The shareholder letter appears to have an error in the date for the CPFH transaction. The letter says the 715K transaction was negotiated in Sept 2010. However CPFH first reported it in their Aug 2011 10Q filing for the 2nd quarter. Had the transaction happened in Sept 2010 it would have been reflected in the Dec 2010 financials for XPOI - which it wasn't.
Maybe it was negotiated in Sept 2010 but not reported by either XPOI or CPFH until it closed during the June 2011 quarter?
Other than the the above issue the financials and statements looked very preofessionally done - especially as pink sheet companies go. Report also had a minor revision to how accrued and unpaid pref dividends were accounted for which was not a big deal. Here's from the shareholder letter:
In September 2010, we successfully negotiated a settlement for the long
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term convertible note for cash and a short term note in the amount of $715,000. Additionally, in
September 2011, subsequent to the close of fiscal 2011, we were successful in converting the
preferred stock to a note receivable secured by a first lien on the headquarters building of CFH in the
amount of $1,300,000, which will be paid out over a six year period beginning in 2012
