I did not see any monies raised through Minivest, or from the ICO in this disaster of a financial statement. What I am seeing is a company that will do anything to survive to see that its main investors are satisfied before it folds up.
Going Concern:
As reflected in the accompanying unaudited financial statements, the Company had a net loss of approximately $154,483 for the six
months ended June 30, 2018 and net cash used by operations of approximately $268,585 for the six months ended June 30, 2018 and an
accumulated deficit, stockholders’ deficit and working capital deficit of $2,607,994, $1,537,828 and $1,762,556, respectively, at June
30, 2018. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company
to continue as a going concern is dependent upon achieving profitable operations and/or obtaining additional financing. The unaudited
financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
The Company plans to raise capital through the sale of equity or debt instruments to implement its business plan. There is no assurance
these plans will be realized.
Advertising:
Advertising is expensed as incurred and is included in general and administrative expense. The Company incurred advertising expense
for the six months ended June 31, 2018 and 2017 amounting $7,350 and $7497, respectively
Really? This is all they spent on marketing this product?
I am afraid we are on the back of a dying baby whale.
Now for the kicker!
During the three months ended June 30, 2018, revenues generated from the services rendered to three copyright owners represented
approximately 71% of the Company’s net revenues. 15% of the 71% were generated from one copyright owner who is a related
party. During the three months ended March 31, 2016, revenues generated from the services rendered to two copyright owners
represented approximately 58% of the Company’s net revenues. 30% of the 58% were generated from one copyright owner who is a
related party (see Note 8).
Someone explain to me what I am missing? I cannot see how this financial statement converges with the hype management built around the future of this poorly run company. I have learned a valuable lesson. One I will not forget anytime soon! I am guessing mm's will try and pump this before the final nail in the coffin.
