Replies to post #19416 on ScripsAmerica Inc. (SCRCQ)

[coolerheadsprevail]

I thought they had an auditing firm and their last Q was audited. Isn't that correct?

They do engage an independent auditor to provide attestation services. HOWEVER, they only audit the annual 10K. The quarterly 10Q's are NOT audited.

You can easily see for yourself as this "UNAUDITED" disclosure is plastered all over the Q. It is disclosed in the table of contents next to where the financial statements are listed. And on each page of the financial statements themselves as part of the header of each statement. And again at the top of each and every page of the "Notes" to the financial statements.

Keep in mind, though, that no one is suggesting that these revenues do not exist. Speaking only for myself, the occassions where I have raised the issue of the 10Q's being unaudited and that we would need to wait for the annual 10K before we see the first audited numbers for Main Ave, have simply been in the context of discussing possible reasons why the market seems to be hesitant to embrace SCRC in spite of exponentially increasing "reported" revenues and imminent positive earnings.

Market hesitancy could be partially rooted in the fact that since Main Ave came online in FEB-2014, nothing about Main Ave has yet to be subject to the rigors of an independent audit since the first time it was reported was in the Q1 10Q -- which was UNAUDITED.

And remember, an audit isn't simply to prove that revenues exist, but to provide assurances to the marketplace that the revenues are being recognized and reported properly in the proper periods in accordance with US GAAP.

Many shareholders clearly believe that the numbers are both legit and properly reported and feel that it is unnecessary to wait for an audit to believe the numbers are accurate. And that is fine. That is all part of making a speculative investing decision. But the discussion is NOT about us shareholders who are already invested in SCRC. The discussion is about those market participants who may possibly want to see independent verification prior to jumping in. After all, SCRC is a microcap and the overwhelming majority of those instances where PR's and even SEC filings have later been determined to be grossly mis-stated have historically involved microcap stocks (heck, even large caps can fall victim to this -- Enron and WorldCom, anyone?).