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Good Read Article: Audit vs. Review
I am tired of seeing the review vs. audited being tossed around. More reliability can be put on a review than some give credit for. See the similarities and notice the CPA firm.
What should I do, Audit or Review?
By Heather Taylor, CPA
EisnerAmper LLP
What is the difference between an audited financial statement and a reviewed financial
statement?
Audits and reviews are two different services that a certified public accountant (“CPA”) can
provide involving financial statements. An audit of an organization’s financial statements provides an opinion by an independent expert
that the financial statements present fairly the financial position and results of operations of the
organization. An audit requires the CPA to gather sufficient and reliable evidence regarding the
information provided in the financial statement. This evidence usually includes understanding
the organization’s system of internal controls, confirmation of balances and agreement
arrangements with third parties, testing of detailed transactions to supporting documentation,
interviews of organization personnel and board members on processes, ethics and fraud and
obtaining management representations of the completeness of the information provided.
A review of an organization’s financial statements provides a report issued by a CPA which
expresses that the financial statements are free from material misstatement. Procedures for
conducting a review of financial statements are generally limited to analytical procedures and
inquiry of management, as well as obtaining management representations of the completeness of
the information provided.
The procedures required by an audit and a review differ substantially which means that the costs
of the two services will differ substantially. An organization must carefully examine its needs
and select the level of service that will provide the assurance it requires.
When is an organization required to obtain audited financial statements?
There are various external reasons that an audit may be required.
• If an organization has bank or other financing arrangements, the lender may require that
an annual audit be performed.
Agreements with outside funders should be reviewed to determine if there are any specific
financial statement requirements.
Why should I have an audited financial statement even if it is not required?
Even if an audit is not required, some organizations choose to have their financial statements
audited. An audit can provide assurance to the governing body that there are no material
misstatements. Nonprofits fall under intense public scrutiny and therefore it may be important
that the Board show its constituents that they have exercised financial oversight by having an
audit of their financial statements. Another reason for an audit would be if the Board feels that
misstatements or fraud may exist. New buzz words in the nonprofit world are accountability and
transparency. An audit helps meet these objectives.
When is a review required and why should the organization have a review if it is not
required?
There are no state or federal laws requiring reviewed financial statements. As with an audit, there
may be grantors or lenders that require that the organization provide an annual reviewed
financial statement as part of the grant or loan agreement. A review will provide that grantor or
lender some comfort in knowing that an accountant independent of the organization has
reviewed the financial information that the organization is providing.
An audit may be cost prohibitive for an organization, so a reviewed financial statement is an
alternative that still provides a level of accountability and transparency. Although a review is less
in scope than an audit, a CPA outside of the organization is still providing some level of
assurance that the financial statement are free of material misstatements. A review will help the
board exercise its fiduciary responsibility for the organization.
When the organization engages a certified public accountant to review its financial statements, it can also receive the benefit of an
external expert providing recommendations for improvement of any internal control deficiencies
it may identify. Many times an organization does not have financial experts on the board.
Having an independent set of eyes review the financial statements of an organization provides
some level of comfort to those charged with governance that their financial position is being
fairly represented.
It is important to note that even if an organization obtains audited or reviewed financial
statements, the CPA can never guarantee that there is no fraud or error within the organization.
Both audit and review procedures only sample the information provided in the financial
statements, so they can provide reasonable assurance that the numbers are accurately stated, but
unfortunately, they can never provide absolute assurance.
Heather Taylor, CPA is a Director in EisnerAmper’s Not-for-Profit Services Group. Heather
has over 20 years experience in the public accounting and auditing profession.
Will you just sell me your shares at .06 already.
Good point, you mean those mailing boxes they are now producing are actually real and are to be used for mailing scripts out of state. I am sure some other uneducated posters just thought they were doggy boxes for leftovers.
You will last longer than some of the other impatient investors on here.
RXMD is providing much more than a product here, they are providing a service to the physician and the patient. One which increases physician office profits, which in turn increases the amount of interest in our organization from physician offices, naturally. If the investors haven't caught on yet, so be it, it's not end all for RXMD, they are just going about their business doing what they feel is necessary for growth and eventual shareholder wealth. I'm in for the long haul.
