Pump and Dump...Another lie no revenues. How many times can they lie without any repercussions? Joseph Fuda is in line to be the next Attorney General for Donald Trump I heard.
Today's financial reports..."The Company has not generated commercial revenues through October 31, 2016 and is devoting substantially all its efforts to securing commercial revenue opportunities."
"Toronto, New York, August 11, 2016: Micromem Technologies Inc. (“Micromem”) (“the Company”) (CSE: MRM, OTCQX: MMTIF) through its wholly owned subsidiary Micromem Applied Sensor Technologies Inc. (MAST), is pleased to announce that, pursuant to our July 13, 2016 press release, the initial invoice has been accepted by the partner. The first payment of US $200,000 for work to be completed by the Company under this agreement will be received on or before September 8, 2016. The funds will be reported as revenue, not as a recovery of deferred development costs."
You know what sucks even more, they don't even expect to receive tthat $200k monies anymore, as they wrote off all of their deferred development costs as of October 31st, and they didn't let the bagholders know.
"The Company wrote-off the capitalized cost of $3,638,118 in the third quarter of the year
ended October 31, 2016 to reduce the carrying value of those projects to a value of nil. The
Company anticipates that it may realize commercial economic benefits from the exploitation
of these development projects in the future. However, given the uncertainty of realization of
these costs, the Company wrote-off the capitalized costs. "
Wonderful huh? These guys are just amazing...the balls, they know the CSE is a shit exchange and Canada is lax on financial investment fraud so they say whatever the hell they want to say in press releases, but when financials come around, no legit accounting firm will audit their bull shit into their statements and risk their business. All revenue will be $0 unless they get a crap accounting firm to show fraud, either way this investment is a turd.
