Quote:
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Originally Posted by Frigid
Somehow, $165M was converted BACK into real currency. Is this just an accounting trick? Are all peds converted back to real currency at some point? I don't know. All I know is $165M is a a HECK of a lot of LA's...and I don't see 400 different people bidding on them.
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Well the accounts do not suggest that $165 million was withdrawn
http://www.mindark.com/docs/reports/MindArk_AR_ENGx.pdf
I've been examining them again.
Total Gross Deposits into
EU for 2005 was 47,320,820 PED
Total Gross Deposits into
EU for 2004 was 29,072,475 PED
Total Gross Deposits into
EU for 2003 was 6,492,297 PED
I'm more likely to trust the accounts then the press release too be honest as theres far larger penalties for lying on it ;-)
Total Withdrawals are highlighted on page 14:
The company’s revenues consist of the cash funds supplied by users of the Entropia Universe.
The net revenues are presented in the income statement after the deduction of user requested reimbursements.
(Note: This is now in SEK and not US$)
Gross Revenues:
2005: 31,340,790
2004: 17,780,672
Reimbursements:
2005: -3,122,038
2004: -872 788
Net Sales:
2005: 28,218,752
2004: 16,907,884
From the Net Sales of 28,218,752,
EU made an operating profit of 6,543,950 SEK.
One thing to note, the accounts show that
MA are taking ALL cash deposited into
EU to do their accounts. Its not just decay they are taking.