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Thursday, April 05, 2018 9:05:21 PM
When (if) IMUN finally posts sales and ships product - I would look carefully to see if they are in fact, stuffing the channel. It is going to be difficult to verify that the sales are paid for and if there are extraordinary return provisions included in those sales. Remember -- it doesn't have to be paid in cash to be recorded as a sale. And companies ship product to distributors all the time without an upfront payment.
ARTC (now part of SNN) shipped tons of product to its distributors and recorded sales and actually paid distributors to hold product as a way of creating fake sales to drive demand. ARTC had major auditors (although I believe they were penalized for being in on the scheme) and all of this happened in the US.
Layer on IMUN's second-tier auditors and dealings with a distributor in another country - it will be very easy to manipulate reported figures. Not saying IMUN will -- but given all the excuses we hear about additional approvals needed - contracts with guaranteed minimums that don't seem to be hard and fast -- its simply an hypothesis to consider.
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