Friday, May 17, 2019

An Elementary Accounting trick - the GOOD.v offense

After surrealistic exchanges with a salaried (read 'don't care') at ScotiaBank who is as obtuse as his fleeced bank, we reveal our GOOD.v conspiracy theory in terms everybody can understand. The first is 'round tripping' This slang refers to fraud transactions between non-arms length parties. For example one firm will bill a connected one for imaginary goods/services.

They book it as 'sales' and 'revenue' even though no exchange has or ever will take place. Eventually, because no cash ever appears, the sales need to be written down to zero, causing a write-off. This is where GOOD.v is today.
We see this pattern with EVERY company associated with GOOD.v ... large receivables that aren't being collected and massive payables.
With revenues stroked, next comes the 'EBITDA' shuffle. GOOD.v main clown Jesse Dylan, (birth name Micheal Woodman) has spewed every day about large and growing 'EBITDA'. This term refers to adjusted net income. It does NOT refer to gross revenues. GOOD.v reported an audited loss exceeding $ 2.2m in 2018.

To this day this scam continuously spews about $ 7m in 'EBITDA' for 2018. This is grossly misleading and a deliberate securities fraud on the public.
It was an amazing moment when we were forced to actually BELIEVE Jesse/Mikie spewing and accept that ScotiaBank had extended 'secured' credit facilities, based on the above. One would think a Tier 1 bank could not be hoodwinked by the simplest and most worn out scams in the world.

BNS has NEVER been secured. As soon as GOOD.v completes the obligatory write-down the Co will be revealed as the pure worthless chit it is. There is NOTHING backing the millions advanced to the scammers. (yes scammers)
It ought to go without saying that paying more than 10X the 'value' received in return for a series of bogus 'acquisitions' (the same cos providing multi-millions in 'sales') is grossly contrary to the main man's covenant with ScotiaBank. It's called theft.

Sadly this needs to be spelled out, repeatedly, to apparently stone deaf and dead stupid BNS big shots. It all falls down sooner or later citizens.
Scotia is in the ditch for a maximum of $11,250,000. I would wager that everything is racked to the last possible nickle right this instant. ($9.8m gonzo in the 3 weeks ended Dec 31, 2018) I would bet the stinkfarm BNS will never see any of it back. NADA.