Sunday, April 21, 2013 12:55:56 PM
The unaudited financial release bring up a lot of questions. Most important the expense of COGS, which doesn't include obvious accounting method acceptable under GAAP. In fact, the way the accounting is done it is unacceptable since in the food and beverage hospitality industry all expenses related to the running of each location belong under GAAP. This includes payroll, equipment, rent, taxes, insurance, etc that is related to each location in particular. Instead, for example, payroll is place under a personnel heading that does not differentiate between kiosk staff and central office staff. Furthermore, the amount of money attributed to personnel expenses clearly indicates that either, the staff is being paid less than the minimum wage or that the stores are closed at least half what would generally be regular hours for a business of this nature.
In conclusion, this business if fraught with all kind of accountability problems and is not an investment under any circumstances.
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