Marani Brands Inc. (MRIB)

[Matthew Berg]

Just to add, with goods in transit, someone must book the product if sent FOB. If not sent FOB, the seller would book the product as goods in transit with a debit to inventory. If sent FOB, the buyer would book it as goods in transit until received when it would become inventory and the seller would book it as a sale and/or receivable.

What it appears MRIB has done is arranged a third party supply chain. This makes sense now because of the comments about the last shipment being "already paid for" yet the purchase didn't show up on the fins or inventory. So the problem they had was sooner or later someone would say "where's that container from June?" How would investors feel if it appeared MRIB wasn't even paying to buy product? What are they spending all the money on? Conveniently it's now in transit and possibly permanent limbo. No rule as to how long it can remain in transit. Bottom line is there are a lot of questionable deals going on and the books appear to be thoroughly cooked. Another glaring example of the need for audited financials. A sale of that magnitude if it were true, which it's not, and/or a logistics deal should be footnoted at least to explain the numbers. We know for a fact that it wasn't a sale by MRIB but a sale to MRIB because it would be more than existing inventory of $100K.