Stocks don't work a straight line up, so yes I am ok with that, it's not 150K that I am even considering here. It's millions that I am pursing with this stock. aka investment for future, not a day trade. I am young, I have the time and patience to allow this company to expand and prosper. You have heard it yourself, the physicians are attracted and compelled to deal with this company due to the extensive increases in reimbursement they get from insurance companies for pursing quality of care with patients through this company. With reimbursement profits are getting slimmer and slimmer for physicians, so they are looking for any advantage they can find in the field they are in.
Quality of care is the new reimbursement method that all healthcare individuals and organizations are transitioning too, we have transitioned to it already as a healthcare organization enterprise wide. That's why the government is pushing everyone to electronic medical records, so they can monitor the quality of care given to patients and then reimburse based on the quality of care provided compared to peers. It's voluntary at this time, but we have made the jump to it already and seen the rewards, even though it does take more monitoring of care provided and additional reporting as it does for RXMD. But for those not making the shift, they continue to see declines in reimbursement.
I'm still up over 100K so yah, perfectly fine with that.
Don't believe my investment is a Day Trade gone wrong.
Couple that with expansion and acquisition in the near future and I am happy. Robot will only help scripts and revenues and control costs.
Your right, something fast and quick is what is needed, due to impatience. I know what would fit that bill for you.
Ok you are correct, we are getting 2,000,000 but paying off 2,205,000 with what could be 44,100,000 shares which is only 13% from the share price. Which we have already seen the effects of IMO and then some.
Debuffing the taking on debt for expansion theories because of not enough profits. I work for an organization with 886 million in gross revenues and 124 million in net income, and we still take out bonds for 40-50 million to fund our building expansions. So taking out debt for expansion is not a bad thing when the ROI exceeds the cost, and obviously even way more profitable organizations do it. Also, we are not a startup, been around for over 100 years, and we have done this about every 5 years or so in the last 25 years to continue expansion efforts.
I want to see this organization grow and expand. Can't do that too much by just relying on scripts from only the immediate FL area, even though we are growing anyways month over month just on that alone, nor can we expect to see the share price flourish without pursing expansion measures, and if excess funds are needed now through debt as opposed to waiting a year for operating profits to accumulate, by all means go for it. If expansion efforts get this stock up to .10c in a year, then that 13% drop just produced a over a 200% return on investment. I'll take the greater of the two 24/7.
For that reason alone, I hope this stock stays at this price for years to come. More pleasure from that than anything else.
This is my take on deal.
Ok, hypothetically, lets say market price is .0315 Year from now.
Conversion would be 73,500,000 shares.
Ok, hypothetically, lets say market price is .10 year from now.
Conversion would be 44,100,000 shares at .05. Shares are worth exactly $4,410,000.
Does this help you get the picture??? Higher is better for Investor, lower doesn't provide any guarantees on profit.
But for us, technically we are getting $2,205,000 for what will likely be 44,100,000 shares as opposed to current 73,500,000 shares.
By how much, we will know for sure within the next couple of weeks. Revs ($4.5 million) and scripts (52,000) numbers have been highest on record for any quarter, obviously due to our consistent growth, hopefully that is reflective in the amount of profit in Quarter 2.
This is something I noticed from Quarter 1 to Quarter 2. Qtr 1 we produced a net profit of $100,000 while making $77.7/script based on revenues per scripts ($3.95mil/50,800). In Qtr 2 we made $86.5/script based on revenues per scripts($4.5mil/52,000). How is this increase in revenue per script going to impact profits for Quarter 2?
They are expanding their current facility, they need the robot dispenser to be connected with their current facility
CEO for HPTG has been in shady territory before. Maybe brokers are concerned with known history here.
Roger M. Slotkin appointed CEO of Oneworld Energy’s US Branch Jun 08, 2009
Oneworld Energy Inc., announced its expansion into the US with the appointment of Roger Slotkin as CEO, U.S. operations and a new U.S. headquarters in Melville, NY. Slotkin's role will be to grow U.S. business both organically and through mergers and acquisitions for Oneworld Energy’s management and servicing of wind and solar power installations. He brings to the job over 38 years of senior corporate, acquisition, business formation, and turnaround experience through his positions at RS Management, Alternate Group and the CLEVER (Clean Vehicle Research) institute.
Oneworld Energy Bankrupt
Oneworld Energy was the company behind the Zephyr Wind project in Brooke-Alvinston, Ontario.
