Financial statements for Bergamo?
There are three basic types of financial statements the most rigourous being audited statement. Has anyone on the I-Hub board actually gone through a full audit for a year end of a public company?
Typical questions like show me your previous statements, your internal statements, your written accounting policies, your journals and ledgers and so on will come forward? Are there real ledgers on which do prepare internal statements?
Bergamo will need to disclose all of the legal issues with ICG. Based on based history (the Texas suit), an independent auditor may have some challenges in saying there is no need for a provision on the books.
What about the issue of the foreign subsidiaries to consolidate? What about the matter of the sales contracts for which BGMO received a fee? Should this be treated as a one time income or spread over the life of power contracts or the construction?
Okay, I did own a small shop once and know a little accounting. If I can come up with questions like this, I can imagine the auditors having a picnic with Hillard. If BGMO proposed a January 2011 year end, I guess the statements, if they are actually independently audited, would be out in May. It will just take that long to get all of the third party proof of what is said is real. We all know the story there.
As for the ICG lawsuit, even if BGMO had the money, past history says sue me first, get the judgement and when you are about to freeze my bank accounts, then, we will pay. So, does BGMO have the money? My gut says no based solely on past performance.
