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Monday, September 02, 2019 12:19:59 PM
I think everybody does, what they used to do was pretty simple: they signed deals with huge companies, and immediately put the "value" of those deals into the revenues.
Sometimes the deal was canceled, sometimes the terms were modified, but the original revenue was already on the books. For example, they declared a deal with India that was gonna generate billions, by the time the project was finished India couldn't pay, and $0 revenue came from it, but they put billions on their books.
My opinion: this is Rory's approach to users. During the call, he mentioned "caps" on the contracts with the enterprise customers. This means the clients get a white-labeled app and a number of users they can onboard to it.
Then Rory can do the Enron trick, and say we have 700k users, and growing every week, but are those active paying users?
Not really, every time they sign a contract they add the "caps" as users to that number, so maybe the company has a cap of 1000 users but has only onboard 20 (meaning is only paying for 20), but Rory adds the full 1000 to Verb user count.
Maybe not illegal, but shady for sure. And he does a lot of things like this with the numbers, that's why he doesn't like giving any detail on the numbers.
From what I know and in my opinion. Happy Labor Day.
Recent VERB News
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- Form QUALIF - Notice of Qualification [Regulation A] • Edgar (US Regulatory) • 06/12/2024 04:15:02 AM
- Form 1-A/A - Offering Statement [Regulation A]: [Amend] • Edgar (US Regulatory) • 06/07/2024 09:26:17 PM
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