A few highlights from a couple of key MMEX SEC fil
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Posted On: 10/20/2018 8:56:09 PM
A few highlights from a couple of key MMEX SEC filings, the most recent 10-K, for the fiscal year ending April 30, 2018, and the most recent 10-Q, for the quarter ending July 31, 2018…
From the 10-K:
Page 18:
Any competent investor reading that statement alone would flee from MMEX - in a single quarter, MMEX issued more than 369-million shares of Class A Common, most of it to toxic lenders - all of those shares become trading shares six months after issuance, despite their registration status, under Rule 144. That amounted to more than $1.2-million in “free” money, gifted to insiders off the backs of MMEX retail “investors.”
From page 21:
Translated, a company with zero revenue, no business operations, and no employees managed to expend more than $1.1-million in G&A during the fiscal year! At the same time, using every accounting trick at his disposal, Mad J. managed to account for only $828.6K in that same fiscal year on actually “building” his rudimentary tea-pot crude topping unit.
Rolling ahead to the most recent 10-Q, we see on Page 24, the following gem:
Translated, for the MMEX STRONG, Mad J. spent more than $400K in the SG&A line in a single quarter - this is money lining Mad J.’s pocket. In that same quarter, Mad J. reduced ‘Refinery Start-Up Costs’ to $161.8K… because MMEX couldn’t obtain any project financing!
One of the bigger elements of the MMEX nightmare, from Page 21:
Again, translating for the MMEX STRONG; Mad J. has reserved more than 3.9-billion (yes, BILLION) shares to cover convertible debt and warrants - in the reporting quarter alone, MMEX issued more than 118-million shares of unregistered Class A Common to toxic note holders, all of which becomes convertible under Rule 144 six months out.
Why on Earth would anyone who can read, or do basic math invest in a piece of filth like MMEX?
From the 10-K:
Page 18:
Quote:
Recent Sales of Unregistered Securities not previously reported in the Company's Form 10-Q
During the fourth quarter ended April 30, 2018, we issued a total of 369,461,216 unregistered shares of our Class A common stock: 20,792,795 shares for services valued at $93,568; 347,023,825 shares for conversion of debt valued at $1,158,287 and 1,644,596 shares in the cashless exercise of warrants.
Any competent investor reading that statement alone would flee from MMEX - in a single quarter, MMEX issued more than 369-million shares of Class A Common, most of it to toxic lenders - all of those shares become trading shares six months after issuance, despite their registration status, under Rule 144. That amounted to more than $1.2-million in “free” money, gifted to insiders off the backs of MMEX retail “investors.”
From page 21:
Quote:
Revenues
We have not yet begun to generate revenues.
General and Administrative Expenses
Our general and administrative expenses increased $905,238 to $1,116,398 for the year ended April 30, 2018 from $211,160 for the year ended April 30, 2017. The increase is due to additional professional fees, travel and other expenses associated with securing debt financing, administrative activities of our proposed refinery project and filing of an S-1 registration statement.
Refinery Start-Up Costs
We increased the level of development of our proposed crude oil refinery in Pecos County, Texas during the fiscal year ended April 30, 2018. We expense all costs incurred prior to opening the refinery, including acquisition of refinery rights, planning, design and permitting. Such costs totaled $828,609 and $372,560 for the years ended April 30, 2018 and 2017, respectively.
Translated, a company with zero revenue, no business operations, and no employees managed to expend more than $1.1-million in G&A during the fiscal year! At the same time, using every accounting trick at his disposal, Mad J. managed to account for only $828.6K in that same fiscal year on actually “building” his rudimentary tea-pot crude topping unit.
Rolling ahead to the most recent 10-Q, we see on Page 24, the following gem:
Quote:
Selling, General and Administrative Expenses
Our selling, general and administrative expenses increased $62,118 to $400,248 for the three months ended July 31, 2018 from $338,130 for the three months ended July 31, 2017. The increase is due to additional professional fees, travel and other expenses associated with securing debt financing and administrative activities of our refinery project
Refinery Start-Up Costs
We expense the direct costs incurred prior to opening our proposed crude oil refinery in Pecos County, Texas, including acquisition of refinery rights, planning, design and permitting. Such costs totaled $161,832 for the three months ended July 31, 2018, compared to $333,111 for the three months ended July 31, 2017. We decreased the level of development of our refinery during the current year quarter pending receipt of additional financing.
Translated, for the MMEX STRONG, Mad J. spent more than $400K in the SG&A line in a single quarter - this is money lining Mad J.’s pocket. In that same quarter, Mad J. reduced ‘Refinery Start-Up Costs’ to $161.8K… because MMEX couldn’t obtain any project financing!
One of the bigger elements of the MMEX nightmare, from Page 21:
Quote:
Common Stock Reserved
At July 31, 2018, 82,911,901 shares of the Company’s Class A common stock were reserved for issuance of outstanding warrants and 3,858,038,889 shares of the Company’s Class A common stock were reserved for convertible notes payable.
Again, translating for the MMEX STRONG; Mad J. has reserved more than 3.9-billion (yes, BILLION) shares to cover convertible debt and warrants - in the reporting quarter alone, MMEX issued more than 118-million shares of unregistered Class A Common to toxic note holders, all of which becomes convertible under Rule 144 six months out.
Why on Earth would anyone who can read, or do basic math invest in a piece of filth like MMEX?
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