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Friday, March 12, 2010 10:52:01 AM
1/28/2010 1:27 PM
XXXXXXXXX,
The audit has been a real disappointment to me that it is taking so long. I am responsible for getting this done. The Audit can be broken down to two major steps. One is to have an accounting firm independent from the audit firm produce GAAP financial statements with footnotes. The second is for the audit firm to audit the financial statements. Six month's into the accounting process the person helping us to produce our statements quit. We then engaged a larger local firm to complete that work. The accounting work is 95% done. What remains is the accounting for all the stock transactions and that is the part that is taking the time. The audit firm has completed their work validating vendors and customers and receipts and invoices as well as the bank statement validations. Of coarse the work also involves our attorney. I wish I could provide a better answer as to when this will be completed. Our 2010 Company plan calls for this to be finished this quarter. If I miss this milestone I will have to answer to the President.
Steve
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