A Southern Nevada company that sold “Math Monkey Knowledge Centers” educational franchises nationwide has filed for Chapter 7 bankruptcy liquidation.
Mobius Mathematics LLC of Henderson, headed by “Chief Chimp” Carl Emery and Maia Emery, filed for bankruptcy on Friday in U.S. Bankruptcy Court for Nevada. It listed assets of about $11,000 and liabilities of about $69,000.
The company owns “Math Monkey” and “Grab Math By The Tail” trademarks and has eight franchise agreements. The value of those assets is listed as unknown and their fate will be determined by the bankruptcy trustee overseeing the case.
Franchise agreements listed in the filing are for Math Monkey of Lake Mary in Florida, Math Monkey of Irvine in California; Math Monkey of West Monmouth in Aberdeen, N.J.; Math Monkey of Powell in Ohio; Math Monkey of Suwanee in Georgia; Math Monkey of Pinecrest in Miami; Math Monkey of Leawood in Kansas and Math Monkey of Solon in Ohio.
The filing listed income for Mobius in 2009 of about $133,000 and in 2010 of about $71,000.
Robert Atkinson of Kupperlin Law Group LLC, attorney for Mobius, attributed the Chapter 7 filing to cash flow problems for Mobius.The company had pitched Math Monkey as “an academic enrichment program designed for highly motivated learners whose parents understand the importance of math excellence.”
The company said it created a curriculum that boosts logic, reasoning and critical thinking skills so students can reach their full potential. Last summer, it had offered franchises with startup costs ranging from $84,000 to $151,500.
Source: Las Vegas Sun
A Word of Caution to Investors,Students,Parents and Teachers
The Vedic Maths Forum India wishes to caution investors who see “Vedic Maths’ as a quick money making opportunity. We would like to caution investors to refrain from buying franchise’s from companies who offer “Vedic Math” franchise. The Franchise System does not work with Vedic Maths and there have been more investors who have lost money in the deal across the globe. This upsets students and parents who have invested their trust and their money to gain a competitive edge in Math.
Vedic Maths is a system to make Maths easier and there is a different delicate approach required with it. A Business just like a tree takes time to develop and nurture. Dealing with children require patience. Therefore Vedic Maths needs to be integrated with the Academia to show its true results.
We would like parents,students and teachers to exert a word of caution while dealing financially with similar Chain of Franchise’s. If you have questions relating to Investment in Vedic Mathematics we would be happy to answer them. Please email firstname.lastname@example.org