Sunday, August 4, 2013

Latest AgoraScam - Virtutone Networks Inc. (VFX.v) - Update

Here's the location in Sherwood Park where Virtutone is booking (but very clearly not collecting) tens of millions.

240, 2181 Premier Way, Sherwood Park
Naturally we are now interested in the LATEST PoS willing to flip off paper to a busted red handed securities muttdog ... Virtutone Networks Inc. (VFX.v)

Georgie Peorgie is nearly beside himself spewing about "revenues", but for this enterprise hailing from Sherwood Park, Alberta those revenues are coming from a massively rising account receivables and an equally quickly rising payables. Of course company is not profitable and the last financials reveal a co with serious cash flow problems.

"Pursuant to the terms of the agreement, the company will be issuing $12,500 in shares per quarter to Agoracom. The number of shares to be issued at the end of each quarter will be determined by using the closing price of the shares of Virtutone on the TSX Venture Exchange on the first trading day of the month following each quarter for which the advertising services were provided by Agoracom. "

ANY company happy to flip off it's paper with no control over dilution whatsoever is a large PoS, forget the fact that said worthless paper is going directly to a busted red-handed securities crooktard.

Stay tuned folks. This is never rocket science and the largest clue to the nature of this latest AgoraScam scam is a crooked GreekTard.

"As at April 30, 2013, the Corporation has an accumulated deficit of $1,512,603 (January 31, 2013 - $1,467,178). The Corporation is also in violation of certain covenants on its bank debt (note 6) at April 30, 2013."

"The Corporation must also maintain a ratio of total liabilities to tangible net worth (defined as net assets, excluding intangible assets) of not more than 2.5:1. The covenants are assessed by the bank at the end of each fiscal year. At April 30, 2013, the Corporation is in compliance with its debt service coverage ratio covenant and is not in compliance with its tangible net worth covenant. As such, the bank has the right to demand repayment. At June 27, 2013, the bank has not demanded repayment."

Upshot? IF company is rolling in cash flow and massive net worth as they would have public idiots believe WHY is the Co deliquent in its covenant? Further, WHEN the bank pulls that line this dope show will have no liquidty whatsoever, zero, and that assumes it CAN pay it back. (which it absolutely cannot)

Tell us again about all those massive "revenues" Georgie Peorgie.

The "Revenue Scam" explained.

August 1st, 2013 – Sherwood Park, Alberta – Virtutone Networks Inc. (“Virtutone” or the “Company”) (TSX Venture: VFX.V) is pleased to announce that its wholesale division generated over $3.7 million in revenue for the month of July. “We are excited to share the results of this record month for Virtutone. We have been growing at a substantial rate, and generated more revenue in July than we did in all of last year. This revenue comes from ongoing relationships that we have developed with other telecommunication carriers. In addition, we’re continually adding new carriers to our customer base, and expect our revenue growth to continue,” said Jason Allen, Chief Executive Officer of Virtutone.

OF COURSE these flaming retards are "excited" but how many public companies release their gross sales figures the day after the month? Fuk all thats how many. The "Revenue Scam" involves setting up one or more bogus enterprises and then billing them for services, which, naturally, they will never pay for. The reported revenue number is 100% and entirely bogus and there is no profit possible in swapping paper assets and liabilities between non-arms' length entities.

Bad debts expense goes to the moon, accounts receivable is a massive large fraudulent fiction and the entity goes tits up in a score of months as no accountant on the planet will sign off on a sickening and very obvious fraud.