The only thing backing a theory it wasn't is a lack of an entry on the balance sheet. That is pretty weak.
In whose FANTASY WORLD is a company's Balance Sheet NOT important? FYI, Tthe Balance Sheet and Operating Statement are the #1 & #2 DD reference points for most investors!
This is classic!
"Oh the $10,000,000 building is not on the Balance Sheet? No big deal! Who gives a damn about $10,000,000 of shareholders' money?"