I was looking for the correspondence that Seattle mentioned.
I found that PURE filed a free writing prospectus (FWP) in Sep 2012 (you can find it on SEC web site). Slide 31 shows a huge increase in sales for FY2012Q4...$400k, compared to less than $250k for each of the first 3 Qs.
Problem is, PURE's 10K doesn't show $400K revs for Q4, if you do the math. It shows $127K, subtracing the revs for Q1-Q3 from the annual number. They only did $812K for the whole year.
If you add up the bars on the the slide, it totals *at least* $1M in sales for FY2012, even being conservative with interpreting the values.
I recall trying to get IVG65 to back up his statement of increasing revs. Maybe he used this prospectus?
I realize that the FWP was filed before the 10K but it was still after the close the the FY. 6 weeks later they file the 10K and the difference between the FWP and reality is really big.
Am I wrong? Looking for some education on prospectuses. What discretion does a company have when showing financials on a FWP. There's no asterisk or other indication to show that 4Q rev is a projection or estimate.
You think too much, pretty slides showing sales booming only to be repurchased(repo'd)
is a tactic used by charlatans. Of course the Clodpolls(R) fall for it hook and line and now the
As of October 31, 2012, we increased our inventory balance by $207,000 to reflect product held by a third party warehouse on behalf of one of our customers. The customer has authorized us to
retake possession of this inventory, and as such, we have reduced our accounts receivable by $273,000... More