I expected criticism & maybe debate from my post, guess I should have expected a personal attack too (applies more to MasterB8er) but:
I found no explanation or "excuse" in the report for how they issued a PR in July stating they "completed the acquisition" and are now only saying that they expect to close within 6 months. Maybe this does not concern you? Did I miss something?
The July PR:
VILLA PARK, CA / ACCESSWIRE / July 21, 2016 / Service Team, Inc. (OTC Pink: SVTE, "Service Team") is pleased to announce the filing of its quarterly report for the period ending May 31, 2016.
The Company achieved record sales of $947,796 for the quarter ending 5-31-2016 compared with $664,454 for the same quarter last year. We look forward to continued growth throughout the year.
Robert Cashman, President of Service Team stated: "I am pleased to announce that we have completed the acquisition of MCV Companies, Inc. ("MCV"). MCV will become a wholly owned subsidiary of Service Team, Inc. The acquisition was funded with a combination of cash and stock. This is the first of several acquisitions that Service Team, Inc. is currently negotiating."
Service Team will report combined revenues of approximately $5,000,000 in its financial statements for its fiscal year ended 8-31-2016, compared to gross revenues of $2,611,766 for its fiscal year ended 8.31.2015.
Virgil Enriquez, Secretary of MCV stated: "MCV Companies Inc., is a full service landscape contractor. We offer conceptual drawings and complete construction services. MCV is committed to taking the client's vision and making their dream become a reality. As a premier landscape contractor in San Diego County we surround our customers with the most knowledgeable professionals. Our team has over 25 years of experience in the industry. MCV creates individuality in each of their client's custom outside living spaces. Throughout construction we maintain constant communication with all partners involved. Customer service and constructing it right the first time is always our top priority."
From the 10K:
Service Team, Inc. has paid $40,000 in cash as of August 31, 2016 towards the acquisition of MCV Companies, Inc., which has not yet been completed.
Therefore, as of August 31, 2016, the amount is included within other currents assets as the Company expects that the closing will occur within six months.
**
Revenue:
FY 2016 (From actual filings)
Q1 11/30/2015 $925,103
Q2 2/29/2016 $781,390
Q3 5/31/2016 $940,796 (figure differs slightly from the PR)
Q4 8/31/2016 $383,445
TOTAL: $3,030,734 Q3 to Q4 DECREASE = 59.2% (sorry, I said 60%)
FY 2015 Q4, $781,291 2015 Q4 to 2016 Q4 DECREASE = 50.9%
How'd I do?
BTW, "I do" also own millions of shares...
AI
