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Ann: Company Update, page-112

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27/07/24

16:37

Post #: 74945028
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Originally posted by Christopher67 ↑

Well Sholom has claimed to have reduced his salary to 50% effective 4th April 2023, for the duration of the suspension.

Now its delisted, does he still take only 50% or is he back to full salary?

https://www.marketindex.com.au/asx/...request-for-extension-of-suspension-6A1143939
There are no websites for any Grass Roots nor Fuss Pot. No warehousing costs, no marketing costs.
Besides the head office rental, there should be little in the way of expenses.

The last quarterly was dated 31st December 2022.

It should be very reasonable to assume that of the $8,373,000 reported at that time, there should have only been deductions of $156,000 for Sholoms 2023 salary, and then a further $91,000 for his 7 months of 2024.

Leaving $8,126,000.

The office space they rent, has suites going from $3,600 a month. For the prior 19 months, this would total $68,400.

The other 2 directors would have taken 126,667 in fees.

Then of course there are legal fees to consider.

So there should be somewhere between 0 and 7,931,600 left in the bank.

I would hope that it is far closer to the 8million mark than not.

Especially considering the interest they should be earning on that money, a 5% return on 8,000,000 would net 400k a year. Enough to cover the salaries completely.

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Originally posted by Aussie Eagle ↑

Ah, that little nugget of a 'Quarterly'...
Shows how they fudge numbers and dates that weren't even picked up on by the ASX review folk.

If one looks at the full report properly, it begins correctly showing it's the December report - SIX months.
Subsequent to that, it states NINE months.

Then at section 4.3 -
It states 'Net cash from investing activities'
'Current Quarter' $61,000, Yet, for the 'Year to date' (which should read 6 mths) there is the lesser figure of $55,000 !
How does that work ?
Well, it works because for the previous quarter they declared a negative amount of $6,000.

So they went from a -$6k in the 1st 3mths to a +$61k in the next 3mths.

Then the final quarter of 2021/2022 (June 2022) - the very same section (4.3 - but also 4.4) has figures all over the place as well.

It might well be all above board but to one without any real accountancy accumen such as myself, it doesn't look quite right and with it being a nice lazy Saturday morning with the sun appearing, I can't really be assed trying to decipher it.

Happy weekend all
AE

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Originally posted by Aussie Eagle ↑

"Especially considering the interest they should be earning on that money, a 5% return on 8,000,000 would net 400k a year. Enough to cover the salaries completely."

I think the most interest they ever reported was just short of $200k, though that would have been around the time when interest rates were much lower than they are now.
So yeah, that's a very good point mate.

Imo, there isn't anything in his way to double his salary back up again, and then some extra to make up for his bs 'sacrifice'. The way he treated 'our' cash insofaras his mummy was concerned in her 'resignation' doesn't give us any reason to figure his intentions are anywhere near honourable and unselfish.

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Originally posted by Basileus ↑

I did find the Mars Mines listing referring to a company director as a "... seasoned mining company" blah, blah, blah rather interesting. I would like to better understand how the word "seasoned" is to be interpreted when reading that sentence.

I wonder if any of the facts (former financial reports, shareholder notices and communications for regulatory authorities etc) about the commercial activities of CGV and or QBL have been discussed or cited within MML stakeholders and or shareholders?

Expand

Great posts, its really unbelievable.

So where is this $8 mill in cash right now? Its amazing how they get away with this.

I would love to have a chat in person with Sholom Feldman, would love to ask him about what happened to shareholders cash here with CGB, and also how he transitioned from being an expert in the cannabis space to now mining with Mars Mines. Anyone know his whereabouts, I noticed the Mars Mines is listed in Sydney.

Its all too often on the ASX, these seriel directors who jump from company to company, story telling, putting their hand out for money with cap raises, then when it all goes to nothing, just move on to the next. Talk about lifestyle, so Shalom and a family member on the books taking out $624k a year from company accounts in the form of remuneration.

CGB Price at posting: 2.1¢ Sentiment: Hold Disclosure: Held
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