Independent Auditors' Report for '96 & '97
Wiss' report on the financial statements for the fiscal year ended December 31, 1996 included a statement, indicating that the financial statements were prepared by Wiss on the assumption that the Company would continue as a going concern. Wiss' report on the financial statements for the fiscal year ended December 31, 1997 DID NOT contain such statement.
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Maybe it is easier to understand if you actually read the differences from the two 10K's:
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10K fiscal year ending 12/31/97
sec.gov
INDEPENDENT AUDITORS' REPORT
......................In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Chromatics Color Sciences International, Inc. and subsidiary as of December 31, 1997 and 1996, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 1997 in conformity with generally accepted accounting principles.
WISS & COMPANY, LLP
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10K fiscal year ending 12/31/96
sec.gov
INDEPENDENT AUDITORS' REPORT
...................In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Chromatics Color Sciences International, Inc. and subsidiary as of December 31, 1996 and 1995, and the results of their operations and their cash flows for each of the two years in the period ended December 31, 1996 in conformity with generally accepted accounting principles.
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company has suffered significant losses from operations since 1990, which together with other factors, raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The ability of management to successfully license the Colormate(TM) II units and the Company's proprietary technology, market the related products and obtain financing to meet anticipated cash needs cannot be determined at this time. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
WISS & COMPANY, LLP
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Pinky must have "overlooked" this message:
Message 4205217
.....this is the first that I have seen that the auditors have now eliminated the "going concern" opinion and have now issed a "clean" Independent Auditor's Report. This is a very significant positive development!
There are many investors who would only buy into the company with a clean report, and now they can. It will be great to see this widely disseminated when the new 10K is published.
Jim |
