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.
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.
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?