Omni Health Inc (OMHE)

[BubbaInSC]

SCUMMY Accounting Practices

Since it's "treasury stock" sure it has a "paper" value, but actual gains are not realized until those stocks dilute and are sold.

As for the accounting of the sale of the VitaCig assets to MCIG as part of its discontinued operations, the Company believes it was appropriately accounted for in both the balance sheet section, as well as the Profit and Loss section.
· Balance Sheet Transaction: The transaction was recorded on the balance sheet as “Treasury Stock” in the amount of $1,052,250, which was the fair market value of the VitaCig stock the company purchased from MCIG with its VitaCig assets. The Company is obligated to report its own stock it received from MCIG carried at cost (fair market value). Furthermore, the Company’s balance sheet reflects the changes to cash, accounts receivable, prepaid expenses, inventory, intangible assets, current liabilities, deferred revenue, due to MCIG and due to related parties, which in effect gives the Company a net book value of the sale of VitaCig of $28,923.