FOS CAPITAL LTD IPO Analysis, page-78

Hi whitey

To quote Charlie Munger EBITDA is bullpit accounting . ( cant dispute the godfather of value)

Interest, amortisation and depreciation (EBITDA) are not freebies. Eventually the bell will toll for those expenses. Thats why Gross Profit is $1.28 million and operation expenses are $1.15 million

$450,000 of whatever profit you want to use is from Government grants so your sitting on a loss before the drag of JSB

How overdue are the receivables and 100% of receivables are never collected and we have covid

$960,000 of intangible assets . Safe to say they have no resale value. Mr Munger and Buffet would agree

There is something very wrong with $60,000 of revenue from JSB when it lost money

Using proper accounting FOS was at breakeven at best and now has to absorb losses form JSB

The true picture of JSB is yet to be determined for fugazie reasons of different accounting periods so the trure situation could be