Why do you guys keep lying and say there is verified cash in the bank? Friedman was fired because they requested to verify the cash and nobody has verified it since. What you have is UNAUDITED financials for Q1 and Q2. Just look at the first page:
"The Unaudited Condensed Consolidated Financial Statements of FAB Universal Corp., a Colorado corporation ( the “Company,” “we,” “our,” “us” and words of similar import), required to be filed with this 10-Q Quarterly Report were prepared by management and commence on the following page, together with related notes. In the opinion of management, the Unaudited Condensed Consolidated Financial Statements fairly present the financial condition of the Company."
IN THE OPINION OF MANAGEMENT and not verified by any accountant. Even the FTI report only talked about cash as of December 31, 2013 which is BEFORE they were hired. I take that back... that is the only date that FAB has disclosed. I can pretty much guarantee you that Loeb & Loeb or FTI did branch confirmations after they were hired and it is telling that FAB could not reveal what those showed and had to go back to a date before they were hired where they just read the number off of a statement.
Let's go back to Membership revenue and Advertising revenue. Just who do you think is paying for those membership cards and advertising on kiosks that are nonoperational? Before you claim memberships include anything else... here is the FAB definition:
"FAB Membership – Beijing Only"
Once again... $2.7M in Q1 and $2M in Q2 for Membership sales? NO WAY!
"and had to go back to a date before they were hired where they just read the number off of a statement."
And the statement said they had the cash..
Where's the problem??
If Loeb and FTI verified it...it's true..they have the cash..
So it must be you lying by saying they don't have it..!!