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Suissac, maybe you could fire off an email to otc?..:)
if lindel bails on erbb and partners with another outfit with potential, this would be a crushing blow to erbb..Lindel should make his move...either depart or hold erbb hostage for a big chunk of CD.
The elephant in the room, and will always be in the room, is Jimmy exercising the Budcars 30% controlling interest option..SGMD has the means to comfortably pony up $525K via existing share structure in place.
At 47% gross profit margin, what are we waiting for?..Couple years and several more hubs to share those revenues with Clint Walker..Why? And Clint shares any additional benefit from Jimmy's LMK property..Why?
Imo, Jimmy should at least address the option issue and convince shareholders why exercising option at this time not a good idea..Silence isn't helping confidence.
Per PR.."Management notes that BudCars growth has continually tracked ahead of expectations."
Cough, cough..Jimmy, you have repeatedly primed shareholders for $11m Sept annualized, not actual $7.7m..So, fair to say "tracked ahead of expectations a stretch"..:)
Actually, that growth expectation seems to have halted in August and likely why SGMD ceased breaking down the Aug/Sept revenue numbers..
BC reportedly met the July $650k revenue expectation, but likely ended there..Financials indicate July/Aug/Sept Quarter recorded approx $1.9m..Subtract July $650k and that leaves about $650k each for Aug and Sept..
Budcars is now about $7.7m annualized when in fact Jimmy was PRing/tweeting $11m annualized expectations by Sept..
$7.7m ain't chump change,but Jimmy has certainly avoided the $3.3m "shortfall".
Good chance we do..Another potential 500m CD conversion coming end of Oct..Your potential BC hubs are just that..."potential"..presently non revenue producing and will require dilution to bring to fruition..Sacramento hub was already in operation..Jimmy has yet to bring one online..Dont get me wrong..Imo Jimmy will open additional BC hubs, its just with Jimmy, well, should I say delay surprises most always pop up along the way..gl
2020 net loss from operating activities--$21,339,146 ..WoW!
In recent (4) successive trading sessions SGMD jumped from .0013 to .0024 on 230m volume, a nice 80% swing opportunity. Jimmy has a history of pulling occasional rabbits out of his hat, but surprised the PR got as much price spike as it did considering imo a disappointment comparing it to previous PR/tweet expectations, rising O/S and delinquent 10k..Frankly, I was expecting bigger embellishment, but looks like short term mission accomplished with mediocre BC update.
Can't get onboard SGMD as longterm investment presently, but can't overlook another short term opportunity come Nov (NT 10k)Quarterly filing..Jimmy has plenty of PR ammo..Until then, more dilution, more PR fluff and patiently awaiting .0012-.0014 flip opportunity?? ..:)
Super tiny float..Plenty of PRs..and still getting crushed..??..Marketplace just ain't buying it for some reason.
Something interesting...I've copied a page from the 10k, appears a bit confusing in ihub format, so those interested might find easier format at sgmd otcmarkets 10k filing..Anyway, deals with $1,510,645 gross profit number and mentioning of Indigo Dye Group..I highlighted in black..So, it appears that SGMD managed to incorporate Budcars into filing? I'm no accountant, but DD seemed to indicate that minority interest SGMD could tag 40% BC somehow through "Investments" or "Profits"..Did they?..Would appreciate more clarity.
Results of Operations
The following table sets forth the results of our operations for the years ended June 30, 2020 and 2019. Certain columns may not add due to rounding.
For the years ended June 30
2020 2019
Revenues, net 4,362,585 4,637,644
Cost of goods sold: 2,851,940 3,368,659
Gross margin 1,510,645 1,268,985
Operating Expense 13,636,211 6,184,062
Loss from operations (12,118,367 ) (4,915,077 )
Non-operating income (expense): (9,408,994 ) (7,314,073 )
Net Income (Loss) (21,534,562 ) (12,229,151 )
Less: net loss attributable to the noncontrolling interest (195,416 ) —
Net Loss attributable to SugarMade Inc. (21,339,146 ) (12,229,151 )
Revenues
For the years ended June 30, 2020 and 2019, revenues were $4,362,585 and $4,637,644 respectively. The decrease was primarily due to COVID 19 crisis which had significant impact on the restaurant supply industry.
