A friend of mine speculated that the only reason JG made the 12/4/08 announcement was to ward off the auditors who may have questions regading the company's status as a going concern. Interesting thought.
I didn't totally fall for his last bit of BS. I could never totally trust a man like that. I have too much personal experience with him to ever totally trust him. Lies about my connection with CXO. Lies about pictures of me at Thirsty's. A BS deposition. His true passion (obsession)with message boards. whether Sullivan likes it or not, jg specifically asked me to "go after" nycinvest on the ihub board. I can only assume I am not the only person he asked to do that. I gave you a cheap shot since you continually do the same to me.
My gosh I didn't know about going concern, but any reference to intelligence is just a cheap shot. I was saying the same thing! You two are just pissed because you fell for Jim's latest lie and I didn't!
CBreeze, you are not understanding the issue. Maybe because you are not able to comprehend? You are out in left field on this issue, so stop talking like you know what you are talking about. You are an annoying know it all just like Allnumb. Going concern issues are not in your area of intelligence. Credibility and reliability of mgmt. is factored in to this discussion. jg has proven many times that he is not either of those things. Everything he has said in 10+ years has turned out as BS.
Here is a couple more issues the auditors must deal with as far as a going concern problem ( to name just a few of a long list that needs to be evaluated). Arrearages in dividends (yep for sure). How about the usual trade credit from suppliers?(Maybe suppliers will not tolerate stock instead of cash anymore?) How about substantial dependence on the success of a particular project? I think that fits also, don't you? JG was attempting to mitigate certain going concern issues by publically announcing that BS Dec 2008 CEO Update. It was certainly a lame attempt imo. If you would like to discuss further about this issue, give me a call. Leit has my number. As far as tovc paying a $1 per share dividend? OMG, once again JG has insulted EVERY Shareholders intelligence. Come on BOD, get him outta the picture ASAP.
Slippery slope...in jeopardy of losing the only method available to pay vendors...have to "prop" it up (and it worked by the way)...how many times have I said this already? Do you process anything that you read? Do you have ADHD? Think about it and get back to me.
What does the auditor care what the F/S look like as long as they follow GAAP? The F/S have looked like shit for years. He did it because the stock was teetering at a buck and was about to head lower...threatening to destroy the only means they have to pay anyone. He was definitely stretching the truth.
Here you go Debreeze:
The U.S. guidance for considering an entity’s ability to continue as a going concern is located in AICPA Statement on Auditing Standards No. 1, Codification of Auditing Standards and Procedures, Section 341, "The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern," and states that the auditor has a responsibility to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern for a reasonable period of time, not to exceed one year beyond the date of the financial statements being audited. This evaluation is based on knowledge of relevant conditions and events obtained from the auditing procedures performed during a financial statement audit