Grifco Inc (GFCI)

[best2listen]

Big error in the Tree Top 10KSB/A-2

(cross post from RB) This is from page 1 of Tree Top's 2005 FORM 10KSB/A-2 filed July 25th 2006. Easy math shows that the reverse split has not occurred and something very weird is going on with the O.S. or their valuation.

http://www.sec.gov/Archives/edgar/data/356590/000114037706000179/0001140377-06-000179.txt

"The aggregate market value of voting stock held by non-affiliates of the small business issuer, computed by reference to the price at which the common stock was sold, or the average bid and asked price of the common stock on April 12, 2006 was $4,691,841.

At April 12, 2006, there were 252,791 shares of the Registrant's common stock outstanding, and Company had 643 shareholders of record. This is a function of a previously Board approved reverse split, although not yet effective."
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NOTE: the quoted price of the common stock on April 12, 2006 was 2¢ and NO shares traded that day according to Yahoo Historical Prices. (Year off? then 5¢/share on April 12, 2005, 10,000 traded.)

$4,691,841 ÷ $0.02/share = 234,592,050 shares held just by non-affiliates.

Running the calculation a different way, the share price, if non-affiliates held all of the O.S. (they don't), would be: $4,691,841 ÷ 252791 O.S. = $18.56/share.

Using 25,279,100 shares o.s. and just the market value of the non-affiliated shareholders would give a price of ~18.5¢/share.

Looks like ~1000 X error.

Just my opinion

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