"Anyways, again......bad to use pro forma statements for a financial analysis.    That was in one of my first level college accounting courses as well.     Always use the fully stated audited statements."  This is your statement word for word, copied straight out of your post. 

How would you get fully stated audited statements from a start-up company that is yet to begin operations?  It does not have any accounting records and, therefore, cannot generate any financial statements that can be audited.  It can only produce proforma statements.  

I surely understand the difference between the financial statements of an on-going entity, which can be audited, and the proforma statements of a start-up company. A start-up entity does not have any financial statements. It can only produce proforma statements.