Sino Agro Food Inc (fka SIAF)

[RealDutch]

Thanks so you confirm that they have "built" stakes in things that they don't own and that they sell stock at 2X earnings for cash.

Heck, they sold stock for a P/E of 0.5 up until 2014. But they haven't sold any since then, to my knowledge. Just stock issued as collateral.

Consultancy gives them roughly 40% gross margin. They used to deposit this money towards future acquisitions. So that gives them roughly a 25% stake (at book) ("for free") in the future acquisition. They don't have the money for the other 50%. Or perhaps they do but the JV hasn't been officially approved yet. Except for FF1 of which they 75%. And Cattle Farm 1.

Also then you confirm that this technology they claim isn't anywhere but China - errr.... and collected by companies that don't have to disclose taxes since they are "farms" so there's no way to validate anything you are saying since apparently licenses are only SEC reported items? c'mon.....

I have no idea what you're saying. The APM technology is out there. They resold a couple of licenses in 2007 I think. But it's not very efficient. I think the patent holder even went bankrupt a few years ago but I can't be sure. The parent now owns the patent IMO.

so let's go to your CA deal where we still see what... $1.8MM in consulting last quarter? so let's be generous and say that they collected the $1.8MM.

You have to make a distinction between consultancy income, commission (=management fee) and resale.

Consultancy income is what it says. They get paid for design, $5,000 per APM tank license fee, etc.
Commission or management fee is what they get paid for running the show. You see, the JV partner doesn't do a thing. And resale (usually 10% net on sales) is what they get paid for sales, marketing etc. That's all CA.

please show us the disclosed end customers from Capital Award. We see zero evidence that customers exist at all.

It's in the filings. For CA, it's usually Wholesale Center 1 or the Distribution Center in Shanghai (recently). WC1 is another entity they will acquire eventually, but until they do it's a third party (customer) who themselves have many customers.

That's it, from me. I can't even be bothered to read most of the stuff you are posting.