ENJOY THIS REALITY...WOWZERS...WHAT A TOTAL CROOK OF A “ceo”....
Supposed 4.5 mil in sales, but 3.4 mil of them were accounts receivable. So 3.4 mil never changed hands. But it gets worse... much worse.
Who owes those 3.4 million bucks? CongoSense and Digital Media Management & Consulting. From the 10k:
Quote:
Trade Accounts Receivable
Accounts receivable arise from the Company's sales of the Cogosense and FMS safe driving Appt and its net share of sales derived by Digital Media Management & Consulting, less payments received to date. Receivables are supported by executed sales contracts with customers.
But wait... ONCI owns these companies...
Quote:
On December 9,2016 the Company acquired a Forty-Nine Percent (49%) Joint- Venture equity/ownership stake in Digital Media Management & Consulting ("DMCC") a fast-rising digital signage privately-held company headquartered in New York, NY. The DMCC platform supports advanced implementation of electronic sell through and content advertising supported networks. These business models are major requirements for owners and rights holders of entertainment content interested in rolling out new digital signage services.
Quote:
Investment in CogoSense Technolog;r, Inc.
On August 17,2017 the Company entered into a non-binding Letter of Intent to purchase I00% of CogoSense Technology, Inc., a Canadian company, for total consideration of $ 2.5 million.
CogoSense has developed and is selling its FleetSafer App - an enterprise software solution for smart phones and tablets that detects the driving state of an entire on-the-road vehicle fleet and
automatically places those devices into "safe mode" while driving occurs, to prevent distractions.
CogoSense has also developed an individual consumer version called bSafeMobile and the bFoundMobile App which is a fleet vehicle tracking system to monitor vehicle locations at any time. At October 31,2018 the Company had paid a total of $ 1.045,000 towards the overall purchase price, which consideration includes the IP, technology assets, revenue stream and customer base of CogoSense.
So get this... The company reports 4.5 mil of Sales of which 3.4 mil is an IOU. The 1.1 mil left is cash, but wait... ONCI pays CongoSense 1 mil of 2.6 mil to buy CongoSense.
Bottom line, Onci took money out of it's left pocket and put it in its right pocket and claimed it had 4.5 mil in revenue???!?!
