Help me out here -- from what I read, Steve said,

Help me out here -- from what I read, Steve said, "We held our first Up-Front in May of 2012 and we are expecting advertising commitments of approximately $10 to $15 million dollars."

Where did he say $12 million?  When did he give a timeframe -- that advertising revs committed in May of 2012 would hit by Dec. of 2012?

Key word:  expecting

Information omitted:  timeframe

I think a large part of the problem is that investors mis-read or mis-understand communications.  And bashers DO understand them, but mis-represent them, on purpose.

People expect too much, too soon from PNCH.  IMO