If anything using pro forma statemnts would overstate profitability and there was no profit in 2006 but this is old news at this point. The point I was originaly responding to in spec machine's post was the attribution of the preferred shares issued gaining some of there value from a private enterprise that produced income and this was not the case in 2006 according to the pro forma statements. This is not to say that the other assets, tangible and otherwise gave value to the new entity and the preferred shares issued. The conversion of those preferred shares to common was a huge vote of confidence from management and a required step to attract more institutional investors which they have accomplished.
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