Replies to post #50535 on E-Waste Systems Inc. (fka EWSI)

[ecorunner]

if there was no 10k, they would not be allowed to uplist and that is the bigger picture. It can be amended, but it had to be filed by that date or they wouldn't be current.

[seamonster]

phred, do they have to amend the 10k before the 10q may 14 deadline? tia

[SeanBoy]

Good grief, are you that stuck!

They had no choice in pulling the revenue back

Yes, because it didn't exist.

They HAVE to get the 10K out

No, they don't, missing a deadline for the sake of accuracy is infinitely preferable over issuing false information.

By law they are allowed to amend it.

Yes, they are allowed to correct newly discovered errors, but the law doesn't allow them to issue and certify a 10K that they know is wrong. Traders know that too. If there was any suspicion that the revenue picture was incomplete, they simply wouldn't have issued the 10K.

I can see it now, ll...

"But your Honor, how did we know that ABC would sell millions of his shares and lose millions based on our audited 10K? The man's an idiot to rely on a 10K just because we audited it and said it was factual. We knew that the revenue was ten times greater than we stated, but really, how can we be held accountable to this idiot just because we certified the information as correct, we just needed more time to work out the accounting and if we didn't file on time our client may not be able to uplist? It's absurd to think we bare any liability for his loss, 10Ks are amended all the time, just Google it, you'll get 483,000 results."

I'll be expecting your apology also.