My statement was based on Eddie's comments in his June 3, 2011 letter to shareholders.
From page 2:
Money has already been committed to the oven lease fund, so we are now working to complete our financials to bring SMKY current with its filings, which is required for us to issue Preferred stock for financing. We need only the current year end financial report to produce the offering document or to accept money from any major investor via another form of structure if offered; the year end report will be done in June and the audit completed during July to make SEC filings.
"It's kinda fun to do the impossible..." - Walt Disney
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