Their last capital raise was in april 2010 of $9.8MM. It was non-brokered and led by IDG and guerilla capital, a china based hedge fund. Earnings fluctuate based on openings, higher openings with concomitant expenses can lower earning while driving value. Key value trends, like avg spend per customer, # of members, # of clubs, retention rates etc. have all trended consistently up. More than half of their units are less than a year old, giving high visibility on growth trajectory.