Friday, September 12, 2014 6:51:19 PM
Note that when Q1 financials were initially published on June 5, they were incorrectly stamped as 'audited,' and when Q1 was republished on June 17 they were different. They did show a significant reduction in quarterly losses from 2013 -- but also showed revenue down about 15% versus 2013, not good for a self-proclaimed 'fastest growing company' unless competitors had a bigger decline -- which would make the BCCI marketing true but IMO misleading.
Note that quarterly financials are NOT routinely audited -- even for NYSE companies, although they are subject to a 'review' process by their CPA firm (when I was a CPA I used to do reviews -- they don't take a lot of time. You just look at ratios and ask questions, for example if cost of goods is a hugely different percentage then previously, or if there was a large 'spike' (up or down) in any of the numbers from previous quarters/years).
Meanwhile, publication of BCCI's Q2 report is long overdue, with no explanatory message from management. For the last two years, Q2 was published in August. Perhaps Mr. Henthorn is instead busy trying to find financing for this year's announced but significantly delayed locations (SW FL coffee kiosk, Knoxville bar), in which case a mulligan is arguably in order.
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