Sunday, July 18, 2010 4:32:40 PM
In going through the alleged Bergamo numbers, I am amazed by the cavelier preparation of the financial statements.
A few things stand out as being highly questionable even to the untrained eye, for example;
- The statements do not indicate that the values are rounded to the nearest thousand yet the preparer uses values that round to the nearest thousand
- Usually, accounts receivable is to record items sold but not yet collected. Since no sales were reported on the income statement for the current period, there shouldn't be any accounts receivables.
- If the item in the acocunts receivable was to represent the investment receivable, then, it should be recorded as such.
- Oh, by the way, it wasn't collected by the end of June! Hopefully, they have done so by now.
- As for the liabilities, payables to shareholders should be disclosed as for the purpose.
- If there are 84+ million shares outstanding, the par value should be something line 84,xxx and not an even number
- No retained earnings? With all of the travel costs and fees that Bergamo has paid, the number should be negative but not a ZERO.
- US GAAP says that an income statement is for a specific period behind the date of the statement not a year and a half into the future.
- My guess is the the income statement should show no income and about $ 5.5 million in costs being the amount due to shareholders and the bank fees.
- A future focused projection is not an income statement. It is only a crystal ball!
- Now, I do not know about you but does it seem strange that with all of the prospective acquisition targets that the projected revenues totals exactly $ 2B. You would think that each component would have had their own projections when Bergamo came shopping. So, what is the probability that it totals exactly $ 2B and all of the other costs being a multiple of 10% of the top line.
Some very wishful thinking on the statements I might add.
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