E-Waste Systems Inc. (fka EWSI)

[PhredGarvin]

Concerns about Time.

As a major shareholder and investor, I watch everything like a hawk. You and I see it as obvious and easily explainable. Business moves fast and government excruciatingly slow. Whether it is common business or not does not make it auditable. They can say whatever they want in an interview, but at the end of the day, they have to produce the documents, which they cannot legally currently do.

I wouldn't care if EWSI was a multi-billion dollar concern and the contracts were nominal. However it appears that these contracts could add or subtract millions from the balance sheet. That is an issue with a small company. Why develop the business, then have the governments screw it up? Lets say Martie spent half a year of his life developing these contracts and adding them to the EWSI mix, then because of ongoing international rule disparities, he may or may not get to show the fruit of his labor? I'd hire the most aggressive PCAOB firm I could to make sure this hits my books.

The thing that concerns me is the inability of the US government to work this out with China in a timely manner. The big Four accounting firms all filed appeals, along with BDO on the injunction. This is going on now.

https://economia.icaew.com/news/february2014/big-four-appeals-sec-china-ban

Think of it this way. MB requests a piece of paper on a company that EWSI does business with. Due to Chinese Law, the company cannot legally disclose the paper. SO MB red flags it. As everything HAS to have paperwork in an audit, this is an issue.

It bothers me that the US government has put every publicly traded company in jeopardy. The Chinese government has shown a TINY bit of flexibility on working out the paperwork issues on a case by case basis.

But an auditor really is stuck between the criminal laws in China and the PCAOB guidelines.