(this article from Business Insider, tiger sniffing compiler)
last week, we reported the electricity supplier startups Ecomom failed, founder Judy Sherman (Jody Sherman) suicide news. Judi was shot at the end of January this year, two weeks after the Ecomom company became a creditor to sell the project, into bankruptcy liquidation procedures. Today, the company updated its Facebook and website information, announced that it has been acquired by the end of March etailz, the site will be re launched this summer.
Ecomom was forced to shut down the money, and then the acquisition of the twists and turns of the process is very surprising. Six months ago, the company raised $5 million, raising a total of $12 million in investment. And Sherman did not leave any explanation of his behavior.
this article wants to try to answer the question is, what happened to the company’s cash flow at the end of last year,
three people are familiar with the company’s financial position. One of them was Darin Marinoff, an external accountant, who declined to comment on the paper by lawyers. The other is Judy Sherman himself. The third is the company’s internal financial audit in October last year, he was forced to close in the first three months of the company joined.
this person is Philip Prentiss (Philip), he is responsible for finishing the last few months of financial statements data Ecomom. According to Sherman, the company’s aggressive sales culture and the lack of management of financial knowledge led to the disappearance of the book assets of the company, according to Mr Pettis.
we publish this financial report online, without any treatment. Here are some key points, please note that this is not a summary of the Pettis report, nor does it represent our point of view:
Pettis joined Ecomom in October 2012 as the company’s first audit. The company has never set up a position as chief financial officer. He is the chief financial officer in charge of the management of invoices, statements and financial matters outside of Sherman and external accounting.
Ecomom never achieve monthly earnings.
& apos; s first month Ecomom was doing well, although the company lost $500 thousand. The income statement for October 2012 is as follows:
and sales costs: 173
gross margin: 46%
and sales: 288
and administrative expenses: 102