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Veolia Transport is NOT one of the four divisions, therefore they are a subsidiary of one of the four LLC's.
You have proven my point.
Thanks for the confirmation!
I do understand that Labwire apparently did not run a background check on Michael J Moore, CPA.
Can you confirm?
LoL
Regarding Veolia testing as it relates to Labwire. Veolia Environmental has four separate divisions (each an LLC) that rolls up into the consolidated company.
I know for a FACT that Veolia Environmental Technical Services, LLC does NOT use Labwire for drug testing for all of their branch locations. The Technical Services division has a branch location with maybe 50 employees in Port Arthur, TX, but the locations in NJ (for example) do not use Labwire for drug testing.
I'll bet that most of the branch locations use a local clinic or similar facility located within 10 miles of the branch location for drug/urine testing.
IMHO, it is false and misleading for anyone to conclude that the LBWR contracts with these larger companies apply to all of the branch locations.
I agree.
Is this a good stock?...eom
Typically when a company writes off bad debt, it has no value (at that point) to the company, but.....
If those uncollectible accounts are sent to a collection agency, AND the agency is paid, the agency will take their fee (typically 30-50%), and the difference goes back to the company.
If/when the company receives this net amount from the collection agency, the transaction is either an offset to collection expense, or bad debt expense. NOT revenue.
You have to love the irony....eom
Quite the professional resume. Now his firm works with Labwire management!
Of course the question now becomes was he granted this written permission? Beers is a partner and quite possibly is running the TX audit engagments.
Personally, I would not want Moore working with me or any of my affiliates.
But...That...Is....Just....Me
LoL
Great, I always enjoy meeting new professional friends. Thanks for the plug!
Prove me wrong. Good luck.
How is this? Michael James Moore - Public information from the Texas Board of Public Accountancy. According to this, two separate complaints were filed against him, one apparently resulted in license revocation. Obviously, he has been reinstated since then.
Texas State Board of Public Accountancy
William Treacy, Executive Director
MOORE, MICHAEL JAMES - Individual Licensee
Current License Status
Mailing Address and phone number most recently reported
6490 W DESERT INN RD
LAS VEGAS NV 89146
Date certified/registered
07/03/1984
License expiration date
04/30/2009
Current License Status
Issued
Employment area(s) most recently reported
Full time
PARTNER - OUT OF TEXAS
Part time
NONE REPORTED
Firms in which the individual has ownership
NO OWNERSHIP REPORTED
History of disciplinary actions
Complaint 9004-0421L was opened on 04/06/1990, with an alleged violation, Failure to Pay Annual License Fee.
A Board order was issued on 07/24/1990 with the resolution, PUBLIC REPRIMAND.
Fees are current and the license has been issued.
Complaint 9102-0037L was opened on 02/27/1991, with an alleged violation, Integrity and Objectivity.
A Board order was issued on 08/18/1992 with the resolution, REVOCATION.
Fees are current and the license has been issued.
http://www.tsbpa.state.tx.us/macros/OD007.ndm/DETAIL?ID=035058
air, send this link to the AICPA, and ask them the same question. Let us know how they respond.
http://www.pcaobus.org/Inspections/Public_Reports/2008/Moore.pdf
Please refer to the post where you think I wrote "the company tells the auditors what approved accounting method to use".
You are also incorrect regarding your comments involving the auditors.
Wrong again. The auditors are hired as a third party to provide an opinion on the statements. The opinion letter precedes the financials in the audit.
These are the financials of the management, not the auditor.
The method of accounting is GAAP, so that is a non-issue in this case.
Rob, wrong again. LBWR has a "contracted" CFO, so the financials are his responsibility. Since he is not an employee, Dexter signed off on the letter below.
EX-31.2 3 exhibit312.htm EXHIBIT 31.2 CFO
EXHIBIT 31.2
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, G. Dexter Morris, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Labwire, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
4. The company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the company's internal controls over financial reporting that occurred during the company's most recent fiscal quarter (the company's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the company's internal controls over financial reporting; and
5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal controls over financial reporting, to the company's auditors and the audit committee of the company's Board of Directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal controls over financial reporting.
