Forensic Accountant Frisky speaks again;
By: frisky
Reply To: None Monday, 24 Apr 2000 at 8:13 PM EDT
Post # of 19335
A company does not have to file the 4th quarter 10q statement as long as a 10k statement was filed. Of course all the mainstream US corporations announced the 4th quarter EPS even they did not file the 4th quarter 10q statement. ZSUN is not a mainstream company. It has never announced the 4th quarter EPS. It just kept bragging about the excellent performance of OIA. If ZSUN could keep its record straight, we could all figured out the 4th quarter EPS. However, ZSUN keeps changing the third quarter, 1998 and 1999 earnings, expenses as well as the diluted shares. Nobody can figure out what was the 4th quarter EPS.
The marketable securities are nothing but the BB stocks that ZSUN exchanged its own shares with its related parties. They are tools for boosting non-operating EPS. If ZSUN sold the shares, it had realized gains. If it held the shares, it had unrealized gains. EPS could be inflated. In 10sb version 4, ZSUN said it purchased other marketable securities for $445,446 (other than TMOT,DDD, LCAI) and sold $96,226 in 1999. In 10sb version 5, ZSUN said it purchased other marketable securities for $424,189 and sold $52,366. First, what are "other marketable securities"? Second, why could ZSUN produce two sets of figures in two weeks?
I have never seen a company filed five versions of form 10 with different financial figures. It did not even issue a press release to announce the changes because ZSUN could only tell you the good news. ZSUN has set the world record.
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