Labwire Inc (LBWR)

[the_worm06]

The 6.7 million LBWR shares issued to David B. Stocker for services rendered have not been properly accounted for.

There fair value at the time of issuance, about $2.4 milion, should have been added to the expense section of the income statement, which would have reduced net income by about $2.4 million and resulted in a substantial net loss for LBWR for 2005.

Look for massive RESTATEMENTS of the LBWR financial statements for the years, 2005, 2006, 2007 and 2008

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Posted by: Creede Bighorns Date: Friday, February 13, 2009 1:27:43 AM
In reply to: EarnestDD who wrote msg# 11312 Post # of 11337

lol - the shares paid to Stocker are water under the bridge for LBWR, and have already properly been accounted for.

Can't say the same thing for Stocker.