if it looks, acts, walks and quacks like a duck, there are always a few that will call it the next great moneymaker. The rest know without a doubt its a duck.
Springroll, amazing! Put that together with their continued lack of transparency, financials, filings and unnamed, back room, anonymous CEO shenanigans and you get a pretty clear picture. OUCH!
You keep posting that JD and Glen borrowed 400k from the company which is flat wrong. Let's examine the 2006 financials, which are prior to EXPH becoming public. EXPH became public in 2007.
Asset side of Balance sheet Advances--Shareholders 375,911
Liabilties side of balance sheet Lines of Credit $ 467,500
A balance sheet shows the assets and liabilities of a company. Loans made by a company are shown as current or non-current, based on their repayment terms.
You normally break out the major types of loans made into categories. And you are required by GAAP to show related party transactions either in the balance sheet or disclosed in the footnotes.
So a shareholders advance (or "Loans receivable - Shareholders") are loans made to one ore more shareholder which need to be repaid to the company by the shareholders. Probably more than one shareholder, or else it should have been titled shareholder's.
So In fact it is vice versa- Glen and JD put up collateral to get a loan. In a private company which EXPH was at the time. It would have been personal guarantees. For all we know- JD and Glen put up their homes as collateral.
At the shareholder meeting, it was announced that there was $247k still owed on personal loans by shareholders. They would be paid off by April 2011.
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