As far as scams go, I can’t say for sure, but where there is smoke there is usually fire.
I read this document a couple of nights ago and laughed. I also pointed out the same areas you did. If anyone considers these to be SEC worthy, they are not. These are “unaudited” statements that were provided by management. The CPA performs limited procedures to make sure they are “materially” correct. If they were SEC worthy, then the CPA would have to perform an actual audit and they would have been uploaded to the SEC Edgar website.
Here are a few other areas I found to be interesting:
1. The way I read this, EV wants to remain in pink sheets land so there is less regulation and oversight.
“ …the company became “delisted” as a publically traded company. The Company plans to remain delisted as a publically traded “penny stock” company. The eliminated of the legal and accounting costs associated with being a public traded company will enhance the Company’s ability to operate as a going concern.”
2. Cashflows – there is no cash at the end of 2010.
3. Accumulated DEFICIT in Stockholders’ Equity – not a good start. Based on the lack of cash on hand, I assume PBS Holding won’t be paying ARTS for the fact their business is currently under water.
4. I would like to better understand what makes up their General and Administrative costs.