Date: December 23, 2008 By: /s/ G. Dexter Morris
G. Dexter Morris, Principal Financial Officer
Wrong again! The role of the auditor is to audit the information that management provided (not to create).
When revenue is booked, the offset is to accounts receivable.
Bad debt is booked as an estimate (based on company history) and offsets accounts receivable.
If you look at the bad debt expense, and the reserve against A/R, you'll see that those numbers are FAR less than the $208,000.
So how did they reverse this $208,000 when they only booked $5,800 as a reserve?
Wow, you are full of assumptions, and you seem a bit paranoid.
You assumed that I was a tax preparer, now you assume that I'm investigating LBWR.
The truth is, I'm here because I choose to be here. Do I need another reason?
LoL
Not all CPA's work with taxes. Many write, review and investigate financial statements.
LoL
I needed no help "smearing" the auditor. The PCAOB took care of that.
Now, if I'm LBWR management, I would have distanced myself from Moore & Associates.
They haven't done that, thus LBWR is fair game for criticism.
Completely incorrect. For GAAP (accrual) purposes, revenue is booked when earned. Collection and/or payment does not even come into play when recording revenue.
When payment is received, this offsets the receivable balance.
The independent PCAOB did the attacking....eom
Benz, you failed to realize that I posted the most recent PCAOB review from Oct 2008. This included even MORE deficiencies than the Oct 2005 report.
It should be noted that the PCAOB has PUBLICALLY reviewed/reported on Moore & Associates only twice (Oct 2005 and Oct 2008), and found MULTIPLE deficiencies with each review.
Not the best of track records.
Cheers.
As you probably know, the PCAOB was likely created as a result of the creative work of Skilling, Fastow, Ebbers and the like.
IMHO, for Moore firm to be cited on BOTH of their PCAOB reviews is embarrassing.
Oh well.
PCAOB Inspection Report of Moore & Associates (10/23/2008)
Personally, I would have hoped for a different result when compared to the 10/27/2005 PCAOB report.
What I find very interesting in this report, are the deficiencies in the reports that the PCAOB reviewed involving accounts receivable and related party transactions (among other things).
http://www.pcaobus.org/Inspections/Public_Reports/2008/Moore.pdf
PCAOB Inspection Report of Moore & Associates, Chartered (10/27/2005)
On Oct 27, 2005, the Public Company Accounting Oversight Board issued a report after inspecting some of the field work performed by Moore & Associates (Labwire's auditing firm).
Some of the key points in the inspection report....Number of offices - 1, Number of Partners - 1, Number of Professional Staff - 1, Number of issuer audit clients - 3 (this included Labwire). As part of the PCAOB's review of Moore & Associates audit engagements "the inspection team identified matters that it considered to be audit deficiencies. The deficiencies identified in both of the audits reviewed included deficiencies of such significance that is appeared to the inspection team that the Firm did not obtain sufficient competent evidential matter to support its opinion on the issuer's financial statements."
See PDF link for entire report and Mike Moore's response.
http://www.pcaobus.org/Inspections/Public_Reports/2005/Moore_and_Associates_Chartered.pdf
Matawan and Alt? LoL
Apparently this 5780 North Ewing Street property is for sale. Looks to be a private residence. I've noticed that Pierce Emata is also listed as the administrative contact for a few other domain names.
Why is a resident of Indiana listed as the domain name contact for a company registered in Wyoming, and another in Nevada?
http://realestate.yahoo.com/Indiana/Indianapolis/5780-n-ewing-st:31cef1027966d5690454561237916b0
Anyone?
Occupational Testing - Domain information. Anyone know if Pierce Emata is affiliated with Labwire or the subsidiaries?
Registrant:
OCCUPATIONAL TESTING INC.
