MGC - The Forgotten Updates

I'll attempt to keep this as brief as possible (This might be hard - so prepare for a wall of text)
I have recently been through the major (or what I believe to be major Ann's) Ann's since the inception of MGC starting in 2015. Full Disclosure: I hold MXC, and believe this company can go places, but after conducting this research, questions are starting to arise.

21 Dec 15 - Shareholder Update
First cosmetic sales and revenues in Jan 16 - Ananda Cosmetics (MGC 51%).
An order was placed for 7,500 units at a value of $500k.
Joint venture with Natura Labs/Dr M Burstein LTD Group.

MGC can commence delivery of its CBD into the off-take agreement with Natura Labs for a minimum 30kg resin p.a - estimated to be worth $15 p.a.

29 Jan 16 - Dec Quarterly Activity Report
First batch of Ananda CBD Cosmetics being finalised worth $500k in gross sales to be generated in Q1 2016.
Order increased from 7,500 to 16,000 units due to increased demand.
Cash flows from products sales and related debtors - $0
Admin and staff cost - $658,000 YTD

24 Mar 16 - EU Sales and Distribution Agreement Signed for Cosmetic Product LineFirst distribution agreement represents revenue of approx. $500k in gross sales, estimated retail value in excess of $1.5m.
Exclusive distribution agreement with Czech Medical Herbs, s.r.o to sell Ananda CBD cosmetics to retail outlets throughout Czech Republic.
Similar agreements with neighbouring countries including Poland, Hungary and also the USA.

29 Apr 16 - March Quarterly Activity Report
Cash flows from products sales and related debtors - $0
Admin and staff cost - $1,220,000 YTD

25 May 16 - First US Distribution Agreement Executed for California
Agreement with Californian-base company, C&M CBD HOLDING LLC.
Initial order of circa $2.1m p.a. (Values changed from pounds) and scope to significantly increase the volume and value of contract.

27 Jun 16 - First Revenue received from Californian Cosmetics Deal
Company has received and upfront 10% deposit of $52,000 for the first $520k (Values changed from pounds)

28 Jul 16 - June Quarterly Activity Report
Cash flows from products sales and related debtors - $3,000 YTD (3 months)
Admin and staff cost - $754,000 YTD (3 months)

2 Dec 16 - First Major EU Sales and Revenue for MGC Derma Range
Received its first major sales order and commencement of revenues from Czech Republic distribution deal with Czech Medical Herbs s.r.o.
The company will approx. $113k from its first order from CMH part of the $500k gross sales p.a.

31 Jan 17 - December Quarterly Activity Report
Cash flows from products sales and related debtors - $5,000 YTD (6 months)
Admin and staff cost - $1,160,000 YTD (6 months)

28 Apr 17 - March Quarterly Activity Report
Cash flows from products sales and related debtors - $6,000 YTD (9 months)
Admin and staff cost - $1,462,000 YTD (9 months)

1 May 17 - New EU sales agreement Signed for MGC Derma
MXC has signed new cosmetics sales agreements in EU - with additional contracts expected to follow in the current quarter.
Multiple wholesale reseller agreements have been signed for MGC Derma cosmetics product lines with retail outlets in Spain, Italy and Romania.
Further key market contracts in AUS, CA and USA expected to follow.

19 Jun 17 - First EU Distribution Deal for MXC Phtyocannabinoids API Products
MGC Pharma signs its first exclusive distribution deal with leading laboratory supplier Mikro+Polo.
The company will be the exclusive supplier of API to all Mikro+Polo customers across Slovenia, Croatia and Bosnia.

31 Jul 17 - June Quarterly Activity Report
Cash flows from products sales and related debtors - $71,000 YTD (12 months)
Admin and staff cost - $1,748,000 YTD (12 months)

20 Oct 17 - $40m White-Label CBD Cosmetics Agreement Executed with Korean Cosmetics Manufacturer
There has been enough on this subject/MGC blunder.

22 Nov 17 - Binding Agreement Signed to supply Cannabidiol Extract - Generating +1m in annual sales
MGC Pharma has executed a multi-year binding agreement to supply CBD extract to EU distributor Mabsut Life.
This contract commences immediately with an initial purchase order of 2kg of extract, which includes the initial pre payment of $40k due within two week.
This single binding contract is expected to generate in excess of $1m in annual sales.

31 Jan 18 - December Quarterly Activity
Cash flows from products sales and related debtors - $71,000 YTD (6 months)
Admin and staff cost - $913,000 YTD (6 months)

30 Jul 18 - June 2018 Quarterly Activity Report
Strategic Review Completed to Prioritise Company Resources and Funds
The board and executive team completed a strategic review during the first half of 2018 on a number of projects initiatives and partnership opportunities that the company had investigated or entered over the past 3 years. This resulted in the termination of all non-material projects and partnerships that the company has been involved with since 2015. These include the cultivation project in Namibia, SipNose delivery collaboration and all other projects other than those detailed in the Operation Update enclosed in today's report and ASX Ann's during 2018.

This last statement from MGC is the reason I started questioning there operations. Post this Ann this is what projects are still going ahead: CannEpil (Inclusive of Lenis & HL Pharma), Malta Facility, MW Pharma (New Zealand Distributor), RMIT, MGC Nutraceuticals, Panax - Czech Republic Cultivation, Derma and Derma Plus Range and Varm Cosmo.

Which leaves these projects null and void: Czech Medical Herbs, C&M CBD Holding LLC (US Deal), Multiple reseller agreements across the EU, Mikro+Polo, Mabsut Life and any potential JV opportunities with licensed producers in AUS and the USA to complement the EU Pharma product development.

My concerns with MGC now are whether any payments from the previous projects and partnerships resulted in payment of any kind and the blatant empty promises of X amount of sales and revenue per annum.

If anyone wishes to prove me wrong please do so, I welcome it. At the moment to me MGC has a shiny surface but once you scratch it a bit, its not all that pretty.