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Nah. I like my money too much to throw it down a rat hole.
We'll look back a year from now and one of us will be laughing.
GLTU.
May I have your permission to put that on a T-Shirt?
Giving you full credit, of course.
Just wow!
Fake it til you make it, TenKay. They haven't a clue so they threw something against the wall so the masses can be amazed.
Some see gold in those financials. I see a freight train that's gonna smash into a mountain.
The financials are a mess.
Items that clearly have to be amortized are expensed.
What is likely some sort of note receivable is listed under checking/savings.
IT equipment is listed under Equity
The financials were prepared by a grade schooler.
So I pick apart the financials showing they are nonsensical and you say that I'm confused.
Wow. Just wow. Confirmation that this is indeed a scam.
How does someone use a liability to buy something?
If I owe my sister $ 50 does that mean I have $ 50 to spend? It means I already owe her $ 50.
A balance sheet should show the bank name if there is indeed money in an account. Putting the name of the entity who supposedly paid the $ 1 million is bizarre.
If I were doing a personal balance sheet and listed "GRANNY $ 50" because that's what she gave me for Christmas that would make no sense either. It might show "In Mattress" or "In Piggy Bank" or "behind sofa cushions" but it wouldn't show GRANNY.
No accountant (or accounting student) would show that that balance sheet shows.
Those documents were prepared by someone who isn't qualified so anyone who relies on those documents should tread very carefully.
The financial make no sense on so many levels. If they were prepared by a CPA that person should lose his/her license.
Under Checking/Savings, a $ 1,000,000 entry marked Chimilenti. Chimilenti is the group that purchased the old software product. Listed under Checking/Savings?
Maybe DUE FROM Chimilenti as an accounts receivable but certainly not Checking/Savings.
Since when is a Stock Buyback fund a LIABILITY? That would mean that the company owes itself to put money into that fund.
They expense something like an Office Build out when it should be amortized and depreciated yet they show Building/Furniture as Equity. That's bizarre. Maybe it's an asset. But equity? Who does that?
And clearly the big revenue amount was a one time "extraordinary item" representing the sale of the software product to Chimienti. You can't extrapolate into future quarters. OK, so a residual component coming maybe but certainly not equal to the sale amount.
Anyone who puts credence in these financials has never taken Accounting 101. They are a farce prepared by someone who hasn't a clue.
Not fighting anything. Just pointing out that the numbers look like they were assembled by someone who doesn't understand accounting.
Can you explain how a buyback fund is listed as a LIABILITY?
Note that of the software sales price it would appear that $ 1,000,000 is listed as a receivable meaning the cash has not been collected.
I don't believe in unicorns, fairytales or financial statements that look like they were put together by a landscaper.
I agree that on the surface the picture appears rosy as compared to the prior bleakness.
But if the financials were prepared by someone who doesn't understand accounting what faith can you put into those rosy numbers?
A FUND listed as a liability? What's that about?
One you take off your rose colored glasses things may not be the same.
Appears that the financials were prepared improperly.
Something like a construction buildout has to be AMORTIZED over the useful life of the work: it can't be dropped onto the Income Statement as an expense as it shows here.
Development Fee could fall into the same category.
Re-classifying these expenses would serve to INCREASE net income making the picture rosier here.
But this sort of error reveals that that someone doesn't know what he/she is doing.
The Stock Buyback Fund is listed as a LIABILITY, NOT an asset.
I dunno, KAM. I would think that most standard insurance policies (auto, home) have a commission rate of 10% or so. Life and disability in year 1 are probably much higher with smaller renewal commissions.
So, if the 500K in gross revenue are total premium dollars, then on average 80 to 85% might go straight to the insurance companies, leaving Mr. Dennis with commissions of well under 100K. Subtract salaries, rent, etc. and profit is probably 0.
If 500% are his agency's COMMISSIONS then the story is much different.
The theme here has been that employees of giant insurance companies like AFLAC and AMERICAN FIDELITY aren't going to ruin their reputations by affiliating themselves with a scammer.
Using that logic it's entirely possible that a hick-town insurance agent doing minimal business might be lured by the promise of endless riches by the likes of a stock promoter.
So the amount of revenue is indeed pertinent.
Anyone know how insurance agencies recognize revenue?
Are revenues equal to the total premium dollars collected or are revenues gross commissions earned by the agency?
500K in premium dollars isn't in any way impressive but 500K in commissions earned for a 1 to 4 person operation probably makes for a decent living in South Carolina.
And the random capitalization of words in that PR ("Children" "Grandchildren") is an Ed Vakser trademark.
WELCOME BACK, EDDIE!
BEN: SUTI web site is mjvc.org
"Venture Capital Incorporation"
LOL.
Yes, some people get the Revenue/Profit thing confused. Numbers are hard.
I was following another SCAM a couple of years back where the "company" was supposed to get some sort of toxic financing. Some goofball shareholder decided that the loan amount should be counted as revenue. He then picked an arbitrary multiplier and professed that the company was worth a bazillion dollars based on the "revenue" that was, in actuality, a loan.
