In a small company, everyone wears different hats. I think it's commendable that they're plowing all of their/our money back into the business and keeping overhead to the bare bone. At the same time, we'd all have a lot more confidence, especially after telephone conversations like yours, if we had an Audit.
We've all read and heard about the great potential of this little outfit, but the time has long passed for trust alone. The Audit is essential.