Agree with everything you have written now to include the audited, year-end fins of the 10-K being "less significant". There are a couple in my circle to which the fundamentals of an equity count in their investing decisions. I know it's a bit old fashioned but they need to see positive cash flow figures. I've stressed they will wind up chasing the pps North IMHO but being a little older than me, they are more conservative and less risk takers than they were previously in finance. I understand and respect their perspective as it is backed with MBA & CFP credentials on their part. Consequently, they have modest initial SFOR positions. They prudently await some deliverables as promised by Mark to materialize. I can't fault them for that prudence based on their years more of investing experience than I have.