Revenue and income are similar terms, Inventory is not revenue until payment for that inventory(product) is received! On 2/6/23 the company posted the following in supplemental filings
"4. The definition of a shell company by the SEC, is a company that has no or nominal assets, and or, no or nominal operations, and assets solely consisting of cash and cash equivalents. The reason that (MCIC) believes that it is no longer a shell company is because we have created an online store and have made numerous purchases and sales and carry inventory. "
My Thoughts:
1. They have made purchases, we know that is true as the inventory value is on the financials
2. They claim to have sales, sales are different from income as income is when the payment from sales is received. At some point the inventory is transferred to a buyer for a payment, then that payment becomes income. We also know they have a online store.
3. As far as fraud goes, if the above said income then the statement would be a fraud as we know from the financials they have not booked revenue(income), however, we do not know if they had sales, sales could be complete and delivery starting in April, therefore not showing in 1st quarter financials.
4. If you had purchased shares during this period, you would not have a case for fraud, however as I report weekly the volume is poor and almost no investors are purchasing or selling shares, based on the info coming out from the company or people posting on this board. So the positive and negative posters on this board are ignored equally! Most people have owned shares for years and are just waiting as they can not sell current large blocks of shares into the current trading environment of this stock. As for me, I am holding a large block of shares that I accumulated a long time ago and will continue to hold until leadership creates value above the bioharp high of 10,8 cents. I will not purchase any more shares.
5. I expect the shell risk to be removed now that inventory(noncash asset is proven)
Waiting for boom or bust!
