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Wednesday, May 21, 2014 11:32:00 AM
The first lowlight is that some of the schedules literally do not add up. Look at the shareholder equity for 2013. Look at the 2013 cash flow statement. The share counts in item 3, Security Information are noted to be as of December 31, 2014 (perhaps forecasting no more dilution??)
It goes on, and on...
Retained deficit reduced by $800K during the year even though total 'profits' were $154K for the year (which in turn is less than the sum of the quarterly profits reported). Total assets do not equal total liabilities plus shareholder equity -- have you ever seen that one before in a public company?
$7.6M of the $8.3M in assets are 'Unidentified Tangible and Intangible Assets.' Most if not all of this is related to the issuance of shares for services; they were originally booked as expense at .001/share -- par value, rather than their value when issued. That was reversed in Q2 2013 -- but rather than take this large number (a multiple of annual revenue) to expense, it was put on the balance sheet. And increased by $700K in Q4, I think related to the Media Funding advertising buy (with common and preferred shares) of October 1, 2013.
And no, these are not audited, as you will immediately know when you look at them.
As a fellow former accountant, I'd be interested in your take on these.
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