Future FinTech Group Inc (FTFT)

[petermic]

Company makes no sense to me. They have a deposit on an orchard purchase - deposit is $200,000 per acre.

Their auditor is a mirage. I can't find a thing about him/them.


Excerpts from 10Q. "As of September 30, 2016, the balance of deposits was $134,907,567, which mainly consisted of a deposit of approximately $30 million for the purchase of a kiwi orchard in Mei County, approximately $37.4 million for the leasing fee for the kiwifruits orchard in Mei County and approximately $24 million for the leasing fee for the orange orchard in Yidu city."

In April 2016, the Company signed a letter of intent with Mei County Kiwifruits Investment and Development Corporation to purchase 833.5 mu of kiwifruits orchard in Mei County. The purchase price will be determined by a third party valuation company appointed by both parties. The Company paid RMB 200 million (approximately $30 million) as a deposit (“Deposit”) in the second quarter of 2016."

833.5 mu is 138 acres - so they have a deposit on an orchard of $218,000 per acre - sure