Fusion Pharm, Inc. (FSPM)

[G-Banks]

The first thing to consider is that these are unaudited financial statements although I would believe that if they plan on issuing audited financial statements in the near future the independent auditors assisted in the preparation of these statements (especially considering the restatement of 2012 figures). That being said, let's all hope for no restatements of 2013 information.

The reason for their restatement in my opinion is BS. These "sales" should never have been reported but to me it shows there is a third party now reviewing financial information which is positive.

In terms of the numbers:

Gross Margin is down from 27.8% in 2012 to 20.3% in 2013 . I'd like to hear management's comments for the decline. Probably higher margin in 2012 on the Vertifresh sales and the current year margin is more indicative of what we can expect in 2014. I'd really like to see some gains here as volume increases.

Other than that, after reviewing for 15 minutes I agree with the previous poster that the guidance related to subsequent events and the backlog is extremely encouraging. Between cash flow being generated from operations and the $1M equity funding (which we already knew about) it seems as if FSPM has the cash resources to really grow this company in 2014 and beyond.