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Thursday, October 10, 2019 9:18:17 AM
2017; Goods Sold (75) That’s the 8.5 AG
that everyone was saying never showed up. It’s in the financial’s. Turns out he didn’t make a hold chain out of it.
That is not correct. The sale of the 8.5oz of gold was announced in a PR on February 21, 2018. That revenue would show up on the 2018 financials, not 2017. (The company also announced additional gold sales occurred in a PR on March 19th. None of those revenue showed up on the financials either.)
Some will claim that it was Mar Mar that sold the gold so that's why it doesn't show on Mexus financials. That logic doesn't hold up in two ways.
1. The gold does not/did not belong to Mar Mar. Any sales would have/should have been done by Mexus and then Mar Mar would have been paid their share. The revenue (gold sales) and expenses (payment to Mar Mar) would all be shown through Mexus financials.
2. Even if we accept the premise Mar Mar can sell the gold, according to the JV agreement Mexus was still entitled to 10% of the sales. No revenue showed on up on the 2018 financials.
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