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NQ Mobile Inc. Message Board

  • portfoliomanager2013 portfoliomanager2013 Oct 28, 2013 8:42 AM Flag

    Omar Khan says two independent investment banks verified the cash, but tells Fox Business News he can't say who they are ....

    Ummmm .... gonna have to call B.S. on disclosure.

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    • electrowing Oct 28, 2013 8:50 AM Flag

      Here's what i don't understand....

      - In the 2012 20-F, NQ classified all cash and equivalents, and term deposits, as Level 2 assets for 2011 and 2012. This raises questions about how NQ is claiming to hold its cash, and how NQ’s auditor confirmed the balances. We cannot recall having ever seen cash classified as a Level 2 asset. Even more troublesome, the 2011 20-F classified all of NQ’s cash and term deposits as Level 1 assets, but in the 2012 20-F, the 2011 balances were reclassified as Level 2 without any explanation.

      - Today, NQ says it has published a list of 14 bank accounts in the Chinese mainland and Hong Kong holding the equivalent of about $295 million, Reuters reported.

      So what's it going to be? Level 2 assets or cash in the bank(s)?

      • 1 Reply to electrowing
      • They hold term deposits at the bank which are level 2 assets. In fact if you've seen the 2011 20-F like you claim, you should have seen their disclosure in section AA (Which is right after their level 1 and level 2 disclosures) stating they are following FSAA's new guideline for 2012 and re-classing their assets accordingly for 2012

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