Echoing this question. I worked in smallcap investment banking for several years. My bank wouldn't speak to you if you didn't have 2-3 years of Audited financials (note: not 'Reviewed' or a 'Compilation'). Often we would request an additional audit if we didn't recognize the firm that did the prior auditing.

All for a valuation range of $200MM - $500MM.

Meanwhile a hastily compiled excel sheet seems to satisfy the largest VC's in the market? Billion dollar valuations based on totally unsubstantiated numbers?

Audit's are expensive (like $30-$80k). But surely better than losing $200MM on hot air.