Motive finally filed re-stated financials today (unaudited of course because they don’t have an auditor anymore). A summary of financial performance:

• 2006 — Net loss of $25.3M on revenue of $63.6M. They didn’t have to re-state this number because it’s never been reported.
• 2005 — Net loss of $18.4M on revenue of $76.2M. Again, the first we’ve heard of what happened in 2005.
• 2004 — Revenue of $67.1M instead of the $98M previously reported. Net loss of $34.6M instead of the $427K profit previously reported.
• 2003 — Revenue of $66.2M instead of the $92.3M previously reported. Net loss of $28.1M instead of the $1.2M loss previously reported.
• 2002 — Revenue of $34.8M instead of the $58.1M previously reported.

Wow. The stock price was un-changed today.

Cash and cash equivalents on June 30th of this year total $31M and they’re running $25M a year in losses. You can do the math on the "cash out" date for this company.

These guys overstated revenue by $20M - $30M per year from 2002 - 2004. The class action lawsuit alleges that Scott Harmon and Paul Baker improperly recognized $5.2M in revenue in 2005. That’s small potatoes compared to what happened in the prior years. But I’m sure Motive used some of that IPO money to buy Directors and Officers insurance to pay for it all. Rather than jail, a few former Motive executives will end up leading yet another company.

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