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Medical Marijuana, Inc. Message Board

  • minnesotafarmcountry minnesotafarmcountry Feb 8, 2013 8:32 AM Flag

    Audited results 2/17

    The company would NOT hire an outside accounting firm if they weren't trying to get off the OTC. Notice they are doing this to comply with requirements for future uplisting. Now, my question is, would they need to do a Reverse Split in order to get the pps up, or will they wait til it gets there on its own. Is there a provision on any exchange that would allow a sub-$1 stock to list? I should remember, but I don't! Obviously, still doing some DD here ... thanks for the help!

    Once the Q4 audited financials are filed, The Company plans on having each prior quarter audited in order to obtain a full 24 months of audited financial statements. "The audit process is crucial to our up-listing plans as well as to provide our shareholders confidence in our financial reporting", stated Michelle Sides, Chairman of #$%$ Inc. Ms. Sides went on to say "We are obviously pleased with our Q4 results, but are even more excited about the opportunity for MJNA in this ever growing industry."

    The Company also reported that it intends to issue its annual shareholder update for 2012 on February 17, 2013 which will include full year results as of December 31, 2012. Additionally, as part of the report, the Company plans to announce its first ever projections for 2013 and 2014.

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    • cecrops12 Feb 8, 2013 8:49 AM Flag

      4th Quarter released, I'd expect to see other quarters released next week.

      #$%$, Inc. Releases Audited Fourth Quarter 2012 Financial Statements and Announces Additional Operating Highlights

      SAN DIEGO, Feb. 8, 2013 /PRNewswire/ -- #$%$, Inc. (OTC: MJNA), a leading #$%$ and hemp industry innovator, today announced the release of its audited fourth quarter financial statements. The Company earned net income of approximately $3.2 million on record gross revenues of $5.2 million for the quarter ended December 31, 2012. This represents a gross revenue increase of over 1100 percent quarter-over-quarter when compared to revenue of $430,140 for the quarter ended December 31, 2011. Additionally, confirming the strong growth of the Company's core business, revenue increased approximately $2.2 million and net income rose by over $2.0 million when compared to the most recent third quarter 2012. Revenues for 2012 totaled $12.38 million and net income was $7.1 million.

      As previously announced, the Company retained the accounting firm of Anthony W. Imbimbo & Associates to perform the audit of its financial accounting records. Imbimbo & Associates focused initially on auditing the fourth quarter results to meet the filing deadline of February 15, 2013. With that completed, the firm will turn its attention to auditing each prior quarter to obtain a full 24 months of audited financial statements.

      In addition to the Operational Highlights previously announced on January 22, 2012, the Company has realized a variety of significant milestones which are described in the audit report, as well as detailed below:

      Sold its high concentrate Hemp CBD oil for approximately $35 million, receiving its first installment payment of $4,500,000. The Company will continue to receive installment payments though-out 2013.
      Canipa Holdings, the 80% owned European subsidiary received approval to sell hemp oil and hemp based medicinal products in Romania (Not for sale in the US).
      The Company received an opinion letter from counsel stating that it is legal to import, export and sell hemp products in the United States while using the word "cannabidiol" in its name, labeling and marketing materials.
      CanChew Biotechnologies, the 50% owned subsidiary, received 47,000,000 shares of the Company's common stock to self- fund and secure the clinical development and trials in 2013 for European FDA equivalent medical drug approval.
      The Company has finalized and made its first installment payment for the acquisition of a New York based biotechnology company that has been assigned the National Institute of Health's' (NIH) patent on the therapeutic use of cannabinoids.
      The Company has completed and submitted all documentation necessary for a market tier up listing (OTC).
      Finally, the Company and its counsel have submitted all required documentation and legal opinion letters for the removal of the Depository Trust Corporation (DTC) imposed "chill".
      "2012 was an exciting and challenging year for the Company. We are especially pleased to be able to meet our earlier commitment of providing our shareholders audited financials and positioning the Company for eventual uplisting." said Michelle Sides, Chairman of #$%$, Inc. Sides went on to say, "The strength of our financial results along with the impressive achievements described above should give new and existing shareholders confidence that MJNA will be a dominant player in this fast growing industry."

      Financial Tables

      Three months ended
      Dec. 31, 2011
      Three months ended
      Mar. 31, 2012
      Three months ended
      Jun. 30, 2012
      Three months ended
      Sep. 30, 2012
      Three months ended
      Dec. 31, 2012
      Net Income

    • I wish they would have went with a different accounting firm.

    • No, I think 2 is the lowest. They will probably do a reverse split at some point.

      Sentiment: Hold

0.160.00(0.00%)Oct 30 2:34 PMEDT