Cost of goods sold
For the years ended June 30, 2020 and 2019, cost of goods sold were $2,851,940 and $3,368,659 respectively. The decrease was primarily due to COVID 19 crisis which had significant impact on the restaurant supply industry.
Gross Profit
For the years ended June 30, 2020 and 2019, gross profit was $1,510,645 and $1,268,985, respectively. The increase was primarily due to the higher margin from Indigo dye business. The gross profit margin was 34.63% and 27.36%, respectively, for the years ended June 30, 2020 and 2019.
Selling, general and administrative, expenses
For the years ended June 30, 2020 and 2019, selling, general and administrative expenses were $13,636,211 and $6,184,062 respectively. The increase was attributable to issuing of the common stock compensation expenses for employees, legal, and consulting fees.
SGMD otcmarkets should be current Monday?
https://www.otcmarkets.com/stock/SGMD/disclosure
So basically, SGMD paid L&L CPA"s $54k for 2020 duties to review SGMD's internal bookkeeping numbers, and assuming SGMD (revenue) numbers were accurate, things were in order according to PCAOB standards?
"Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Sugarmade, Inc. and Subsidiary (“the Company”) as of June 30, 2020 and 2019 and the related statements of operations, stockholders’ deficit, cash flows and the related notes to consolidated financial statements (collectively referred to as the consolidated financial statements)for the years ended June 30, 2020 and 2019. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of June 30, 2020 and 2019, and the results of its operations, changes in stockholders’ deficit and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
The Company’s Ability to Continue as a Going Concern
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company has an accumulated deficit, recurring losses, and expects continuing future losses, and has stated that substantial doubt exists about the Company’s ability to continue as a going concern. Management’s evaluation of the events and conditions and management’s plans regarding these matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
/s/ L&L CPAS, PA"
L&L CPAS, PA
Certified Public Accountants
Plantation, FL
The United States of America
October 15, 2020
We have served as the Company's auditor since March 2018.
correction..appears over $2m for Q
$1.5m....i anticipated $450-600k for Carryoutsupplies...Wonder if SGMD was able to slip in the $886k PPE sales?
10k better than anticipated..Audit fees $54k..
Anticipate $450-600k for Carryout paper, another $100-200k PPE maybe gets slipped in Q4? Last year 10k revenues $4.3m, imo approx $2.6m this 10k filing.
Best guess is Friday after hours..Then, 10k reality can be cushioned over the weekend..Nice move by Jimmy to substitute the Budcars PR today, even though if one deciphers the data it was disappointing as to what was expected of BC at this time..Flipped today, but if I was Jimmy, why not come out with another PR Thurs (PPE sales?) and take SGMD on up to .003? And plenty of room for Jimmy to increase dilution funding amongst the MOJO..Take the ride into Fri closing Jimmy, and give shareholders some opportunity! Then, slip (10K) in 'em after Fri close..
Imo, Jimmy realized SGMD returning to basic pink tier Alternate Reporting and figured the hell with 10k deadline..:)
Slick move by Jimmy's promo team posturing Budcars positives VS filing disappointing delinquent financials today..Kudos, several took a nice pay day..Caveat Emptor no biggie, what comes tomorrow Jimmy?..:)
When's the last time SGMD slapped with Caveat Emptor Skull and Crossbones? This could get interesting.
"Good news is Jimmy has a knack to release a pleasant,but short lived PR surprise in this scenario"
Must admit, promo outfit did a nice job spinning today's news, and not exactly what I envisioned for Jimmy's promo path, but that said, Jimmy continues his "knack" for pleasant surprises in seemingly awkward scenarios..Now, don't overlook that he will soon release the 10k..gl..:)
What's amazing is the news released is actually quite disappointing to the expectations built up from previous tweets/PRs...and couple that with delinquent SEC reporting Stop Sign slapped on today..And the recent O/S update to 2.8Billion as of 9/31.
Very nice SGMD move this morning, kudos to participants..Pleased with flip...Gotta' love...and hate..SGMD...gl
Did ezweed put a muzzle on lindel?
..took the quickie..gl..:)
I suspect Jimmy wants to unload a few prior to reporting disappointing unaudited info, look for sizeable ttrade and/or late eod settlements..Quite unusual for Jimmy to be SEC delinquent with paperwork.
No doubt, intentional misinformation from erbb associates
Projected Sacramento $11m (Sept) annualized actually now $7.7m.
