In 2004, Google filed a Form S-1 registration statement with the US SEC to register its initial public offering of securities (Class A Common Stock). In addition to a large amount of financial and business information, the registration statement provided a 20-page discussion of risks related to Google’s business and industry. This type of qualitative information is helpful, if not essential, in making an assessment of a company’s credit or investment risk.

Which of the following is least likely to have been included in Google’s registration statement?

A. Audited financial statements.

B. Assessment of risk factors involved in the business.

C. Projected cash flows and earnings for the business.