Re: Retraction
I see I have created some controversy over whether ABFG's year-end financials were audited or not. I quoted from a letter from ABFG's accountants, Moffit & Company that read:
We have reviewed the accompanying balance sheet of American Benefits Group, Inc. and Subsidiaries (Development Stage companies) as of December 31, 1999, and the related statements of comprehensive (loss), operations, shareholders' equity and cash flows for the six months then ended and for the period July 1, 1997 (date of development stage) to December 31, 1999...
Note that the letter refers to a "review" (which is "substantially less in scope than an audit") and refers to the entire period from 7/1/97 to 12/31/99.
However...
There is yet another letter, from an earlier date, which reads:
We have audited the accompanying balance sheet of American Benefits Group, Inc. and Subsidiaries (Development Stage companies) as of June 30, 1999, and the related statements of comprehensive (loss), operations, shareholders' equity and cash flows for the year then ended and for the period July 1, 1997 (date of development stage) to June 30, 1999...
Note that the letter this time refers to an "audit" and refers to a subset of the same period-- from 7/1/97 to 6/30/99.
While I don't regret not having read the entire filing, I do regret not doing a search on the word "audit" just in case I missed something, which obviously I did.
- Jeff |
