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Thursday, April 11, 2019 9:20:58 AM
Digital Utilities Ventures, Inc. Acquires Controling [sic] Interest of CBD Producer, Nature Science Health, Inc.
October 22, 2018
$5 million product sales by May 2019
Specifically this definitive statement by Maurice Stone:
"The CBD market in the US is exploding and are on target to reach revenue goal of $5 million in product sales by our fiscal year end, in May of 2019," said Maurice Stone, Digital Utilities CEO. "Our partnership with the Lakota Tribal Cooperative will be fully engaged and the Spring planting in The Dakota's will have begun."
The above statement is problematic for Maurice - it clearly states that they are on target for sales - meaning that as early as October 22, 2018, the company was already making product sales on a pace to equal $5 million. The funny thing about financial reporting is that one can readily catch up on this statement to see if it is true - the latest quarterly report, ending Nov. 30, 2018 (filed on Jan 21, 2019) shows ZERO revenues. Even the "subsequent event" showing a sale of products at $204k at the beginning of December is well shy of this mark and does not factor in ongoing cost of sales, depreciation and interest accruing at an alarming rate.
Also noticeably absent from the financials is any mention of the Lakota Tribal Coorperative announced the month before the financials were submitted - clearly one would have expected a short blurb about the deal since Maurice is counting on being "fully engaged" with them and for Spring planting to begin in just a couple months.
Further examples:
$400 million sales for 2019 :
Based on current market conditions, we anticipate generating approximately $90,000 gross revenues per acre based on harvesting 1,700 plants per acre, which translates to approximately 10-kilos of CBD distillate per acre. We anticipate NET income from the 2019 crop to be in excess of $400,000,000 - keep an eye on latest financials about to come out to see how bogus this statement was.
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