105 W. LAKEWAY, STE. A
GILLETTE, WY 82718
US
Domain Name: OCCTESTING.COM
Administrative Contact , Technical Contact :
Emata, Pierce
pkemata@yahoo.com
5780 North Ewing St.
Indianapolis, IN 46220
US
Phone: (317) 202-9782
Fax: (317) 202-9782
Record expires on 30-Apr-2009
Record created on 30-Apr-2000
Database last updated on 06-May-2008
Domain servers in listed order: Manage DNS
NS2.STARTLOGIC.COM 66.235.217.210
NS1.STARTLOGIC.COM 216.207.124.77
Show underlying registry data for this record
Current Registrar: NETWORK SOLUTIONS, LLC.
IP Address: 66.96.134.72 (ARIN & RIPE IP search)
IP Location: US(UNITED STATES)-NEW YORK-NEW YORK
Record Type: Domain Name
Server Type: Apache
Lock Status: clientTransferProhibited
Web Site Status: Active
DMOZ no listings
Y! Directory: see listings
Secure: No
E-commerce: No
Traffic Ranking: Not available
Data as of: 22-Apr-2008
Typically, bad debt is booked to record a reserve for uncollectible accounts. Per the notes, the reserve was $5,600.
Now, if an uncollectible account is subsequently collected, an adjustment is typically made to the reserve and NOT revenue.
Further, if the reserve was $5,600, then where does this $208,000 come from?
Does not make sense.
Why does Dexter use different variations of his name in corporate records? We have G. Dexter Morris, we have George Dexter Morris, and just plain old Dexter Morris.
Name game?
...Those who ignore history are bound to repeat it....
You are confusing a state registration with the state of incorporation.
Nexus typically dictates state registration.
A second Wyoming registration for Occupational Testing, Inc. This is for a "trade name".
2000-000402909: Trade Name
Name: Occupational Testing, Inc. Standing - Tax: Good
Old Name: Standing - RA: Good
Fictitious Name: Standing - Other: Good
Status: Active Sub Status: Current
Sub Type:
Formed in: Initial Filing: 03/23/2000
Term of Duration: Expires-03/23/2010 Inactive Date:
Purpose Code:
Principal Office: Mailing Address: Allison Murphy, Pres.
2328 Cascade Dr.
Gillette, WY 82718 USA
Additional Details
History
Public Notes
Parties
Notes
No Public Notes Found...
Can someone explain why the business operation in Wyoming does not operate under the Labwire brand name?
From what I can tell, Labwire is not a registered business entity in Wyoming, although they obviously have nexus.
Occupational Testing, Inc., is registered in WY.
From Wyoming Secretary of State site.....
2000-000402907: Profit Corporation - Domestic
Name: Occupational Testing, Inc. Standing - Tax: Good
Old Name: Standing - RA: Good
Fictitious Name: Standing - Other: Good
Status: Active Sub Status: Current
Sub Type:
Formed in: Wyoming Initial Filing: 03/23/2000
Term of Duration: Perpetual Inactive Date:
Purpose Code:
Principal Office: 105 W Lakeway Ste A
Gillette, WY 82718 USA Mailing Address: 105 W Lakeway Ste A
Gillette, WY 82718 USA
Additional Details
History
Public Notes
Parties
Type First Name Middle Last Name Title Organization Address
President Dexter Morris
IMHO, there are many more rocks to turn over here!
Question....Since the Trademark name "Labwire" was abandoned in 2000 by a previous company, does that previous company have similar management to Labwire, Inc.?
Inquiring minds would like to know.
Regarding the intellectual property. Were you folks aware that the Trademark was abandoned in December 2000 by a previous company, then subsequently registered by Labwire in Jan 2003?
You've proven my point. Something does not make sense. This is Accounting-101.
Creede, the auditors prepared the financials and disclosure is part of this process.
The disclosure does not make sense. They booked a $5,600 reserve, but subsequently pulled in $208-K?