Omni Health Inc (OMHE)

[lesgetrich]

mCig held it's ownership of VTCQ/OMHE under the cost method of accounting which required that since they owned more than 20% of the company, they couldn't claim the market value of the shares on their books. The shares were booked at par value ($.0001/share), and they could only book a percentage of the company's profits (and there was very little profit to be claimed). When they bought the VitaCig product line, they could only expense the VTCQ shares at the cost at which they had been carried on their books, otherwise, they would be inventing money that wasn't there. On the other hand, OMHE received those shares into their treasury at the actual value that they could be sold at because they are free to sell them at market value. If you want to call them "scummy accounting practices" your gripe is with Generally Accepted Accounting Principles (GAAP), in other words, you're calling normal accounting "scummy". ROTFLMAO

Just another debunked claim.