ScripsAmerica Inc. (SCRCQ)

[coolerheadsprevail]

Here's the latest public "testing the waters" pump by one of the criminal homophobe JOSEPH ZAMPETTI's fellow gutless criminal CORE associates:

I looked up Friedman and asked about them and what I was told they are accountants in the healthcare business but they don't specialize in pharmacies, hence why in my opinion the report will take a little more time. I would imagine they have to go thru all orders entered and its very time consuming. Keep in mind this is Friedman's very 1st year end audit with us.

Keep in mind that this is just the latest installment from the same CORE morons who had zero clue how to find basic disclosures in SCRC's Q's and K's even though SCRC provided the exact same disclosures in the exact same parts of their prior Q's and K's... ...and the same CORE morons who tried to pump and convince folks that PIMD selling to raw materials to Main Ave would be the ultimate goldmine for SCRC because it would allow SCRC to "ring the bell twice" and "double dip" on revenues -- even though these exact type of intercompany transactions are expressly forbidden by US GAAP to even be counted at all, let alone TWICE... ...and the same morons who, when Urbanksi was on a dumping spree last year tried to convince folks to hold because Urbanski was NOT an insider -- when in fact, as a co-founder of SCRC, he was very much an insider just as much as BS Schneiderman was...

(1)
In public accounting firms, there is no such thing as a "specialization in pharmacies", LOL... ...with respect to SCRC, there is healthcare and there is retail. And Main Ave is primarily retail, not much different than an ice cream shop where raw materials/ingredients are purchased, formulated into a set recipe, with the final product sold to end-consumers. That's it, folks. Main Ave is one of the most simple business models there is.


(2)
Being a first-year audit client does NOT cause an audit and SEC filing to be late. A first-year audit simply means that the auditing firm has to spend more upfront time planning the audit and building their audit framework and testing/documenting their understanding of SCRC's internal control environment in advance. What an absolutely stupid thing for the CORE to even try to say.


(3)
No auditor goes thru and audits/reviews "all orders entered". Depending upon the line item in the balance sheet or income statement being audited, the auditing firm will first determine a materiality threshold. Second, they will then determine whether to perform "substantive detail testing" or "analytical procedures". If "substantive detail testing", then they will determine a sample size based upon the materiality threshold and randomly select transactions to review. No auditor would EVER "go thru all orders entered" -- unless the auditor has reason to believe that the company's internal control structure is weak or non-existent, that the company's mgmt is unreliable and untrustworthy, or that there is reason to suspect fraud. So what is wickedly ironic is that in their effort to pump why the 10K being late is a good thing, they have zero clue that by suggesting that the auditors are reviewing every single transaction, that they are effectivly suggesting that SCRC is an untrustworthy and dishonest company, LOL...


(4)
As stated here several times previously, NT filings for penny stocks are par for the course. It is neither a good thing or a bad thing. It just is. It is no different than the IRS permitting taxpayers to file for extensions. So long as you file within the new extended deadline, there is no problem.

And SEC filings for microcap companies requiring extensions legitimately occur for any number of reasons, such as:

(a)
Small and insufficient accounting/finance dept to prepare/file all the required disclosures/schedules in the time allotted.

(b)
Quality and independence of underlying source documentation is typically weak or lacking altogether in small companies, which forces the auditor to have to perform alternative and/or supplemental audit procedures which takes additional time.

(c)
Small companies are low priorities for auditing firms (and given the low fees these small companies generate for the auditing firm, it is understandable and expected within the industry) and auditing firms always give priority to larger clients to ensure that audits and SEC filing sign-offs are completed for these larger clients well in advance of the filing deadlines -- and so this often means that the smaller clients are put on the back burner until the auditing firm can free up resources to wrap up the smaller company's audit and financial statements.


(5)
Remember, folks: Bad news is bad news. Neutral news is neutral news. Good news is good news. Great news is great news. Be aware of how the criminal CORE members like to distort and spin every little thing to try to convince you to view things so that you think that bad news is good news, neutral news is good news, good news is great news, and great news is the best news SCRC has ever seen.