Saturday, February 17, 2018

The Revenue Scam - VFX.v - Jason Allen

Back in 2013 we had a textbook Venture example of the 'Revenue Scam' from phat basterd Jason Allen behind Virtutone Networks - VFX.v. VFX held itself out as some VoIP technology or other. Here's some of my spewing when lardarse was reporting MONTHLY so called 'sales' numbers.

"Revenue growth of 1,577% from February 2013 to August 2013"
Our burning, incredulous anus is being subjected to more outrageous Tubberian abuse with the release of quarterly (unaudited) VFX.v numbers. For the 3 months ended July we have a whopper revenue number of $ 8,749,351, butt hold that keggar, the cost of sales was $ 8,486,146 resulting, naturally, in another loss of $ 333,522.

This multi-million dollar monthly money spinner is showing cash of $ 400k with receivables of $ 3.5m, all of which are greater than 30 days past due. Liabilities? An insignificant $ 4.1m, don't you worry that little head.
“We have spent the past several months partnering with a significant number of wholesale carriers across the globe. These carriers not only send us a portion of their traffic, but also provide us with quality routes to resell."

Wowsers Tubby. Which "wholesale carriers" or "marquis (sic) global customers" (spelled marquee retard) are running to sign deals with yer phat arse? (but not pay)
Naturally in order for the "Revenue Scam" to work, whomever is supposably buying all these wonderful services MUST remain a fully anonymous secret or else the entire smoozle falls apart in 23 seconds. To tackle that the scam will NEVER actually NAME the customer(s). They will say its a "trade secret" or would jeopardize their "competitive advantage" or somesuch complete horsechit.

Best example is Tre-X, which used that approach precisely to hide the fact 95% of whatever it "had" was a fraud. Put very simply Virtutone Networks Inc. (VFX.v) appears THAT CLOSE to complete and total insolvency and IF these imaginary sales are occurring there is zero cash changing hands.
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How many public companies release their gross sales figures the day after the month? Fuk all that's how many. The "Revenue Scam" involves billing one or more bogus enterprises which will never pay. The reported revenue number is entirely bogus and there is no profit possible in swapping paper assets and liabilities between non-arms' length entities.

And what happened to Mr. Jason Allen and this scam? TubbyTard pulled a midnight move and stakeholders lost every penny. No surprise eh citizens?