uMatrin record $2.3 million dollars in losses
Founded by uFun Club scammers Warren Eu and Liew Kok Hong, uMatrin sought to replicate uFun Club’s Ponzi model through “bizpoints”.
What with Thailand shutting down uFun Club though, uMatrin never really took off.
Now in 10-Q form filed with the SEC, uMatrin reveal the extent of their financial losses to date.
As of October 2015, uMatrin report they have $16 in total assets. The company continued to generate no revenue throughout 2015 and chalked up $356,405 in losses.
$354,620 of that was spent on “operating expenses”, which I’d guess is code for Eu and Kok Hong paying themselves with invested money.
On March 31, 2015, effective March 31, 2015, Dato Sri Warren Eu was appointed to the sole director.
Dato Sri Warren Eu was appointed President, CEO and CFO to serve until the next shareholder meeting.
In support of the Company’s efforts and cash requirements, the Company has relied on advances from the majority shareholder and sole officer until such time that the Company can support its operations or attain adequate financing through sales of its equity or traditional debt financing.
There is no formal written commitment for continued support by this shareholder. Shareholder advances were used to fund current operating expenses through advances or amounts paid on behalf of the Company in satisfaction of liabilities.
During the nine months ended October 31, 2015 and 2014, the Company’s sole officer advanced a total of $73,044 and $6,942, respectively.
Accumulated losses to date meanwhile stand at $2.3 million dollars:
As of October 31 and January 31, 2015, the Company had incurred domestic net losses of $2,377,324 and $2,020,919
With Eu and Kok Hong slowly draining money uMatrin doesn’t have , naturally there’s a question mark hovering over the company’s ongoing viability.
To that end uMatrin report:
We have not generated any operating revenue and have a negative cash flow from operations. We expect to generate operating losses during some or all of our planned development stages.
These factors raise substantial doubt about our ability to continue as a going concern.
Despite these losses, Eu and Kok Hong seem to think uMatrin is worthy of a public offering.
While the Company is attempting to commence operations and produce revenues, the Company’s cash position may not be significant enough to support the Company’s daily operations.
Management intends to raise additional funds by way of a public or private offering.
With uFun Club’s incarnation as Unascos stalled and uMatrin itself going nowhere, you might be wondering how a uMatrin public offering will be marketed.
Dato Sri Warren Eu’s reputation as a business leader in Malaysia and in other regions of Asia are well known. He is the founder of numerous successful companies offering goods and services in Malaysia and other surrounding countries.
He was awarded Sri Sultan Ahmad Shah Pahang (S.S.A.P.) from the Sultan of Pahang that carry the title “Dato’ Sri” in the year 2014.
Prior to that, he was awarded Darjah Indera Mahkota Pahang (D.I.M.P.) from the Sultan of Pahang in the year 2013 that carry the title “Dato”.
Dato Sri holds a Philosophy of Doctorate (Ph.D.) in Finance from the Golden State University in the United States, and is a successful business tutor and entrepreneur.
Together, Dato Sri Warren Eu and Michael Zahorik are dedicated to increase shareholder’s value.
The Company will leverage Dato Sri Warren Eu’s expertise and knowledge in focusing on expanding the Company’s reputation throughout Asia as a leading O2O (Online to Offline) company that provides technology, products and services to enable consumers, merchants, and other participants to conduct e-commerce on its i-cloud ecosystem.
O2O business model finds consumers online and brings them into physical stores. It is a combination of payment model and foot traffic generator for merchants that create offline purchases.
The Company will continue to follow its business plan of being a leader in delivering products and services through its Asia epicenter.
Yeah, good luck with that.