According to their own financial releases, the company doesn't have enough money to pay for an audit. Through his long history as CEO of several outfit, Barry Henthorn has promised audited financials in numerous occasions but has never delivered.
The company rents ten to twelve locations. Four or five of them are kiosks on a parking lot. Each of those movable kiosks might be worth as much as $20K. There is some equipment in them and he has some supplies. All in all, the value of all these is less than $250K, and that is being very generous. The company, for all practical purposes, has nothing else. The fact that the company declared a very minor increase in sales from the fist to the second quarter clearly indicate that the ice cream is not selling, there isn't much of it on the shelves of stores or that the company is lying.
The company has little money in the bank and it has supposedly paid a lot of bills with shares of stock. All of these things will raise eyebrows in NASDAQ, and the company is not likely to be accepted.
I have already informed NASDAQ of the problems and advised them to keep an open eye and scrutinize this business thoroughly.
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