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Microcap & Penny Stocks : GGNC - GIC/Global Intertainment Corporation
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To: Mac S. Giballa who wrote (1955)2/1/1999 12:03:00 PM
From: C.Carlos  Read Replies (2) of 2585
 
I must be missing something here. I was under the impression that GGNC just started generating income last year, around the month of September. If that is the case, what is so unusual about not having the financial statements ready by the end of January, 1999. A first year audit normally takes longer that the following years. Besides, there are a lot of uncertainties about legal exposures that may take a little longer in determining the type of opinion to give and the nature and magnitude of disclosure in foot notes. GGNC has already stated that they have chosen Ernst and Young as their auditors. It is right in their web page. They also say therein that they have some 11,200,000 shares of capital stock outstanding.

The issue here, it seems to me, is whether they are a con operation or a bona fide company telling the truth, perhaps just puffing it up a little (in their case a lot).

If it is true that Ernst and Young are their auditors -- maybe someone can vouch for that and post the information here -- I feel very comfortable with that. The fact that the financial statements are not out yet, does not bother me, since the delay appears to be normal.

If they are for real, watch out, the stock will go through the ceiling once audited numbers come out.

C. Carlos
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