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Gold/Mining/Energy : Nuvo Research Inc
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To: axial who wrote (12225)3/15/2003 9:32:54 PM
From: PlayTheKing  Read Replies (1) of 14101
 
Jim,

My question:

Is it possible that the motivation behind this whole exercise was a desire to obscure future income projections (be they bad or good)?

Based on past behaviour exhibited by DMX, I believe that REK and co. genuinely did not know that their FS were not in accordance with GAAP. I also believe that Schwartz and co. were in the same boat.

Companies usually report their results in a format that is comparable to the previous year's reporting format. This is one of the objectives of GAAP. Any differences from the previous year's reporting, i.e. any reclassifications, must be disclosed in the notes to alert users that line items have changed. The disclosure is generally vague, however.

I believe that Schwartz merely assumed that since previous filings to the OSC were accepted, that the current format would suffice...they have since learned otherwise.

PTK
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