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Fonar Corp. Message Board

  • a_c_t_u a_c_t_u May 16, 2013 1:42 PM Flag

    Very deceptive and bordering Fraudulent Press Release

    How much can a person trust Damadian when he issues a press release like he did? In the headline of the PR he boasts "7th Straight Quarter of $1.5 Million of Net Income" yet when you look at the actual financial statements in the 10Q, Fonar's net income was only $1 million and Net Income for the private investors or Non Controlling Interests was $.5 million.

    Who does #$%$ like that? What a deceptive #$%$. Way to turn off new investors Dr. D.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • How much can a person trust Damadian when....

    • For the three month period ended March 31, 2013, we reported net income of $1.6 million on revenues of $11.6 million as compared to net income of $1.6 million on revenues of $9.5 million for the three month period ended March 31, 2012.

      What part did you not understand? learn to read!!

      • 1 Reply to adamrail
      • I completely understand all of it.

        Fonar's "Net Income" was $1,076,000 per the Income Statement. Did you look at the actual Income Statement or just the press release?
        $505,000 of that $1.6 million in Income belongs to the minority investors and not Fonar as the 10Q clearly states. His figures in the press release insinuate Fonar shareholders own the entire $1.6 million in net income which isn't the case.

        Fonar only owns 85% of HMCA and they only own 50.5% of the new Health Diagnostics venture. Yet his press release is insinuating 100% of the income belongs to Fonar shareholders?

 
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