When you state that the Feb. 2009 Balance Sheet is accurate, as you have, you imply, by definition, that the May 31, 2008 Balance Sheet and the Income and Cash Flow Statements for the 9 months ending Feb. 2009 are also accurate. There is no way around this.
You have no clue, NONE.
The $11 million figure is a Net Profit figure as formally stated by SPNG in this SEC filing and not a pre-tax figure as you are falsely claiming:
I disagree. The "year-over-year" increase in Retained Earnings will NOT be $11.0 million
Furthermore, after believing that the Feb. 2009 Balance Sheet (and therefore 9 month Income and Cash Flow Statements) is accurate, are you now claiming that Moskowitz somehow "cooked the books" to arrive at the $11 million net profit for the year ending May 31, 2009? In addition, the Dicon acquisition closed on July 9, 2009, so its financials are not included in the Income Statement figure for the year ending May 31, 2009.
Your premise is wrong, therefore your statement is completely false. See my SFAS 165 post.
Again, what you are claiming here is that SPNG had a Net Loss for the 9 months ending Feb. 2010 of $6.1 million, as I stated in my previous posted message
An educated guess, based on the facts and circumstances. And these "facts and circumstances" are very real. LOLOL but I view this as being very positive, concerning the current "chit-storm". If SPNG could end up with the same Retained Earnings on Mar 1st, 2010, as Feb 2009, it would be wonderful news to SPNG shareholders.
AI
