Authors Jeremy Raper
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I've been asked if I'm back involved in $UMDK given the apparent improvement in financials in the 1H PnL.
The short answer is NO. Of course this is not investment advice, DYODD, and I have no position in the stock either way but...
THREAD
I dumped this and moved on when the lack of disclosures + impossible to understand W/C moves made this simply a 'too hard' bucket for me. Post 1H, the qs remain...
I originally thought this biz was levered to rising adoption of Payback, through a licensing/low-touch take-rate type model. That apparently is not the case. Instead most of the growth is from the new 'consulting' segment - but there is no disclosure of what that entails...
...Nor is there disclosure of any clients; nor the revenue split b/w commerce/consulting and the legacy biz; nor any attempt at explanation for how the biz has suddenly exploded in growth...
...meanwhile of course receivables/payables improved HoH but keep in mind the AG (holdco/top level) entity still has essentially zero cash...and all the cash generated by the biz (apparently) sits in an (unaudited) sub...
I'm not casting aspersions but this is 🤔🤔
The short answer is NO. Of course this is not investment advice, DYODD, and I have no position in the stock either way but...
THREAD
Small follow-up: NOT involved anymore as degree of difficulty just too high now. But noticed that 1H update that was previously labeled as '11/20' for release on $UMDK website is now 'Q4 2020' - ie probably slipping to Dec.
— Jeremy Raper (@puppyeh1) October 19, 2020
Why further delays? Are auditors pushing back? \U0001f9d0\U0001f9d0 https://t.co/jlaeNY6ypq
I dumped this and moved on when the lack of disclosures + impossible to understand W/C moves made this simply a 'too hard' bucket for me. Post 1H, the qs remain...
I originally thought this biz was levered to rising adoption of Payback, through a licensing/low-touch take-rate type model. That apparently is not the case. Instead most of the growth is from the new 'consulting' segment - but there is no disclosure of what that entails...
...Nor is there disclosure of any clients; nor the revenue split b/w commerce/consulting and the legacy biz; nor any attempt at explanation for how the biz has suddenly exploded in growth...
...meanwhile of course receivables/payables improved HoH but keep in mind the AG (holdco/top level) entity still has essentially zero cash...and all the cash generated by the biz (apparently) sits in an (unaudited) sub...
I'm not casting aspersions but this is 🤔🤔