But speaking of OSIR, including our friends at the renowned Pomerantz firm, the count is about a dozen now. I don't believe our faux FDA issues generated more than 10. OSIR wins!
The financial statements are the responsibility of management and not the auditing firm's. No one's spinning anything. Management used the wrong accounting method to make the financials look better than they would have had they reported correctly and speaks directly to competency and honesty.
I'd like to believe in a long steady ascent as well as Santa coming on the 25th next month. I'm resigned to owning a relatively volatile stock until a buyout occurs. I think that's what's to be expected when you own a small cap biotech.
At the time that the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 was filed on March 20, 2015, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2014. Due to the material weakness in internal control over financial reporting described below, our management, including our Chief Executive Officer and Chief Financial Officer, re-evaluated its conclusions regarding our disclosure controls and procedures and concluded that our disclosure controls and procedures were also not effective as of December 31, 2014, March 31, 2015, and June 30, 2015 solely because of the material weakness that existed at that time.
Internal Control over Financial Reporting
A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. Management identified the following control deficiency that constituted a material weakness in our internal control over financing report as of September 30, 2015:
The Company did not design and maintain controls to ensure that (1) adequate written documentation existed for contracts with distributors in order to ensure that persuasive evidence of the contractual arrangement existed and the terms were fixed and determinable with respect to revenue recognition and (2) adequate analysis and documentation existed for new distributor contracts to ensure timely and accurate recording of revenue in accordance with GAAP.
Management also determined that this material weakness existed as of December 31, 2014, March 31, 2015, and June 30, 2015. This material weakness did not result in a material misstatement to the Company’s annual financial statements for the year ended December 31, 2014. However, management concluded that this material weakness, if un-remediated, could have, in future reporting periods, resulted in a material misstatement to the Company’s annual or interim consolidated financial statements that would not have been prevented or detected by its internal controls. Accordingly, management has determined that this control deficiency constituted a material weakness. See Note 1 to the Company’s Unaudited Condensed Financial Statements for the quarter ended September 30, 2015 for more information about certain corrections to the Company’s annual financial statements for the year ended December 31, 2014 and quarterly financial statements for the quarters ended March 31, 2015 and June 30, 2015 related to this matter.
Hit the ignore button on hallowcezmania, et al. If all the posters that actually had a constructive interest in MDXG do that, it will clean up the board . That's not a suggestion that only positive opinions be discussed but the KRAP from hallowcezmania is drivel.
Other than pointing out AR and inventory management issues with OSIR's balance sheet, wasn't aware of bashing. I think the analysts had already done their own math on those problems. However, if you'd like, I'll pray for OSIR too, although I think the deity is short the stock. I know he's not fond of CHK. Personally, I think he's punishing Icahn for that one.
Saw him steal against the Cubs at Busch Stadium in 1966, its inaugural year - nothing to do with MDXG but fond memory as I'll have of MDXG when we exit at $15+.
I've got a freezer full of quail, dove, etc. but I think I have little space for some OSIR product. Not sure what I could use it for but I'm willing to help for the right price. I'm thinking bicycle tire tube repair might be new market.
I wasn't referring to McClendon who built the company and got rich doing it. I was referring to his successor, Archie Dunham, one of the most respected oil and gas executives. Dunham has bought millions worth. In the case of CHK, extraneous forces have whacked the company and its shares.
in general, insider buying means a heck of a lot more than insider selling. in the case of MDXG, that's what I'm counting on.
I've seen a lot larger than that at CHK. I'm counting on, hoping, praying, etc. that the results are a lot better!
I believe Pete addressed lack of sales originating from the relationship with Zimmer and MDT earlier. They're huge companies with many products to sell. Their sales people have to be trained and properly incentivized to sell MDXG's products. There are only so many hours in a day and MDXG's management is spending those where they get the biggest bang for the buck.
Think about having over 270 days worth of inventory in the freezers. What are their production people doing? You can only sweep and mop the floors, check the temperature, check your Facebook account, etc. so long. The baloney about a big international order is just a different kind of salami.