I can't disagree with that! It looks like as of 12/31/05 we were between 15+ million & 21+ million in the hole. So my guess is we're much higher than that now.
This audit seems odd. Not sure if it is really detailed enough for any real scrutinizing. I would not be satisfied with this sort of document. These headings are so vague. No breakdowns... easy to hide things.
I do not think that the SEC would accept this.
I am sure though that most of the shareholders will be happy just to have something - even if it is bogus.