Ignis Petroleum Group (IGPG): From the IGPG last 10Q… IGPG 1...

Reply Private New

Replies (1) Next 10 Prev Next

Send PM Follow Ignore

Followers	5219
Posts	24027
Boards Moderated	5
Alias Born	09/20/2000

stervc

Re: None

Tuesday, 04/15/2008 3:21:55 AM

Tuesday, April 15, 2008 3:21:55 AM

From the IGPG last 10Q…

IGPG 10QSB Filed on 19 Feb 08:
http://knobias.10kwizard.com/filing.php?repo=tenk&ipage=5477699&doc=1&total=&back=2&g=&attach=on

(On Page 6…)
We identified errors in our accounting for the warrant liability for warrants issued to Cornell Capital Partners, LP. The warrant liability error relates to adjusting the warrant liability for changes in fair market value on a quarterly basis. We historically recorded the fair market value of the warrant liability at inception with no subsequent adjustments for changes in the market value. As a result, we did not record the gain/loss on change in the warrant liability as of December 31, 2006.

The warrant liability error resulted in an overstatement of warrant liability and related gain of $2,695,667 and 2,135,825 for the six and three month periods ended December 31, 2006 respectively.

(On Page 10)

There was more that stood out to me where they mentioned of identifying more errors. These things made me think about the CEO being away on his business trip to eliminate Cornell. From the looks of things, it might not cost as much as they originally thought.

I'm running on fumes tonight so someone might want to go through and read those filings above as I might be looking at some things wrong. After reading the entire filing, I do see why the CEO went to go meet with Cornell to fix this.

v/r
Sterling