Its that calendar vs fiscal year thing Rain, its very confusing. That report does show that s/3 was diluting in a big way to pay for the up front money they needed for the 3 r/m's. Dilution sucks but in the long run might actually benefit. " "While the third quarter financial results for our two subsidiaries operating in the China market are not as strong as they have been in other recent quarters, we still expect to meet the projected annual revenues of between $4 million and $4.5 million for the year," stated S3 chairman and chief executive officer Jim Bickel.
"It is also important to note that the company's consolidated numbers are impacted by expenses during the quarter related to the three new reverse merger clients signed by Redwood Capital. The equity value of Redwood Capital's expected stock positions in these three new client companies was recently estimated be in excess of $8 million. Needless to say, S3 management believes that the expenses booked during this period are well worth the anticipated value once these transactions are completed," Mr. Bickel added "
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