Artfest International, Inc (fka ARTS)

[Mustache_rider]

This company did not just start business last year. Its first SEC filing was back in 2005. ARTs has had enough time to build capital and have something to show for itself.

This is also worth a good look over in anticipation of the 2010 10K.

2009 K Filing: http://www.sec.gov/Archives/edgar/data/1168738/000121478210000071/artfest10k123109.htm

It was interesting to note their change in independent auditors from Thomas Bauman, CPA to Eugene M. Egeberg, CPA in February of 2008 (Item 8, page 19 and 20). Bauman resigned as their independent auditor due to a financial statement qualification as to the Registrant’s (ARTS) ability to continue as a going concern (i.e.- bankruptcy). Apparently, the financial statements for the fiscal years ended December 31, 2005 and December 31, 2006, and thereafter through January 16, 2008, did not contain an adverse opinion or a disclaimer of opinion, and was not qualified as to audit scope or accounting principles.

The 2010 10K should be very informative.