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福麒國際 Message Board

  • anthropis007 anthropis007 May 7, 2013 1:26 PM Flag

    A resolution is on the way!

    Any businessman can tell you that preparing a profit and loss statement is quite easy if your books are in
    order. All this delay is obviously attempting to reconcile the deficiencies in Fugi's bookkeeping
    system. I believe the company and the SEC are working on a resolutiion as without the filing of finacials
    with the SEC the company will have a myriad of lawsuits to contend with as lawyers are in the wings
    waiting to pounce upon them.

    Sentiment: Hold

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    • "... preparing a profit and loss statement is quite easy if your books are in order"? If you know the history of the company, then you know the books aren't "in order". My recollection was that they acquired a number of different retail stores/outlets and had no control over the inventory - if you can't validate what your inventory is on a given date (i.e. end of each quarter), it is impossible to put together legitimate financial statements. I assumed that they would fix the inventory control system, validate the inventory with a physical count on a given year-end date and move forward, while negotiating with the SEC that inventory levels for prior quarters were subject to estimation. Given the total lack of communication over the past few years, it is difficult to speculate on what is going on, but I would be surprised if they resurrect their listing, let alone provide some basis for valuing the shares?