Monday, April 18, 2011 11:46:24 AM
I would also like to know how their independent auditor feels this company will continue as a going concern (note 3, Going Concern, pg F10).
I find this particularly interesting, given the previous ARTS auditor left the engagement back in 2008 due to a qualification in his audit report regarding his lack of confidence that ARTS would continue as a going concern (10K, page 24, ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES).
The financial outlook for ARTS has continued to deteriorate since 2008 and is being propped up by cash inflows by the issuance of shares, not day to day business operations.
I tried to research the current audit firm. I couldn’t find much and is definitely not one of the larger firms. It appears it is someone out of Baltimore.
www.manta.com/c/mm0wyl4/eugene-m-egeberg-cpa
I find this particularly interesting, given the previous ARTS auditor left the engagement back in 2008 due to a qualification in his audit report regarding his lack of confidence that ARTS would continue as a going concern (10K, page 24, ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES).
The financial outlook for ARTS has continued to deteriorate since 2008 and is being propped up by cash inflows by the issuance of shares, not day to day business operations.
I tried to research the current audit firm. I couldn’t find much and is definitely not one of the larger firms. It appears it is someone out of Baltimore.
www.manta.com/c/mm0wyl4/eugene-m-egeberg-cpa
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