Thanks for the laugh. Humor comes in exposing the truth.
People had to know what was happening. No need to boost production when sales are cratering. I guarantee you that production and warehouse direct labor knew what was happening. Net sales for the quarter, assuming $3.9 million, is about half of the second quarter sales of $7.7 million. How can somebody not know something is wrong??
Look at the inventory numbers. September 30th inventory was $5.6 million. This is an increase from $3.6 million at the end of the second quarter. If you can not sell what is being made then the inventory increases. We are talking about a $2 million increase, which is about a 55%. And the company is telling investors to not worry because the core business remains strong. Give me a break.
The company had the audacity to present to Wainwright less then 3 weeks ago. It is outrageous. I suspect that the company will try to blame the former CEO, Pettigrew. But the problem lays at the feet of everyone on the management and board that could have and should have seen what is happening for what it was!!
To my understanding, company has boards to bring additional expertise and independent oversight.
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