There’s a Bloomberg article today about the accountants for DJT. The firm is BF Borgers, based right outside Denver. Denver itself is a wonderful place to live or visit, but it’s a name that triggers an involuntary shudder in any Wall Street equity veteran who has experience with penny-stock shenanigans. Also, according to Bloomberg, BF Borgers, an OTC specialist, has been cited for audit deficiencies (shutter #2) in both the US and Canada and “has had a string of regulatory issues, including a 100% deficiency rate on audits reviewed by a US watchdog.”

Apparently, DJT has just announced that BF Borgers will rmain the official auditor of the post-merger company.

stuff I would want to know, if were interested in owning DJT (I’m not).

–a recent SEC filing states that in 2023 TMTGC had revenue of $4.1 million. However,

it spent:

–$1.3 million on sales & marketing,

—$8.9 million on general and administrative costs (meaning offices, equipment and salaries) to generate those sales,

–-$9.7 million on R&D,

–-$39.4 million in interest expense during 2023, even though yearend borrowings only amounted to $45 million. My first thought was this is a typo, but I can’t imagine that’s the case.

In sum, the company had expenses of $62 million and ended the year with a loss of $58 million.

So, one might ask:

–the source of the sales revenue is presumably ads. The LA Times published an article the other day about ads on Truth Social, though, saying most of them appear to be from Trump-related campaign organizations. If so, this would suggest that third-party revenue was negligible. I’d also like to see the quarter-to-quarter progression in revenues and viewership

–where did the $62 million go? We know that close to $40 million went in interest expense. …but how did that happen? Of the other $20+ million, how much went to related organizations in the Trump orbit? did Trump get paid for his posts, and, if so, how much?

–it would be interesting to see another quarterly progression that would show the timing of outflows.

I get it that TMTGC is a Jobs Act company. And I understand that part of the SPAC rationale is to avoid giving information to non-PIPE investors. But I can’t ever recall such lack of detail provided to investors in a US-based publicly traded company.