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Technology Stocks : LUMM - Lumenon Innovative Lightwave Technology Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Fred McCutcheon who wrote (1811)6/5/2000 10:55:00 AM
From: Don Johnstone  Respond to of 2484
 
My understanding of this rather odd situation is that it was required by the SEC in order to obtain a clearance. Even the SEC thinks it should have been challenged by LUMM, asked them to, in fact, LUMM thought it over and decided to comply with the requirement in order to get that all important SEC clearance and move on to NASDAQ NM, which they did. They will carry this odd charge on their books for all to wonder and ask questions about. Now whether their are any tax implications beyond the normal ones, in light of this odd SEC requirement, one can only hope there are, for LUMM or Molex or for both!

DJ



To: Fred McCutcheon who wrote (1811)6/6/2000 9:22:00 AM
From: jjs64  Read Replies (1) | Respond to of 2484
 
It is highly unusual, and quite misleading. LUMM gave cheap stock (in the form of warrants) to MOLX. Putting that through the income statement as part of the R&D line is deceptive at best.

usually, an expense like this is booked as a seperate line item called "non-cash compensation" not as R&D of SG&A, etc.

I wonder what the auditors will think, but the next audited financials are 9 months away.

Buyer Beware!


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