Hey Bear, while I mostly agree with your post my problem with the "fudge factor" is it puts the credibility of the research in a poor light.  We all know assumptions must be made but I think it is important that some consistency be maintained in those assumption and changed only with explanation.  To be fair perhaps some explanation was offered that wasn't shared with tada.

For me the bigger issue is the apparently large inconsistency in the reporting of cash position.  Who knows perhaps someone exercised options or warrants or there has been a small pp but to me, whatever the reason, change of this nature should be reported to everyone or no one. Often changes of this nature are material so must be reported.  

There is enough risk/uncertainty around this investment and we all understand this.  To me,however, the company should make every effort to avoid situations which create confusion/uncertainty.