My point is about Elite, but I need a little grounding....
One of the functions that reported to me at the Fortune 50 was internal audit and they once had a person who became one of the foremost forensic accountants in the country. When he went out on his own his work was brought to the attention of the feds who employed him on some notable cases. In the time he worked for me I learned a great deal from him. Then there was internal audit which brought a number of accounting issues to me, some we actually prosecuted. So, as it relates to Elite...or any other company...no one, NO ONE, N.O. O.N.E....is able to discern what clever accountants are doing from the outside. Good grief, the reason so many frauds are perpetrated is because even accountants INSIDE the company cannot discover the reality. So, it is beyond the pale of nonsense anyone could discern accounting trickery from the outside. That is just another of those many ungrounded accusations. To forestall such accusations, all public firms have their "books audited" at the end of the year and certified by a third party accounting firm. Under Sarbanes-Oxley, the CEO and CFO would be held legally liable for any misrepresentations. I know that...
In truth, the real attempt at trickery comes from non-investors who somehow find fault with Elite at all turns...24X7X365. If I think about it and how Elite is not even as good as a broken clock, then I can only question the claim. After all, how often were investors told Elite could never get the FDA to approve a drug. Then the next claim was Elite would never be profitable. My, my and does that not tee up the biggest laugh of all...that Elite is barely profitable. Is that like being barely pregnant? LOLOLOLOL...
