Rick, these are some excellent observations. Were you reading the 10Q form at this site on EDGAR:
sec.gov
Did you notice the following statements near the beginning of the report?
Consolidated Balance Sheets as of June 30, 1997 (Unaudited) and
September 30, 1996 (Audited). ............................................ 3
Consolidated Statements of Operations for the three months and nine
months ended June 30, 1997 and 1996 and the period from inception
(April 15, 1991) to June 30, 1997 (Unaudited). ........................... 4
Consolidated Statements of Stockholders' Equity for the period from
inception (April 15, 1991) to June 30, 1997 (Unaudited) .................. 5
Consolidated Statements of Cash Flows for the nine months ended June
30, 1997 and 1996 and the period from inception (April 15, 1991) to
June 30, 1997 (Unaudited). ............................................... 7
Notes to Consolidated Financial Statements (Unaudited). ..................
If I read this correctly, the financial statements for the quarter ending June 30, 1997 were unauditied. There was no one keeping them honest with their figures. I can think of two possible reasons why their books were unaudited.
1) Their was something they were embarrased to have the auditors see.
or
2) We were told earlier this year that money would run out by the end of this month. Now we are told they are drastically cutting back expenses so that the company can survive a few more months. Could it be that they decided to save some money by not paying the auditors? After all, they have more important things to do with their money. . . like keeping Babish gagged with a nuisance law suit.
I just visited their web site. They only mention Babish, AndroVir and AndroCar is in their old newspaper clippings. No one visiting the site without knowledge of the company would have any idea of how important Babish was to the founding of the company or that it was his ideas on which the company's foundations were built. The words "Orwellian Memory Hole" come to mind.
The web site does seem a bit smaller on the whole. Perhaps this is another of their monetary saving efforts. Perhaps they wanted a smaller site because they are paying their internet provider by the word for their web site space :-)
Remember PRLN's complaint against Babish portrayed PRLN as interested in screening herbs from around the world including South American herbs and that they were suing Babish because he alledgedly was usurping their opportunity to obtain herbs from South America. I had never before seen them say they were interested in any herbs other than those from China (with the possible exception of non-existant Indian herbs.) In my analysis of the lawsuit, I wondered if the fact that they were suddenly interested in new sources of herbs was an indication that they could no longer obtain herbs from China. They had screened all 2800 Chinese herbs in their inventory and they would have to go back to China to get the remaining 2200 to 7200 herbs. I speculated that perhaps they couldn't get those herbs from China because they had lost their Chinese connection when Colin Campbell resigned in disgust. Perhaps that is why, I speculated, PRLN now demonstrated an interest in South American herbs.
Well I found nothing on the revised web site about South American herbs or about herbs from anywhere other than China. This is what they said on their site (which was obviously updated after they started their lawsuit against Babish)
Drug Discovery: Products From Herbal
Sources
Paracelsian possesses a library of herbal extracts and has access to an additional 10,000 herbal and plant extracts of traditional Chinese medicines (TCM). This focus on natural medicines and compounds is a distinctive aspect of Paracelsian's strategy. The company's unique discovery program, which uses its screening technology to identify TCM extracts with low toxicity and positive therapeutic potential, has identified candidate drugs for cancer, AIDS, cardiovascular disease, psoriasis and other chronic diseases.
Well, either they now have access to those remaining Chinese herbs or they don't. If they do have access to them, then why are they saying they want herbs from elsewhere, other than to visciously persecute Babish and prevent him from earning a living by trading in non-Chinese herbal extracts? And if they do not have access to these herbs, the statement on their web site is erroneous and may constitute fraudulant advertizing for their company.
Robin M. |
