In a pig's *ss. Read this. Note that these SOBs released the information after the market closed. They belong in prison.
Basin Water Announces Plans to Restate Prior Period Results Business Wire Posted: 2008-10-29 16:10:00 Basin Water, Inc. (NASDAQ:BWTR) announced today that it will restate its financial statements for fiscal years ended December 31, 2006 and 2007, including each of the fiscal quarters in 2006 and 2007, and the fiscal quarter ended March 31, 2008 due to errors in the accounting for certain of the Company’s transactions in 2006 and 2007....
...As a result...The Company preliminarily estimates that the adjustments relating to these errors in the fiscal years ended December 31, 2006 and 2007 and the quarter ended March 31, 2008 will respectively (i) reduce revenues for 2006, 2007 and the first quarter of 2008 by approximately $2.2 million, $8.7 million and $0.1 million; (ii) increase net loss for 2006 and 2007 by approximately $1.7 million and $1.5 million; and (iii) decrease total assets, current assets and other assets as of March 31, 2008 by approximately $3.2 million, $4.4 million and $6.4 million.
The Division of Enforcement of the Securities and Exchange Commission is conducting an investigation with respect to the Company’s accounting and related disclosure and other matters. The Company intends to cooperate fully with the SEC.
As of September 30, 2008, the Company had a cash balance of approximately $16.4 million. In recent months up through last week, the Company has reduced its headcount by 26 to reduce costs and to eliminate redundancies created by the Envirogen acquisition. In addition, the Company plans to outsource its manufacturing operations to further reduce operating costs...
Hell, Peter, where's that $88-million backlog you advertised in the first prospectus...you know, the one that put over $30 million in your pocket?
This was a shameless fraud, and the truth dribbles out. Does anyone know what the SEC has been doing for the past 5 years? This company never should have seen a single dime of investor money. The stock will be a zero pretty soon. The remaining cash will pay for lawyers and shutdown, and creditors.