Aug6 PR highlighted July $650k sales and on pace for $11m annualized..
The total SeptQ (July/Aug/Sept) was $1.9m...that means Sacramento growth topped at *$650ish in July, and the $11m annualized projection is presently $7.7m..That's fine, knew growth would peak, but just want to keep the pump numbers real.
https://ih.advfn.com/stock-market/USOTC/sugarmade-pk-SGMD/stock-news/83016569/sugarmade-reports-july-budcars-data-new-record-pe
*explains why Jimmy didn't release Sacramento Budcars Aug revenue numbers earlier..Pumped 30% monthly growth ended.
SGMD Stop Sign..Delinquent SEC Reporting
Jimmy, you're never SEC delinquent...??..concerned our audited bookkeeping transparency reporting standard dropping down bigly as of today.
https://www.otcmarkets.com/stock/SGMD/overview
SGMD Delinquent..
https://www.otcmarkets.com/stock/SGMD/disclosure
Jimmy, hopefully you file this morning..Last year 10k $4.3m, I'm expecting about $2.6m this year, possibly higher if you slip in some of those reported PPE sales.
O/S 9/30..2,847,120,836
Last time I saw stock activity news was Dec30 and SGMD @.0114...Disaster since..Hoping Jimmy puts out some good fluff next PR for a quickie..:)
https://www.prnewswire.com/news-releases/sugarmade-inc-issues-statement-regarding-unauthorized-promotional-activity-involving-its-common-stock-300979964.html
lol..Check Joseph Noel's SEC credentials..
.0012s got hammered
"That expansion move will be quickly followed by our BudCars LA grand opening, which, as noted above, we expect to take place next month. Los Angeles is an enormous market for cannabis sales. It stands as perhaps the largest metropolitan cannabis marketplace on the planet. And we will be thrilled to see BudCars lay down roots and start taking market share in the area."
Jimmy,more clarity please..LA was reported to open in July..And now opens after Northern CA expansion..??..Does Budcars have an existing operation that is being acquired, or starting from scratch..Because if it's from scratch, then ain't no way in hell LA opens in November..Jimmy, are you telling us all we need to know about LA opening, because it sure seems like we continue to get delay surprises...and obviously, we can toss out the pumped $30m annualized revenue guidance by end of year..
SGMD will release it's lowest revenue 10K since 2014 after hours today..Expecting Jimmy to release another PR next 24-48 hrs that hopefully offsets the filing numbers (revenue/OS/CD) concerns..gl
lololol..Meet Lindel's new vending consultant rookie colleague..Guess he got on the job training with the one Nipton Trading Post AGM machine once he located the lost key..BTW, did Sean put together the (failed) Hydr8 Las Vegas vending deal with his nearby Henderson, Nevada neighbors?
Now, Pete just needs to find a payroll position for Scott Stoegbauer!
The "dumb" CBGL seller(s) appear to be the in-the-know convertible debt holders..Go figure..:)
Jimmy's private shell LMK Capital purchased the Lower Laker 40 acre vineyard retreat for $1,375,000.. CEO Jimmy maneuvered his public SGMD to pony up a $250k deposit and a $20k monthly lease agreement for 5 acre cannabis rights..certainly enough (deposit) funds for Jimmy's LMK to make a downpayment for Lower Lake and the $20k will easily handle monthly mortgage...And, reasonable to assume SGMD dilution will be used to finance the greenhouses and any additional infrastructure needed to get the 5 acres mj ready...which ultimately will increase value of Jimmy's LMK 40 acre retreat.
In retrospect, imo better PR..and investment.. potential would have been for Jimmy's public SGMD to buy the property and put the investment 100% on SGMD books VS SGMD essentially financing the 40 acre playground for Jimmy's personal portfolio..
https://www.zillow.com/homedetails/8159-Highway-29-Lower-Lake-CA-95457/2079072406_zpid/
Jimmy will file shortly after eod closing tomorrow..:)
Jimmy, disclose the LA Budcars location so we can verify its existence and progress toward grand opening..This was pumped to open months ago! thx
Previous PR "operational control" language has been toned down to "where we are actively engaged in strategic and operational execution of the business." ...Geezus Jimmy, paying big bucks for promo campaign..Put yourself in our shoes when we read the totality and continuity of this chit!!..I've seen you do much better!