Labwire Inc (LBWR)

[the_worm06]

Thanks for pointing out that LBWR filed false and misleading financial statements with the SEC for the year 2007 because they falsely increased Revenues by the $208,000 that was collected in Accounts Receivable in 2007 that was previously recorded as revenue in earlier years, against what GAAP and LBWR's own revenue recognition statements stated in the SEC filings say.




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The decrease in revenues is principally due to the inclusion in third quarter 2007 revenues of approximately $208,000 in collections on accounts previously written off. Adjusted for this $208,000 in revenues, third quarter 2008 revenues increased over third quarter 2007 revenues,