Green Oasis (GRNO)

[loanranger]

"We remain confident as a fully reporting company in releasing our 2010 10-K on time with the Securities Exchange Commission. We will also release each quarter of 2010 audited financials, individually to the public as they are completed," concluded Mr. Margiotta."

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"So if they release results quarter by quarter which are audited by the accounting firm and not certified (your addition, not the company's) and this is followd by a certified annual 10K, the company would be in total compliance and come out of it all ready to uplist. - That is what the PR was about."

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I don't want my understanding to be misrepresented. It is based on the words chosen by the CEO.

The normal interpretation of the term "audited financials" in the professional investment community ( not "stock junkies", whatever they are) is a set of financial statements that have been tested and reviewed by a PCAOB registered accounting firm who then renders an opinion. The standard opinion language, when all goes well, is as follows:
"We have audited the accompanying balance sheet of X Company as of December 31, 20XX, and the related statements of income, retained earnings, and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of X Company as of [at] December 31, 20XX, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America."

[Signature]

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Mr. Margiotta's statement "We will also release each quarter of 2010 audited financials", indicates that an opinion similar to the above will be rendered for each quarter. Which would require an audit, including the testing and confirming of accounts and transactions that would normally be reserved for the annual audit only. If that is not what he meant, his promise of quarterly "audited financials" was, in my opinion, improper.....and he should correct and clarify it. If it IS what he meant, both he and shareholders will find out how time consuming and expensive (in terms of accounting fees, not "filing fees, etc.") it is to provide quarterly "audited financials". That time and expense, and the fact that the SEC does not require them, are the reasons that audited quarterly financial statements are as rare as hens teeth.

If a mountain has been created out of a molehill here it is due to the poor choice of language by the CEO. Otherwise it really is a mountain, because getting the following done by 3/31 will prove to be an extremely challenging job:

1. Prepare the 2009 quarterly and annual statements and then have the annual statements certified by GBH.
2. Prepare the financial statements for Q1 through Q3.
3. Have those statements audited by GBH and file the 10Q's.
4. Prepare the 2010 10K, have it audited by GBH and file it.