Interesting stuff. This tells me that 1) their financials are being scrutinized for a loan which is why this came to light and 2) these restatements improve the financial history which will further support their app for a LOC, much more significant than any negative impact resulting from the otherwise shoddy accounting.
re-stating financials is almost never met positively by investors. Makes people wonder what else is wrong...even if restatement might work in their favor. I look forward to the day when this company stops acting like an OTC stock. Know what I mean....
You might be correct ID....furthermore taking step voluntary to correct numbers for reported financials of year ago and the transactions is another signed that the management is cleaning us all the garbage left behind by the previous management. From what I understand this could impact positively the tax loss carry over from prior year related to the transaction. I am glad that it does not effect Revenue, expanse, and cash flow in any way. Maybe this is the last requirement to have the LOC approved.
well there goes yomama with more bogus pumping trying to spin the restatement as a good thing and part of augt's plan to get a loan..b s thanks to Miami for setting him straight and giving us all the truth.. restatement is never good..
Just my 2 cents. There is nothing, I repeat nothing voluntary about this. This is about the their accounting firm being able to opine on the financial statements. If they do not word the 8-K the way they do, they open themselves to minor material weakness. As a public company, their financials are scrutinized by many levels of review by technical partners and someone caught this when looking at their Section 382 tax carry losses. To suggest that the reason is because they are looking for a loan is naive at best.
That out of the way, all of these are non cash items and will benefit future tax benefits and probably lead to a larger than expected impairment above the $2.6 million.
On a positive note, I am expecting many good things coming from this commence call !!
You are truly smoking crack if u think they are ever going to get to $4.00 per share. They can't even break 40 cents. Unfortunately you probably believed a lot of the pumpers prediction like some others who lost a pretty penny.