"What financial info have you seen?...."

I forget where I saw it, but I saw something showing that Crossflo owed it's previous (to us) shareholders a lot of money. I don't remember exactly how much but remember thinking that is was close to what we were paying for Crossflo - $10 million.

Because fo this debt, and because Crossflo is in a business that doesn't require a tremendous amount of money to be invested in hard/fixed assets, I assume that this debt was due to loans needed fund operations that were losing money. I could be wrong, but I would say chances are that I am right. The Crossflo financials, when filed with the SEC, will answer this question.

"You dont think this information will give you an idea of where Crossflo stands as an operating company??"

I don't think the Crossflo info will give you any insight as to why they were worth the $10 million we paid for them. We paid for the future, not the past. Again, I think they've lost money in the past. So it will be hard to understand why they are worth $10 million unless you get insight into how they will turn profitable - a question that is usually answered as an increase in revenues. That, IMO, will not be overtly apparent in the filing of historical financial statements.