I do believe he's a retired CPA (cocky and an ahole, but still...) - he knows how to read a balance sheet... and an income statement... and as I've said already in another post - - THEY LOOK DAMN GOOD, and ALL the parts are there to validate where it previously seemed the company is a winner. Those parts added - continued high revs (and increasing), continued high profit margin and net income, significant add'l payment to Cogosense showing that everything is still in line with original stated acquisition, debt paid off, very low # shares issued since Q2 report... QTRIPPERQ saw the report and immediately knew that he wants to grab a good bunch of stock, so he began crafting his fraud narrative.
Alright, that's far more of my time than this low-life is worth. No better than PC, BTL, berdcrap and several others over there.
The idiot who posted that message has a history with ONCI, and ONCI isn't the only stock that he's pulled his "I'm a retired CPA and I know everything" routine on, in order to bash and try to beat it down.
To even respond to this crap from QTRIPPERQ is giving way to much credibility to the jerk. But to see a trader/investor/businessperson like yourself who's contributed positively to the general ONCI discussion get "taken" by this idiot's crafty crap... doesn't sit well with my either. So I'll address one or two points here.
As Winston pointed out...
> I am pleased to announce that we have signed a letter of intent to purchase 75% of a craft Cannabis company called Sifthouse BC. Sifthouse is a craft Cannabis company and a new business based in Vancouver. If you think of craft cannabis like a craft beer company, they will grow highly profitable and specialty blends in the way craft beer, such as montaulk IPA, does. This business is about to explode and we are in on the ground floor. It is my expectation that big tobacco and spirits companies will be in control of this business going forward and the expectations and potential profits will be amazing. Terms of financing are being worked out and will be announced in the next update but we will be sending Sifthouse a payment of $100,000 within the next few weeks. As new markets and countries open we will be able to franchise our company to every city that makes cannabis legal over the next few years and I believe craft growers will be the biggest part of the cannabis boom. <
Read the lines carefully. And then read between the lines.
For one thing, it's stated very clearly - it's a NEW company. You can connect whatever additional dots you think may be connectable to that statement or any of the other statements in the paragraph. So QTRIPPERQ cherry-picks his references and says "I can't find anything on this company, so it's more FRAUD!! Believe me, I'm a retired CPA, and I even know some buzzwords and phrases in beancounterese!!"
Or would you rather analyze the bullcrap crafted by a basher with a clear agenda which - I'm pretty sure - goes completely against YOUR agenda. A basher who is now trying desperately to convince others that there's some sort of "accounting fraud" in the ONCI reporting. That's complete and utter bullshit. Pink alternative reporting (not SEC-reporting) issuers are given MUCH latitude in their reporting. When ONCI eventually gets to filing audited financial reports (and paying the significant cost for the PCAOB-registered accounting firm to perform the audit, along with quite a bit of ONCI's officers' time to support the audit), you'll see a statement like this in the report:
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and board of directors of
ABC Company, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of ProGreen US, Inc. and its subsidiaries (collectively, the “Company”) as of April 30, 2018 and 2017, and the related consolidated statements of operations, stockholders’ deficit, and cash flows for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of April 30, 2018 and 2017, and the results of their operations and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
accounting principles generally accepted = GAAP (Generally Accepted Accounting Principles)
UNTIL THAT TIME... NO ONE has made a signed statement in the ONCI financial reports claiming that anything or everything in the balance sheet, income statement or statement of cash flows conforms to GAAP. It's just ludicrous to make such a statement as this ahole has made about ONCI reports being fraudulent.
I hope you'll see that it's better to ignore the loser than to re-post his BS lies over here or anywhere else. It doesn't "show... what other were thinking of the MJ deal...". It shows what certain others WANT others to believe. Why? Should be obvious. He sold a while back and now... I do believe he's a retired CPA (cocky and an ahole, but still...) - he knows how to read a balance sheet... and an income statement... and as I've said already in another post - - THEY LOOK DAMN GOOD, and ALL the parts are there to validate where it previously seemed the company is a winner. Those parts added - continued high revs (and increasing), continued high profit margin and net income, significant add'l payment to Cogosense showing that everything is still in line with original stated acquisition, debt paid off, very low # shares issued since Q2 report... QTRIPPERQ saw the report and immediately knew that he wants to grab a good bunch of stock, so he began crafting his fraud narrative.
Alright, that's far more of my time than this low-life is worth. No better than PC, BTL, berdcrap and several others over there.
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