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  "documentTitle": "New Age Beverage Corp. (NBEV)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-06-27 00:00:00",
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      "text": "European filings strengthen our opinion that Morinda is not a thriving business, but is indeed falling apart on many fronts.",
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      "text": "Another aspect of Morinda struck us as particular. When we looked into its European operations, we found a business that was in the process of winding down.",
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      "text": "European filings strengthen our opinion that Morinda is not a thriving business, but is indeed falling apart on many fronts. This is contrary to news NBEV has issued about expanding in Europe:",
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      "text": "No.24 of the <Direct-selling Management Rules> says that, the compensation that direct-selling companies pay to their sales people should be based on the revenues generated from the products sales people sell to the consumers.",
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      "text": "The European filings also paint the picture of a hugely unprofitable company... Morinda UK lost over £1 million on slightly over £14 million of revenue in 2016... SEC filings disclose that Morinda reported over $11m in net income in 2017.",
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      "text": "In July 2016, the Company’s office in London was closed in connection with worldwide group restructuring efforts to reduce loss-making activities. Effective December 1, 2016, the Company ceased it’s primary trading activities. The Company is now in the process of winding down its affairs will continue to wind down during the course of 2017. It is expected that all final corporate matters will be formally resolved by September 30, 2018 — Morinda UK Ltd. financial records",
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