Absolutely on point. But I think there's a whole helluva' lot more double dipping than other jobs or moonlighting. We have an MRIB vendor that got paid for two new containers in less than six months on top of over another full container already in inventory and MRIB is lucky to have sold 5% of that in over a year!
And the vendor is a mystery in itself. No one can seem to find it or confirm its existence other than a trumped up web site that popped up out of nowhere a few weeks after the existence of the wine plant was questioned which coincidentally was created and registered as a domain out of... Surprise! Glendale, CA.
And what's the relationship with Zodiac Brands? We know Margrit is listed as past president. It makes one question what part of the catch all SGA is going to Zodiac and looking back on a fully reporting MRIB the $1.8 million listed for advertising in 2009. Anyone ever see any MRIB advertising? Ever? And there's others. NovaNet, Broadcast West and a half a dozen seemingly non-existent vendors in Armenia. Ever wonder how MRIB never gets sued. Other than Bodie and some marketing company years ago for chump change I've never seen a company blow through $30 million, become insolvent and fail twice, and not have a pile of creditor/vendor claims and lawsuits. Maybe because Margrit controls most if not all the vendors and would never sue herself?
And let's not forget the financing. Eco Investment Properties? What's Margrit's involvement there. At least two of the Eco board members are listed as MRIB board members and even list the same domicile address. There's where I think the biggest double dip could be. Eco got shares at huge discount. Think about getting shares at $.0001 at a discount to cash of 10% maturing last spring. For $100K they'd be sitting on at least $5.6 million profit in six months. WOW! And they seem to be control shares so they'd also have all the insider information right down to day to day operations. Nice.
As to the "new" CFO, you are most likely correct. I've said it in the past having read through these last few reports that they are so shoddy, sloppy and suspicious that no certified firm or CPA would touch MRIB with a ten foot pole or if a CPA brought the books up to snuff Margrit would never release them. The other possibility is MRIB didn't pay the guy which is not a remote possibility given the cash flow situation.
