Good question! Now you are thinking like an investor.
There were two recent filings with financials.
One was an 8K/A which is an update to the original 8K reverse merger filing. This had the audited financials of the private company current as of the date of the merger.
The 10Q had the audited financials of the fully merged entity (the XLIT we see today) as of November 30, 2015.
Most of the development with XLIT looked like it happened in December, including acquisitions of an advertising platform.
A press release on November 6 showed us what their plan was. Basically building market awareness and rolling out into revenue.
The product was in testing with several companies, even General Motors as of December 11.
To me, this shows me the strategy is to go after big sales, large revenue contracts. Often times this means you provide product upfront (which we see from inventory), prove a use-case and then lock-in sales and revenue.
The most recent PR shows a pretty smart revenue program for theaters, I bet that is the final positive outcome of the original announcement on November 13 of placing LightSheets into theaters. So just over 2 months for a successful trial and roll out to a self-paying-for revenue program where the LightSheets pay for themselves in theaters.
So... long answer to your question, the 10-Q is relevant and it isn't. XLIT is building out for long-term revenue and just started trading October 20. It didn't surprise me much to see only $10,000 revenue less than 45 days into the company since the company is already focused on MASSIVE contracts. They aren't selling in a retail store, they are going for big name and big order placements. That has a lead-time to it. But once you get your pipeline rolling and first big revenue through the door... then you are off to the races.
That's why I'm sticking around and what I'm waiting for.
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