"the $15.5 Million in audited revenues for 2003 shows that Veltex is a real company making sales. But, the unaudited 2003 overestimated the Revenue figure by about 33%, stating $19.99 Million Revenues".
Since I beleive Matin not to be stupid but incompetent, the following may be (???) explained by: "Any inter-company activities have been eliminated in the consolidation" (source Matin's letter date 03/23/2005).
By the way the word "eliminated" suggest it did exist in the first place.
On that basis, the $41 millions may also be wrong
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