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Sunday, May 19, 2024 7:41:21 AM
Simultaneous release also allows an auditor to check for inconsistency with the directors report or to ask additional audit questions before signing their audit report on the financial statements
many thanks Dragon Lady for sharing the link to the Form 1-k OTC filing for the year to Dec 23 which were filed on 03/25/2024 which I hadn’t clicked on until now for the reason set out below
https://www.otcmarkets.com/filing/html?id=17393055&guid=iiQ-k61SCP9nB3h
I had until now only seen the company press release with the link to the Dec 2023 financial statements made on 02/26/2024 which I had incorrectly assumed was all the information through Dec 23 that was publicly available from the company for the period but now I see from the OTC link you kindly shared that the financial statement issued in Feb excluded the additional disclosures by the company directors on pages 1 to 20 of the 1k filing including a reference to 2.2 million of the music tracks claimed to be owned by the company being by Jake Noch himself as well as reference to risk factors identified by the directors and other statements by the directors which were not published in Feb with the published financial statements themselves which were released a month earlier without the full 20 page directors report filed with the 1k filing which may shed additional light on the reading of the financial statements of the company which I will now need to re read
As I have only just seen this OTC filing I have only had time so far to have a very very brief read through the additional director disclosures on pages 1 to 20 but immediately saw at least one potential inconsistency between the additional disclosures on pages 1 to 20 and the financial statements released by the company during Feb 2024 as set out below which I’m hoping other members of this forum can clarify for me or maybe even Jake himself could clarify when he next visits this forum.
The additional directors disclosure shows ‘directors compensation’ of $12,308,525 plus $15,000 yet page F3 of the financial statements shows Wages and Salaries of $12,000,000. Anyone understand where the additional costs could be classified in the financial statements if not on the Wages and Salary line of the P&L as the crowdfunding auditor did not flag this as a potential inconsistency in his Form 1-k report so should I assume the cost must be included in another line of the P&L ?
Is there no employer taxes or other costs to be accrued on the accrued salaries ?
I’m personally also struggling to understand why the holding of common shares by the Noch family office is disclosed as being “undeterminable amount of Common Shares 3(a)(10)” as at the balance sheet dates. Can anyone explain ?
Again if anyone can explain this to me in simple terms as I’m still struggling to understand the share capital of this company.
I am also not sure where the payments to artists , composers and third party publishers are shown on the P&L nor the accrual for such payments on the huge accrued revenues amount
I am also trying to understand why no accruals have been made for corporate or deferred taxes payable given the cumulative profits reported in the financial statements
I imagine that like me other people on this forum who read the financial statements issued with the Feb press release may have also assumed the financial statements released by the company at the end of February 2024 had been the full disclosure by the company directors for the year to Dec 23 and hence I assume some readers like me had not clicked on the 1k OTC filing itself and so like me may not have been aware of the 20 pages of additional director disclosures that had not been released at the time the financial statements were released by the company via globe newswire to the general public a month earlier
Any insights from anyone on this forum on these additional 20 pages of disclosures I missed reading myself would be most welcome as I am not sure when I will get time over coming days to properly read 20 pages of additional disclosures myself
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