Adoor Stock Assets: 1.61 million copies...

5/20 Adoor Stock Assets: 1.61 million copies...

If you go to DART, you can see Adore's audit report from last year. 110.3 billion won in sales, 33.5 billion won in operating profit, 28.9 billion won in payment fees...

If the payment fee is partially removed from sales expenses and general management, it is estimated that the members of Newzins received 5.2 billion won per person. That's probably the case in the article.

In this way, it's a huge achievement, but in my eyes, the details of 14.1 billion won in trade receivables and 11.2 billion won in inventory assets caught my eye first.

To put it simply, accounts receivable are external liabilities. When I read the comment, the auditor determined that there was no problem in collecting accounts receivable because they are related to special relationships. As Du Namu also appeared as a special affiliate, I thought that it was not just an accident that Min Hee-jin and a Du Namu official met. (Where is the coincidence on this floor?)

However, 11.2 billion won in inventory was serious. Even if you look at the tin, the inventory is made of goods and products. In other words, there are nothing else other than albums and goods.

Since the loss was mostly recognized as expenses (cost of sales), the company has to reduce the loss in valuation if it does not lead to sales. Failure to do so would further complicate the company's profit and loss structure. Since last year's album was in stock, the company seems to have decided it as an asset.  

So I looked it up a little bit and found out that the New Jeans album has a whopping 1.61 million copies in stock. Oh my God....

This is because Min Hee-jin has printed 3.5 million copies. It is quite shocking that the number of copies of New Jeans' second album is 1.61 million, compared to 140,000 copies of other labels under Hive.

At this point, it seems almost impossible to convert this inventory into sales. If so, from the end of this year, losses should be treated as non-operating expenses, and this should be reflected in the Adore's financial statements, and I don't know how big a hit New Jeans' third album will be, but it seems difficult for members to take a settlement of 5.2 billion won last year.

In fact, CEO Min Hee-jin, who judged that there were as many as 1.61 million copies left in stock, is truly a failure as a manager. Paradoxically, Bang Si-hyuk is either a bodhisattva or a pushover who followed Min to take 3.5 million copies.  

By talking about plagiarism of the eyelet concept, Min Hee-jin was found to have almost copied the reference of a girl group called "Jins" of Mexico, but he insisted that he forced the album out of Hive, but his wrong judgment revealed that 1.61 million copies of inventory and 11.2 billion won of inventory were accumulated.

If I were a securities analyst, I think I would also reevaluate the value of Adore's listing. Hive's internal injuries continue to deepen as the fight with Min Hee-jin drags on. What are the shareholders guilty of?  

I heard that Newzins parents filed a petition with the court, but I hope it doesn't lead to an absurd worst like the half-pun (Pifty) incident.

This is the last chance for the New Jeans members to escape. Parents should get their act together.