Wednesday, March 26, 2014 9:42:23 AM
Most onlookers expected HPNN revenues for 2012 and 2013 to be $0, consistent with their lack of quarterly or annual filings, their expired and then revoked business license, and their botched mexican venture.
And suddenly the CEO files that he was in business all the time!
A very strange business, since Hop-On claims to have no office space, no machinery, no cars or trucks, no employees. As best as it can be guessed, Hop-On contracts out the assembly and packaging of the ecigs, then sells the boxes to someone else for retail.
It's a money-losing business. With gross profit margins around 14%, Hop-On has lost ($183K), ($142K) and ($135K) in the past 3 years, ending the year with $156, $119 and $352 respectively.
Those numbers don't account for the $125K-a-year "consultant" fee that was somehow omitted from HPNN accounts, such as they are.
That's a costant with Hop-On. It always claims doing big business selling supercheap gizmos, but somehow its products can never be purchased. And its accounts are unaudited.
And any money from dilutive shares issuance gets moved out of the company instantly, never gets plowed into the business, which ought to be its purpose.
See: http://www.hop-on.com/Article.aspx?id=34
That was in 2012, when the company didn't renew its business license, and didn't post any financial updates. No debt was retired. "Soon" has so many meanings.
And shareholder value was destroyed, as usual.
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