Hindenburg Research Releases New Short Seller Report on Denver Area Mini Golf Course

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Northglenn – Fresh off their scathing reports on Loop Industries and The Nikola Corporation, Hindenburg Research wasted no time in pinpointing a new company to short – Rocky Mountain Putt Putt and Go Karts, off of I-25.

The scathing 55 page report meticulously delves into the failures and shortfalls of the company and why you should “mark it to 0”. Here are some of the highlights.

  • Failure to innovate: They are still handing out paper scorecards instead of going digital. As we have seen with Peloton, adding an iPad to anything immediately adds $40 billion in market cap. Not doing so is a disservice to their investors.  Further, they haven’t had a course redesign since 1987.
  • Stale Product: They are still handing out Game of Thrones themed Mountain Dew cans to golfers in the snack shop. This tells us that they are sitting on a lot of product that is about to go bad. Does anyone even remember what Game of Thrones is?
  • Off Balance Sheet Accounting: We dug into their books and records and found that they have an off balance sheet account for multiple civil suits against parents of kids that got sick eating the nachos in the snack bar and drinking the lagoon water on Hole #12 to the tune of $9.8 million dollars.  Their accountant, Lizzy Skilling, relative of disgraced Enron executive Jeffrey Skilling, who is ‘Back in Houston’, was not available for comment
  • No Revenue:  Lack of maintenance on Hole 18 has seen the “Win a Free Game” system used and abused. Everyone that has played here the last 6 months has eventually got the ball in and got the free game token. They haven’t had a paying customer since Coronavirus started. Nikola’s $36,000 of Q2 revenue is something they could only dream of!
  •  All Male Board of Directors: The nine person board consists of, you guessed it, nine white males. A company this size should at least have a refugee from Africa, 7 women, and a female to male in transition to properly reflect Denver’s diverse population.
  •  Mismanagement of PPP loan: To weather the Coronavirus storm, they applied for and received a PPP loan. However, instead of paying employees they instead went all in on Whiting Petroluem in early June to try and catch the Robinhood bankruptcy bump, but instead watched their investment disintegrate over the course of the last four months.

Time will tell how the market will react to this one but it doesn’t look good.  And based on the history of Hindenburg Research short reports, this might go down in infamy.



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