Recent Posts
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Blood on the boardroom floor after MMX admits revenue screwup
Kevin Murphy,
October 30, 2020, 17:04:53 (UTC),
Domain Registries
MMX’s top two execs are out, after the new gTLD registry admitted that the company misstated its revenue in 2019 and the first half of 2020.
CEO Toby Hall and CFO Michael Salazar both quit from the board and their executive roles with immediate effect, after a board probe concluded that its 2019 revenue was overstated to the tune of $1.7 million. Its 2019 net income was also overstated by $1.9 million.
In the first half of 2020, it understated revenue by about $80,000 and net income by about $200,000.
The screwups relate to not only the mystery $1.1 million contract MMX warned about earlier this month, but also two more contracts last year worth a total of $790,000.
The company received the cash from these unnamed partners and reported it as revenue immediately, when it should have recognized it only when the partners made sales to end users, MMX said.
Its revenue for 2019 should have been correctly reported as $17.2 million, and its net income should have been $2.8 million.
For the first half of 2020, revenue should have been $8.4 million and net income should have been $1.4 million.
The company said that Tony Farrow, an ICM Registry import who until recently worked as MMX’s COO, will return to the company as interim CEO.
Bryan Disher, an independent MMX director, will be interim CFO. Guy Elliott, currently non-executive chair, will become executive chair.
I don’t trust anything about the new gtlds. These companies prey on newbies and dumbasses.