PanAmerican BanCorp (PABN) Message Board

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Microcap & Penny Stocks : PanAmerican BanCorp (PABN)

PABN 0.00001000

0.0%

Mar 7 3:00 PM EST

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To: Howard C. who wrote (39127)	6/30/1999 12:31:00 AM
From: PCModem	Read Replies (1) of 43774

"What's the deal?" The deal is a misunderstanding or confusion of the terms being used. A "registration" refers to a formal registration of stock with the SEC. Unregistered stock cannot be sold on the open market in the U.S. until it is registered, or until it is old enough to be exempt from registration (2 years old currently). There are several different forms which companies can use to register their stock. Which form they use depends on the purpose of the registration and the size of the company. Small companies can use an easier, shorter form called SB1 or SB2 (SB = Small Business) Financials are included in a full registration (if there is a prior filing of financials with the SEC, it can be included by reference in the registration, as in an S-8). When Scottoo said the company's financials are unaudited, that simply means they are not in the format the SEC requires in a Form 10, Form 10SB or Form 10K or Form 10SBK (again SB = Small Business and K = Yearly report as opposed to a Q which is a quarterly report). The company's financials have been reviewed and prepared by CPAs, but have not been independently audited and certified by an outside firm. That does not mean they are inaccurate or "evasive." Every reporting company submits unaudited financials in it's Quarterly reports. So, it is not unusual or improper. So, where does that leave us? 1. We will have a full year of unaudited financial information to review next week. 2. In two weeks there will be a registration, which I expect will have audited financials in it. Please keep in mind that I am not an accountant nor am I a securities attorney. I've summarized some things above and left out some detail. If anyone is qualified and thinks I've left out anything important, please add to our knowledge. hope this helps PCM GO PABN!!!

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