According to the company's last quarterly release, there were practically no ice cream sales and sales per location were down. From the first to the second quarter, total sales increases on $34K. There was one additional outlet and ice cream sales started in that quarter. Even if we attributed zero sales to ice cream, gross revenues per location were down. Furthermore, the company does not properly account for the costs of doing business.
In this industry, most expenses relate to the actual running of the stores. This includes supplies, manpower and direct expenses related to each outlet. They do not appropriately account for this expenses. It is all lumped together. Furthermore, expenses paid via issuance of shares are not at all reported. Thus, the stockholders are constantly being diluted. The shares outstanding at the beginning of 2010 now account for less than 10% of all the shares outstanding.
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