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Microcap & Penny Stocks : DGIV-A-HOLICS...FAMILY CHIT CHAT ONLY!! -- Ignore unavailable to you. Want to Upgrade?

To: Dolfan who wrote (15660)	6/24/1998 9:53:00 PM
From: ANALYST10	Read Replies (1) \| Respond to of 50264

I don't want to give an accounting lecture, but by FASBE guidelines, the notes receivable since they have not been recognized, nor are they collateralized, and since there is no guarantee of payment should not be booked as it has. This goes to the fact that a going concern opinion was also not issued which is troubling and again if you doubt that then ask your accountant. I said I wouldn't get into it tonight and I am not. A note receivable is only as good as the ability to collect, which is what the accountant should research and identify. There are certain accounting guidelines, principles and tests of the balance sheet to conform to auditing standards. The SEC has their own set of rules which have nothing to do with accounting, they are the SEC and they will say, write this off, disclose this, disclose that, this is not a good asset, etc. People "attempt" to get listed on an exchange by over valuing assets. The best example are booking land, (especially with the mining companies which are the biggest scam going) at inflated or unrealistic values of value underground, etc. An asset gets booked at purchase prices and values that can be demonstrated to be realized, which goes back to the validity of the receivables from the Saudi Arabian Egyptian Canadian distributors. Ask for a copy of the agreements and see what provisions there are to collect the debts if not paid and do they have the money to pay them in the first place. Do they have to go by camel to Cairo to collect. There you go you are getting me started, forget it