Many of the latest postings here have been discussing if we can trust SIAF’s reported numbers or not. Here is another one.
Reported profits end up as equity on the liability side on the balance sheet and the increase in equity and liabilities corresponds to a similar increase in total assets. If the assets are for real then we can assume that reported profits are correct as well. The Auditor is responsible for checking the annual figures. It would be of value for shareholders in doubt or potential new shareholders to be informed how this audit is performed. How are the reported values of the assets verified?
SIAF has done a lot to enhance to credibility of the company lately. Like applying for a NASDAQ listing, including an American in the Board of Directors, hiring an experienced CFO and latest appointing an internal auditor. In addition SIAF gives very detailed information in its financial filings. All of this should be enough to give confidence for doubtful investors.
However, at the same time the Board of Directors provide the strongest argument for the company being a fraud themselves by the insane dilutive financing strategy.
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