Monday, February 18, 2013 10:34:46 AM
You're a real character with your one-liners, RealDutch. I can provide you with about 4 line items from the company's own SEC filings that would raise serious doubts about SIAF's revenue. But then you'll just make a mockery out of the process with your one liners. Or maybe you won't make a mockery out of it and call for Solomon's resignation or threaten to sue him or start a nefarious campaign against him. I suppose it would depend if you're up or down on SIAF on that particular day. 
I know that some of us here are heavily invested in SIAF but sometimes we need to get our proverbial head out of the sand. If thousands of retail investors, billionaires, mutual funds, and a Fortune 500 company have been duped by Chiscams, then it's healthy to show cause for concern.
Is SIAF a Chiscam? Definitely not. Could it be padding some revenue? Possibly. If it's not padding its revenue, could its many joint venture partners be doing it? Possibly.
Even if SIAF is 100% compliant with standard accounting practices, its many joint venture partners may not be and SIAF relies on their numbers to report a large part of its revenue. The joint ventures and ownership structure are convoluted and leaves a lot of room for accounting improprieties to the many parties involved.
I took accounting for two years as part of my business course. So when I run across a line item that confuses me, I immediate think "irregularity."
I know that some of us here are heavily invested in SIAF but sometimes we need to get our proverbial head out of the sand. If thousands of retail investors, billionaires, mutual funds, and a Fortune 500 company have been duped by Chiscams, then it's healthy to show cause for concern.
Is SIAF a Chiscam? Definitely not. Could it be padding some revenue? Possibly. If it's not padding its revenue, could its many joint venture partners be doing it? Possibly.
Even if SIAF is 100% compliant with standard accounting practices, its many joint venture partners may not be and SIAF relies on their numbers to report a large part of its revenue. The joint ventures and ownership structure are convoluted and leaves a lot of room for accounting improprieties to the many parties involved.
I took accounting for two years as part of my business course. So when I run across a line item that confuses me, I immediate think "irregularity."
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