The financial statements posted are totally useless. No accountant's review, no audit statements. You might have just scribbled down some numbers on a napkin and scanned them - oh, that seems as though what they did - silly me.
While I disagree that someone could conclude "the convertible preferred is being used to transfer equity ownership to the Chairman's father" simply by reading the limited information presented here, the limited information presented here IS the issue. No real financials = no real credibility, period.
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