Karl is bragging on the VSPC website about this accomplishment, as if it were actually deserved. The letter shows what little respect he has for shareholders. Any increases will now be removed since the VGREF shares belong to Chang.
Revenues were $0 and $20,000 for the three months ended September 30, 2012 and 2011, respectively, a decrease of $20,000. Ionfinity incurred revenues of $20,000 for the three months ended September 30, 2011 and zero for the three months ended September 30, 2012 as all US government contracts were completed in 2011. The Company did not recognize any grass revenues for the three months ended September 30, 2012.
The last Q shows no revenues in 2012, and only $20K as of 9/30/2011, and that was security related. See page 18: