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Microcap & Penny Stocks : Bid.com International (BIDS) -- Ignore unavailable to you. Want to Upgrade?

To: Pluvia who wrote (28657)	4/30/1999 5:50:00 PM
From: WhatsUpWithThat	Respond to of 37507

My large and well respected accouting staff questions BIDS method of revenue recognition. Furthermore, I see no evidence that D&T has audited BIDS 1998 financials. Sorry it took me a while to get to this, Pluvia, but it's been a busy time. It seems you should consider turning that sharp tongue of yours on your "large and well respected accounting staff"; they seem to be off their game. Deloitte and Touche appears comfortable with how Bid.com accounted for its loss leaders: "An audit also includes assessing the accounting principles used and significant estimates made by management[...]" (see below for the reference). From the Financial Statements that form part of Bid.com's SEC form 20FR12B/A (SEC document number 0000950130-99-002213, link sec.gov <quote> Auditors' Report To the Directors of Bid.Com International Inc. (formerly known as Internet Liquidators International Inc.) We have audited the consolidated balance sheets of Bid.Com International Inc. as at December 31, 1998 and 1997 and the consolidated statements of operations, deficit and cash flows for each of the three years in the period ended December 31, 1998. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 1998 and 1997 and the results of its operations and its cash flows for each of the three years in the period ended December 31, 1998 in accordance with generally accepted accounting principles. DELOITTE & TOUCHE LLP </quote>

To: Pluvia who wrote (28657)	4/30/1999 7:31:00 PM
From: WhatsUpWithThat	Respond to of 37507

Willful scaremongering, Pluvia, or did your "large and well respected accounting staff" not tell you that Section 13 and 15(d) of the Act cover the duty to file periodic reports (annual, filed using form 20-F, or quarterly, using form 10-K)? Bid.com's financial statements formed a part of the entire registration submission to the SEC on form 20-F. Moreover, the declaration you so egregiously highlighted says "and (2) has been subject to such filing requirements for the past 90 days". If they are applying for their initial registration it's hard to see how they could have been subject to these filing requirements for the past 90 days. Looks to me like they simply don't need to file a periodic report, not yet. What's it look like to you? Let me know if your accounting staff need something more on this. WUWT