“We regret to inform you that Oneworld Energy Inc. filed an assignment of bankruptcy on June 5, 2012 with the Office of the Superintendent of Bankruptcy Estate 32-163280. All the remaining subsidiaries of Oneworld are dormant with no assets and/or also bankrupt. As per Canadian bankruptcy law, creditors have been notified of the bankruptcy process. No funds are expected to be available for secured creditors, unsecured creditors or the shareholders of Oneworld. Shareholders are advised to contact their financial advisor regarding the tax treatment of their investments.
Prove that the robot is a scam as you state?
I heard RXMD has lined up a 10 million dollar deal with a manufacturer to make one of the generic compounds of a name brand drug. True, No! But making a point in the process. I could sit here and say anything that comes to my head regarding the company that I would foresee as a positive if I wanted to, but I don't know it as fact, so I don't. Yet you sit on the other side of the spectrum and claim all of these negatives, when you know none of them as fact. That's why your posts have become meaningless to me and others.
What is anything have you ever said, has been proven correct? I like reading your posts for comic relief, other than that I don't take anything you say as fact. Sorry JMO
Chicago Venture Partner's PIPE PORTFOLIO
Through CVP’s affiliate entities, we are currently invested in over 100 portfolio companies listed on the NASDAQ and OTCBB exchanges. Our PIPE investments range from $50,000 to $3,000,000, which are funded as either one-time investments or initial outlays with future follow-on investments.
portfolio-allocation
31% resources and energy
22% biotech/pharma
18% other
13% technology/communications
9% consumer products
7% media/entertainment
Spot on with this assessment. This will click with others as well shortly.
What I recall is you apologizing for what you had previously commented regarding "any deals for licenses in 50 states was no longer in consideration" after your phone call from Armen reassuring you that that was not the case, and that the home health deal not going through did not impact that.
Late responding, but finally someone who actually read this thoroughly and didn't just spew what they themselves wanted people to read into it.
Nice post.
Bye weaklings, welcome in the strongest of the strong.
Of course your not. Lol. Who posts that way and actually holds shares in which they want the stock price to go up. Tell all story here.
All who are selling are going to look stupid, and are going to be the ones buying back in above where you sold once you get a hold of the real news here instead of the bs some are spewing.
Does this company have any income? If so what are projections for this calendar year? Thanks in advance for response. Easy response I assume. Zero income.
So let's skip to the next question. Does this company have any revenues??
Here's where you are wrong!
Ms Mars said herself we have been talking to a PHARMACY about aquiring licenses. No mention of Home Healthcare Agencies regarding acquiring licenses to all 50 states. I think the position you have taken on licenses needs to be reevaluated.
Very much looking forward to the year to come for RXMD, fun times ahead upon this long RXMD road.
Glad to see the confidence Pouring out of you JohnCM. I think you understand this stock and its potential very well now. Good luck on that next purchase,I am looking to do the same.
Thanks looks good. OS reported in fins is 339,545,000 so would change forward PSR just a bit .80.
Hey red, great to hear and many thanks for the update.
Would you mind sharing the figures used for the forward PSR?
TIA
Yah I think we need to go gather some more to bring in here.
I guess flippers will always flip despite the fact that this will be at .05 or higher come June 3rd. I would consider their activity today a FLOP as opposed to a FLIP if that is the case.
Another good note.
Gross profit as a percentage of sales went from 20.7% to 23.5% for the quarter compared to previous year quarter.
Well if you noticed I think general and selling expenses were 190k higher than March 2015, so like you said, fleet, robot, and expansion of building contributed to that. Trim that fat off and where would they have been for March 31, 2016 on profitability.
Well you longs should be thankful then, if your gobbling them up like you should be.
Does somebody need to read the PR to you?
I have done my part, slapped the ask two different times for a total of $6k and 161,600 shares.
By the end of the month these will have been cheapies!!
Go $RXMD$
Where is the individual that stated it as fact that we weren't going to be profitable this quarter? Just another reason why we say until you know it is fact don't state it as such.
$RXMD$ Profitable for 1st quarter ending March 31, 2016.
Just bought more shares today on the ask. More to come on Mobsay. Thank you sellers.
Thanks INSTA
I especially appreciate the statements regarding profit and reinvestment of capital for growth and expansion. It's the only way to go about it, plain and simple.
Guys cut it out, your all in the wrong. Someone tried to play the game yesterday and obviously couldn't handle being called out for it. Just chill and let management work its mojo.