Baltia Air Lines Inc. (fka BLTA)

[izzzzzieeeee]

Carsmax177, Delta files unaudited financial statements and it's trading just fine. Some exchanges require Audited Financial statements; but not the OTC and there are thousands of companies trading on the OTC.

The only thing GAAP is good for is comparison purposes (or a standard unit of measure) because most international corporations follow GAAP now.

The FASB is sort of independent and there is an ongoing debate about whether it needs oversight.

GAAP standardizes the way companies report inventory and cash and cash equivalents and PP&E.

Sort of like uniform financial statements so all companies are doing it, recording their transactions in a particular way.

Audited financial statements are always the responsibility of management and there are four types of opinions that an accountant can render when auditing (verifying) the recorded transactions.

If a company has a large accounts receivable, the auditors go in there and randomly choose a few transactions to verify and send a letter to the company that owes the money that the audited company has recorded on its books and validates that the amount agrees. They also test the other way using a random sample technique.

I don't know what compelled Baltia to submit amended audited financials; but it is unusual to have a 10K for the prior year audited this close to year end.

10Q (or quarterly financial statements) are usually reviewed; but can be audited.

I think there are investors out there wanting to make certain there is no TOXIC DEBT or CONVERTIBLE DEBENTURES that will effect BLTA.