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MAP Pharmaceuticals, Inc. (MAPP) Message Board

  • gmns888 gmns888 Mar 16, 2012 1:36 PM Flag

    Last 10q was filed 11/08? something not right

    Way overdue here...................................

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    • As an ex CPA, IMO I would say that the FDA decision is an extremely material event that is important to finalizing the audit. Since there is a date certain for the decision, it is likely that the SEC has permitted the company and its auditor extra time to file its 10k for the 3/26 decision. If it is rejected, it could have a bearing on the value of capitalized costs and the statements would very quickly not be "fairly stated" as those costs and intangibles would be immediately written down or off as well as shareholder's equity. If approved, (which appears to be likely), then those same assets would certainly retain their book value and the capitalized costs would be amortized over a protracted period of time to match expenses with revenues as they are earned. I don't think that this is all that unusual in such circumstances. How about calling IR and asking them why the delay? Have they filed a ftatement on the delay?

 

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