I saw that. The balance sheet does not list the building as an asset, nor does it list the company 1094 Military Trail, LLC, as an asset.
I agree about the preferred.
The 10 million commons they didn't say, but I'm not sure that the 5% rule applies to that given the assets they get (and the liabilities, I presume, as I suspect they took on debt for the building that 1094 Military Trail owes - unless they owned it free and clear, which I doubt). I think they need to report more on that transaction than they have. We may have to wait for either the S-11 or the 2nd quarter report.
Until then, the criticisms are fair. However, your point is also fair. Good luck. I hoe there will be better information coming out soon, and the typos and inaccurate information on the quarterly report is fixed.