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Tuesday, March 09, 2021 6:37:48 PM
It turned out that the CEO had set up ANOTHER BUSINESS and the other business was the main customer of the primary business. So the way it worked was like this:
BIZ #1 (the public company) manufactured the product.
BIZ #2 (the privately owned biz) was the biz that bought the product from BIZ #1
So BIZ #1 could sell the product at breakeven of even below cost... didnt matter cuz CEO didn't want to mess with shareholders.
BIZ #2 bought BIZ #1 product on the cheap and was the marketing arm that made all the $$$.
It's pretty screwed up, but there isnt much I havent seen in penny land over decades of trading.
It's easier for rich man to go through the eye of needle than it is for a camel to get into heaven.
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