Like I said earlier in the week when MRIB at $.0004 was being touted as a bargain, lotsa' $.0003s and lower available. Just gotta' give those zero basis holders some volume to chew on. Heck, they're even taking $.0002s now. The end of MRIB is nearing. No sales, no revenue. Just mounting debt, expenses and further dilutive selling.
We heard about new sales in the Southeast. Didn't happen. We saw new Costco stores added to the retail availability list on the Marani web site which went dark a few days later and remains shut down. Calls to those "new" locations proved that many of those locations listed do not carry Marani at all. Just made up MRIB propaganda. Margrit fiction at its best. Plant the seed and than hide the source.
We heard about a relocation to Nevada but for four months MRIB has been in default status there. MRIB claimed almost $60K in sales for their last reported quarter yet they reported only $22,000 in inventory reduction, which oddly, accounts for almost all of their sales for the last 18 months. Simply, the books are cooked. MRIB has parked more than $85,000 in supposed product sold in A/R including $51,000 on $56,000 in sales in just the last reported quarter.
The bottom line is that MRIB has little to no sales. It would appear that they basically have $85,000 in what has become uncollectable A/R. A typical situation resulting from parking product. All smoke and mirrors. Phony sales. Problem is it's a lot harder, and a far more serious issue to dummy up revenue versus playing a few games with the books and balances. There's also the issue of MRIB's actual ability to sell any product legally. I have yet to see anyone address that. The FTB has vacated their California license and they remain in default in Nevada. How can they operate at all?
