Unique Logistics International Inc (UNQL)

[LJ-Bodhi]

It is utterly fascinating to repeatedly see hundreds of millions in revenues without the required next sentence.....and hundreds of millions in costs.

It's like saying President Lincoln went to a well-reviewed play at the Ford Theater with his wife last night.....and then omitting the corresponding next part of the same story/event which most folks would find gravely interesting and illustrative of the complete events of the evening. Um, he was assassinated.

But alas, UNQL does have millions in revenues....a billion last year actually....and.... a billion in costs with negative net margins due to the $1m net bottom line loss. That's not good performance.

For the sake of argument, let's use the $3.5m (almost net) profit before the deemed dividend. We divide that 3.5m by the 1 billion in revenues and get a net (well, almost net because we are ignoring that $4.5m deemed dividend) profit margin of 0.35%. That is not 35%, or 3.5% either. That is one third of one percent. That is the net profit margin if you completely ignore the $4.5m deemed dividend. That is terrible performance and it is what it is. No spin, no lies.

But, UNQL had a billion in revenues last year.......