NEW FRAUD DISCOVERED?? by Moore family?
In 2017, $INND bought a 49% interest in the building they lease, the other half being owned by the Moore family.
I believe I read once that they pay about $12000 per month in rent to the company that owns the building (i.e the Moore family).
In reviewing the financial statements, I notice that while they pay $12000 each month, $INND seemingly gets no benefit from the rent being paid by the clients on the first floor. There is no line item on the income statements that shows that $INND is receiving half of the rent paid by the other clients, which they should be entitled to I would think.
Assuming that the clients on the first floor are paying the same rents as $INND for the second floor, then $INND should be receiving about $6000 per month in either rent payments or some sort of rebate on their rent.
Also, should they not also receive a portion of the income /profit from their own rent payments? The company owns half of the building so they absolutely should.
If Mattyboy tries to say that $INND's rent is already subsidized then we need to see proof and also make sure that $INND isn't paying over inflated rent prices to the Moore family.
If my assumptions are correct, $INND may have been cheated, by their partners in the building, by at least $360,000 and possibly as much as $720,000 in gross rent revenues, over the last 5 years!
I'd like to ask Mattyboy a simple question--- show us proof that your dealings with your daddy -- who's record as being dubious appears quite clear -- noting the California AG charges and settlements-- are NOT defrauding the company.
Also, the I.R.S might be interested in reviewing these transactions given that their might be in-kind financial benefits being earned by the buildings majority owner.
YET ANOTHER INVESTIGATION if this company fails!!!!!
I think the Moore family are going to end up in jail !!!!!