The loan never came through, BTW.
That company is at no bid just like SUTI. Hard to fathom.
Bernie Madoff met with his clients all the time.
He was especially cordial to prospective NEW investors who had money that needed to grow consistently and safely.
Bernie had nice offices in a Class A Manhattan office building.
Kent can only dream of reaching that level.
I'm bringing the kiddies to Kent's house for some major league Trick or Treating. If each little one gets a $ 50 dropped into their goody bag then I might just believe that Kent really is the magnanimous individual that he's been made out to be.
If we walk away with "FUN SIZE" Kit Kats or a bag of that cr*ppy candy corn in a little wax bag then I will have a lesser opinion of Uncle Kent/Kenneth.
Ben, I think you're trying to make sense out of the ramblings of Canna's biggest customer. Maybe there will be downstream profits for SUTI after all.
We know it as "MJVI" (the Incorporation...or so says the web site)
Absolutely not. Sounds like the setup to a great joke.
I'll work on it.
a recruiting station, a Mexican food restaurant, an AT&T center, and a Verizon in the same center. Is that a bad thing???
The missing piece to the puzzle is ownership of the building. It was stated by Kent that the building is being purchased for "cash" but unlike the $ 2.4 million software (plus residuals) that he apparently "donated" to the shareholders he hasn't said that the building was another sign of his largesse.
Kent may own the building either personally or through an entity of some sort. Looks like there is room for another lessee as well.
TDEY will be paying rent to Kent. Or maybe Kent will just waive the monthly rent because he likes helping PINKY shareholders.
Getting the kids ready to visit Kent's house on Halloween. Hoping for $ 20 bills handed out but will settle for FULL SIZE Snickers! ("Fun Size" my azz)
10am wine. That's the kind of party that Eddie loves.
I was being facetious, Carlson.
This is, and always has been, a 100% Eddie scam.
After the TD&Y story collapses perhaps the Eddie minions will make a return visit here to talk up the next CEO.
A poor soul on that "other" board is praying the POS will run so he can pay for cancer treatment. The cheer team would be happy to pick his pockets all the same.
Sad.
And his cocker spaniel gets a nice stipend as the company mascot: "Canna the Wonder Dog."
Milt, ASSuming that the Canna deal was reduced to writing (and not some verbal agreement that has since gone up in smoke) you can be sure that any 2% of profits will amount to ZERO.
Jorge will work with his friends at Canna to make sure that SUTI's revenue amounts to a big goose-egg.
And this after all that waiting for Canna to open. Such a shame.
I would be pleased to make a pledge to agree to negotiate for a memorandum of understanding to contribute 2% to a Jorge Defense Fund.
This posting contains forward looking statements that may be total lies.
Does this mean that the magical liability spin-off is canceled? I was really looking forward to that.
Prior PR signed by (ex) CEO Saenz
Accumulated Company Deficit: Management and I have been working diligently with our company accountant to substantially reduce our accumulated deficit on the books (as reflected in our quarterly filings). Our current plan in motion has allowed us to deplete a large portion of these liabilities. As previously mentioned in our June 4, 2015 and June 19, 2015 press releases, a spinoff of the company is in progress. Our private company is absorbing the majority of this deficit while our public trading company will retain the company assets with the benefit of a more tolerable overall liability amount. Although a reduction is anticipated to show in our upcoming 2nd quarter financials, the bulk of this reduction will be impacted in our 3rd quarter filing for 2015. I am quite pleased to report that management is estimating a total approximate 75% reduction of liabilities to be disclosed in our third quarter filing.
Jorge gives drug peddling a bad name.
I don't think so, but am willing to stand corrected.
Nothing was ever memorialized beyond a nonsense internet posting that I can recall seeing. Makes no difference, really. No one even knows what SUTI paid Canna for that 2%...whether it was for ownership or profits.
We do know that Jorge has Canna stocking his (privately owned) EcoVape products. Hopefully that's generating some nice revenue so he can pay his lawyers.
Canna deal is not 2% ownership. It's 2% of profits.
We all know what that means.
Jorge will be the DEFENDANT in civil lawsuits filed by multiple parties.
You can be sure that SUTI has no officer liability insurance to cover those legal expenses; Jorge will have to fend for Jorge.
No one should expect justice but perhaps those who lost money as a result of Jorge's misrepresentations will feel some solace knowing that Jorge will be shoveling money into the maws of lawyers.
Some other dude did it may keep Jorge out of jail, but it will be costly for him as the wheels of justice turn.
GOOD.
Jorge knew he was dealing with a criminal and Jorge knew he was dealing with someone who flim-flammed him three times on the "KOLBE ACQUISITION."
Each time Jorge allowed shareholders to be misled until finally Jorge felt that Eddie was stealing him him personally. THEN and only THEN did he speak up.
Any illusion that Jorge ever cared about anyone but himself is just that...an illusion.
I don't feel sorry for him. I hope he likes spending money on legal fees.