Replies to post #154515 on World Surveillance Group Inc (fka WSGI)

[be_real]

rwehapi, i'm not a CPA, but:

I think that a restatement is basically to correct errors, if warranted to do so. GAAP rules dictate when it's warranted to do that and when it's not. If an error is found and decided to be "material", then past filings need to be corrected and re-issued. If we're talking about correcting an accounting estimate, then only current year is affected.

I think what's needed first is, understanding of what type of debt is it (is it really valid, how was it recorded, how was it issued, etc.)??

All JMHO