Innovative Food Holdings Inc (IVFH)

[greasemonkeyshoes]

What "synergies".........
prior posting:
To reduce cost,Infrastructure spending envisioned by Sam......
A mirage or an equalizer??If sg&a is 28%+,"Houston we have a problem."
today:
My estimate eps=1.3c vs actual=0.5c,I was way off.ouuucchhhh.
from others:
"I'm wondering when is ever going to start realizing the "synergies" from these two acquisitions-- iGourmet and Mouth."

sg&a:
2016 21% of revenue(23% q1,21%,19%,22%)
2017 22%(23%,21%,18%,25%)
2018 27%(28%,26%,28%,26%)
2019 e28.5%(q1-1% seemed to be a good predictor,in the past 3 years)
q1 29.5%

Estimate for 2q 2019:
revenue $13.4
cost $9.4(70%)
sg&a $3.8(28.5%)
net income 200k or eps=0.6c
question/concern:
the bloated sg&a of 29.5% of 1q 2019,what % of that is due to return/theft/write-off?
official reason:
due to an increase in payroll and related costs of approximately $634,125 (including an increase in non-cash compensation in the amount of $91,357), an increase in depreciation and amortization of $66,792, an increase in advertising and marketing of $66,060, an increase in travel and entertainment of $65,522, and an increase in computer and IT costs in the amount of $37,024.
this smells bad:
at large $309(2.4% of revenue)=$634-$91-$66-$66-$65-$37

I believe we are seeing the exact opposite of "synergies" result of the mergers,not working and the rotten smell is here to stay,bad,bad,bad.