property and equipment: 3,209,123 Intangible: $4,885,168 Good Will: $0 Other Asset: $0
Accumulated Deficit: $24,159,726
You can see intangible/goodwill was slashed by more than half with no explanation. This is probably because the new auditors reevaluated various transactions and forced the write down. At the same time the accumulated deficit mysteriously increased by $19 million.
All of this while a rosy picture have been painted by AVT management:
The disclosed revenue through the interim financial report is $3,543,453 for the first 6 months of 2014. This is a annualized revenue of $7,086,906 which is 80% below their expectations.
Very disturbing.
The potential transactions with SWI Trading can be confirmed in various 10K too.
It looks like AVT purchased vending routes and AC Mexican Grill from SWI Trading.
Also the initial reverse merger valuation should also have been out of the money. SWI Trading is involved in this process too, but there are not enough information to understand exactly how the merger happened and at what valuation.
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