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Microcap & Penny Stocks : TSIS: WHAT IS GOING ON?
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To: John S. Baker who wrote (4171)10/14/1998 7:28:00 PM
From: Breeze1  Read Replies (2) of 6931
 
Hey John I was so impressed by your response to me demonstrating your superior knowledge of accounting standards. Bottom line.... Don needs to figure out where and in what country he is doing business. Did he pay expenses for the Auditor to come to the office from Canada or do they have a branch in his Enchalata? If the auditor was suprised Don selected him again, just think how surprised the stockholders are?! Why is Don so concerned about Canadian Securities Law and stock holders? Doesn't he still owe money up there?

PS why didn't you answer jmt's difficult question? It follows:

To: John S. Baker (4168 )
From: jmt Wednesday, Oct 14 1998 1:15PM ET
Reply # of 4171

John:

.............."I asked if this procedure of providing this conversion information in the Notes would be required if the company were to file to become fully reporting in the US, and he replied emphatically in the affirmative"

It is absolutely necessary to file in accordance with US GAAP. The point of the filing is to provide the ability for comparison of all similar companies in similar industries, without having to resort to notes to determine differences. IMO there is no way the SEC will accept anything other than US GAAP financials, even with adjustments in the notes. The question is can a Canadian auditor certify under US GAAP. Nasdaq acceptance is immaterial when filing to become fully reporting to the SEC.

jmt
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