Documented Prood of Fraud Undisclosed Coin Transaction
Between May 11, 2021 and June 29, 2021 Discovery Coin a Wholly Owned Subisidiary of DSCR (Press Release May 11, 2021) sold & transferred 1,238,234.50 DSC tokens at $2.00 a token for net proceeds and revenue to DSCR in the amount of $2,576,469.
On August 16, 2021 for period ending June 30 2021 DSCR filed with OTC Markets its Quarterly Mandatory report. In this report the management of DSCR omitted the income from the sale of the DSC Coin onto the balance sheets of DSCR.
in this mandatory filed report to the OTC the following revenue omission were made from the DSC Coin:
1. Page 13 the reporting of 0 revenue for DSCR
"...For the For the For the For the Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended June 30, June 30, June 30, June 30, 2021 2020 2021 2020 Revenue $ - $ - $ - $ -..."
2. Page 16
"...Revenue recognition
For revenue from product sales, the Company recognizes revenue using four basic criteria that must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management’s judgment regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company defers any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required..."
3. Note 3 page 20
"...Note 3 – Related Party Transactions The Company and Russell Smith, CEO and Director entered into a service agreement whereby Mr. Smith will provide office accommodations, telephone connections, computer time and space as well as maintain all files and corporate records for a quarterly fee of $37,500. As of March 31, 2021 Mr. Smith is owed the amount of $720,990..."
4. Page 22
"...Note 8 – Subsequent Events Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855 after the balance sheet date through the date the financial statements were issued. The Company did not identify any additional material events or transactions occurring during this subsequent event reporting period that required further recognition or disclosure in these financial statements..."
Here is the DSC Coin Tranctions sales of $2,576,469 which has been shown above was omitted on DSCR Mandatory OTC Markets Quarterly Report for period ending June 30, 2021, and filed on August 16, 2021.
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