Marani Brands Inc. (MRIB)

[Matthew Berg]

MRIB has absolutely not "paid down" any debt. That is downright untrue and deceptive. They delivered shares for the new cash they took in. They didn't pay down a dime of existing debt. Just sold more shares. It's on the books and financials posted already. Just a FACT. September 2013 debt was $1.8 million and September 2014 debt was $2.35 million. ZERO paid down and over $500K added. I'm sure the $500K is just in notes for shares not yet reported and have since been retired through delivery of shares but MRIB paid down no debt whatsoever. They used the money for expenses ($1.5 million in the last fiscal year alone!) not to retire or pay down debt. Just another fact derived from the annual report.

And what proof is there that MRIB sales this quarter are good? We keep hearing that and see no support or proof. The only proof we have of sales is through the inventory systems at what's left of the MRIB retail presence and those numbers are horrendous. Worse than last quarter.