Sam E. Antar

Forensic accountant
Sam E. Antar
Forensic Accountant
Contributor since: 2008
Company: Sam Antar
Memo to Patrick Doyle: The Sith Lord welcomes you!
Either Overstock is overpaying, has cost overruns, or given their history of rogue accounting, they are improperly capitalizing operating costs. Neither alternative is good.
Overstock's business is based on feeding Byrne's ego
The deferred tax credit was a noncash entry. It had no effect on the amount of cash on hand.
Oh yes! I'll turn myself in with my entire twitter feed :-)
Hi Duane: Beware! When writing anything perceived as negative about OSTK be ready to be deluged by its nut case cultists. -- Sam
Thank you. The numbers reported by Nu Skin caused me alarm. As far as the stock is concerned, I don't trade stocks long or short.
"International sales were less than 2% of total net revenues for the three and six months ended June 30, 2014 and 2013." --- 10-Q report, page 28
"Overstock saw $330 million in revenues in its quarter ended July 28, and that there is no plan to breakout Bitcoin volumes in quarterly filings — at 1/4 of 1%, the overall amount remains insignificant to topline data." --- Business Insider
Nice hyping by Byrne. Bitcoin is 1/4 of 1% of total sales and international sales are 2% of total sales.
Whether or not you agree with my motivations the real question is: Was Sam Antar accurate and right? I posted two blogs (one co-authored) that warned about Nu Skin's inventory red flags and write-downs. I used Nu Skin's own reported numbers for my "days-sales-in-inventory" (NYSEARCA:DSI) analysis. After those blogs were published, Nu Skin did indeed significantly write-down the value of its inventory. So what's your point? Since Sam Antar is a MLM critic even if he's right, he's wrong? By the way, I have the same right to criticize MLMs as you do to support them. And I don't fault you for your opinions, even if I disagree with them.
Warmest regards,
Sam Antar
Jay: Congratulations on your first Seeking Alpha article.
Laura Taylor Townsend posted a fake arrest warrant for Michael Johnson on twitter last night. After I confronted her, she deleted the post and later privatized her tweets. I have the screen shot of her post and our exchange on twitter.
Problems are ongoing.
It was a rooster, two roosters :-)
Thank you LeMar. I can assure you that management will soon come to learn that I use a marked deck of cards at poker.
Thank you everyone. It was simple arithmetic: DSI calculation.
Thank you! Lesson here is to always use a DSI calculation.
I bought Crazy Eddie stock, even though I knew it was worthless. It was a great ruse, while it lasted.
Company has purchase commitments.
Inventory growth started before LTOs and China issues. All the company has to do is honestly answer questions posed in blog.
Hi Leigh: You are missing the point. The purpose of fraud is to make money. Earnings or lack of earnings, short sellers or lack of short sellers won't make the issue of the legality of Herbalife's business practices go away.
Nu Skin's revenue guidance and Wall Street estimates on revenue contradict management's explanation that the buildup in inventory entirely relates to future product launches. Also, DSI has been increasing since 2011. It's not a recent aberration.
Hi Jason:
Thank you. Nu Skin has many more accounting red flags than Herbalife. It's a cesspool.
However you define the work that "auditors" do, would you agree that using the word audit is misleading and creates an unnecessary expectations gap?
Would a more accurate description be "limited GAAP compliance review"?
Thank you for your feedback.
The accounting metrics cited in the article contradict management's disclosure that the buildup in inventory was due to planned product launches.
"Many investors blindly rely on the integrity of audits to protect them against fraud. Unfortunately, audits give investors a false sense of security. Traditional financial statement audits of public and private companies are not designed to find fraud. What accounting firms call an 'audit' of financial reports is really a compliance review designed to find unintentional material errors in financial reports by examining a limited sample of transactions. In other words, traditional financial statement audits are designed to be spell-checkers and catch the accounting equivalent of innocent typos." - Sam Antar
Hope that makes investors feel safe :-)
Just trying to give NQ advice as a professional courtesy. Old crooks and new crooks stick together. :-)
Memo to NQ Mobile: Smart crooks don't dump their auditors. They either fool them or corrupt them. At least you were able to screw a whole new set of investors with every buying opportunity on the dips.
Memo to Herbalife Bagholders, distributors, and other supporters:
The Bidz cultists were far more dedicated than you. When Eric Savitz wrote about my accounting analysis of Bidz, he got 877 comments.
We have only 173 comments so far. Give me more hate.
Warmest regards,
Sam Antar
Hi Gary:
One correction. Not the Crazy Eddie ads. It was their extended warranties. :-)
All the best,