John Bordynuik Hi Vartan, it isn't always the "right decisions" as much as what you can afford. If the company had engaged a top auditor in the beginning we would not have P2O now.
Posted by: lites59 Date: Saturday, May 22, 2010 7:04:21 PM
In reply to: None Post # of 43908
John Bordynuik Hi Vartan, it isn't always the "right decisions" as much as what you can afford. If the company had engaged a top auditor in the beginning we would not have P2O now. Most small companies start with small audit firms and work up. A small audit firm bills thousands.. a large audit firm bills hundreds of thousands, especially with subsidiaries. The ... See Morefollowing is a great example (MIT startup, development stage): sec.gov
(see page 121 for fees). Approx $340k. And, BTW, they've sold ONE product in 2009. This does not include internal accounting costs (add several hundred thousand for CFO+support staff), legal, filings, compliance, insurance, etc... It's expensive to be public.
about an hour ago
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Posted by: lites59 Date: Saturday, May 22, 2010 7:04:51 PM
In reply to: None Post # of 43908
John Bordynuik TJ: The fact remains that we are on track with our business plan, and aside from changing auditors and delaying the Q. The success of P2O will determine the value of our company and that is where my focus is.
about an hour ago
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Posted by: MorningLightMountain Date: Saturday, May 22, 2010 7:34:16 PM
In reply to: jobynimble who wrote msg# 43804 Post # of 43909
OK, then why was it RECOMMENDED that shareholders vote for Gately????.....this was just last month.....
2. To ratify the appointment of Gately & Associates. LLC as our independent registered public accounting firm for the fiscal year ending December 31. 2010.
RECOMMENDATION OF THE BOARD OF DIRECTORS:
THE BOARD OF DIRECTORS UNANIM0USI.Y RECOMMENDS A VOTE 'FOR" THE RATIFICATION OF GATELY & ASSOCIATES, LLC AS THE
COMPANY'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FlRM
Quote:
John Bordynuik Hi Vartan, it isn't always the "right decisions" as much as what you can afford. If the company had engaged a top auditor in the beginning we would not have P2O now.
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Posted by: lites59 Date: Saturday, May 22, 2010 8:01:41 PM
In reply to: jobynimble who wrote msg# 43804 Post # of 43909
Hmm, well I would think that money spent in one area would have taken money away from another area.
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Posted by: adman57 Date: Saturday, May 22, 2010 11:44:56 PM
In reply to: lites59 who wrote msg# 43821 Post # of 43910
So John deliberately hired a crappy auditor so he could afford to build the processors? That's good management? That's good financial planning? That's honest?
Quote:
Hmm, well I would think that money spent in one area would have taken money away from another a
rea.
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Posted by: the big guy Date: Saturday, May 22, 2010 11:59:42 PM
In reply to: jobynimble who wrote msg# 43804 Post # of 43909
What is the "cost" of P2O? It is hard to say, depends what you include in cost... and do they really "have" p2O. There are alot of costs to p2O, which i am not even going to begin to try to estimate, but I would think the "cost" of p2O would dwarf the extra costs of a top-flight accounting firm.
Also, isn't GAAP GAAP? Does it really matter who does your books? I would think the choice of an accounting firm has more to do with prestige than anything else. probably a bigger firm has to do a bigger company, but at this stage of the game JBII is a small company.
JB could argue that he is planning for the future, but IMO the timing (coinciding with the PP) could have been better.
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