Vasr
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The second graphic is the list of companies (with the percentage of ownership) in the Lyngdorf family holding per official report.
(edit: and yes, there seems to be a few crosslinks - tracking that would require following the list of beneficiaries - available partly there, partly in other filings)
Thanks for the clarification. That makes sense. It is a list of subsidiaries of Lyngdorf. They own 23%-30% each of the two Purifi entities likely as founding shares (and seed capital) and has been funding their cash flow via debt. Doesn't look like Purifi itself has raised any equity capital. Not likely with approx US$200k yearly sales (assuming there aren't some zeros missing and approx $40k/year margins) and not much growth.
Don't think any of the principals are taking any salaries from the company (Total of approx $31k/year in salaries which doesn't go far).
Perhaps that explains the use of cheap caps.
But seriously, I don't see this sustainable for long as stand-alone without an acquisition or going into an IP licensing model or getting a mass-market vendor order (though not sure they can quickly scale to that).
So, whether NAD is actually taking the manufacturing off their hands is an important piece to judge its health. But they would need to get their modules into some high volume units than the niche/boutique plays they have been in so far. A licensing deal to one of the Japanese brands for a next gen AVR would be huge.