Financial Statements...
I had one point I thought I would make since I can see some are worrying over financial details.
From my personal experience, as a start-up grows and matures, revenue sources get consolidated, reclassified etc.. Internal controls are adjusted to more easily consolidate these numbers. In other words things are in constant flux in a start-up. Until the Company matures how things are classified can change.
I like to personally take a very simple approach to all of this. What matters is the consolidated results, earnings per share, NTA's etc..
Fully reporting companies must have their consolidated financial statements audited at the end of each fiscal year. The SEC requires these audits to be preformed by Audit firms who must report to PCAOB oversight.
When you get right down to it, the audit is what matters. If you can't trust the audit being done, then what's really the point? If the consolidated numbers are being fudged, the itemized numbers can be just as easily fudged.
The Company's auditor, Madsen and Associates, has been previously reviewed by the PCAOB and that review satisfied the PCAOB. These reviews are ongoing.
Bottom line, the auditor does all the work to make sure the numbers "add up". If you can't trust the audits of the consolidated financials.. what's the point? Why even bother spending the money on audits?
On a lighter side (jokingly) I think there are a few shareholders who if they were given detailed financial outlays, the next request would be the formula for the Company's enzymes.
