OVIS uses funny math
According to SEC filings OVIS had $2,340,212 in shareholder equity on June 30, 1995.
In the year ending June 30, 1996, OVIS generated $1,003,426 in revenue, and had expenses of $19,279,915, which resulted in a net loss of $18,276,489.
If you subtract the $18,276,489 loss from the starting equity of $2,340,212, you get a negative number (-$15,936,277).
When OVIS does the math they get a plus $1,352,548 for shareholder equity.
Its no wonder the auditor refuses to certify the financial statement. |
