Replies to post #7610 on American Bio Medica Corp (ABMC)

[AdamS007]

Very Well Put K, Very Well Put, and has told us as well ALL of what you just said in one email...

Quote:
-----Original Message-----
From: Melissa Waterhouse <[e-mail]>
To:
Sent: Fri, May 29, 2020 6:54 pm
Subject: Re:URGENT: Friendly Reminder ABMC Team

Frank,

Unfortunately, we are in the Epicenter of the Covid 19 crisis. Our auditors are locally here in NY and are as backlogged as can be. Our financials are filed, we are just waiting as are a lot of other NY companies. That being said, nothing with our business has changed. The company is open and operationally sound. The Sales of our Test Kits both domestically and globally have not changed and are very very robust. We apologize for this, but it is truly out of our control during these uncertain times.

The 8-K indicated what was causing the delay (or as your email indicates the “problem”). There are still documents and information that need to be verified by the auditors before they will issue their report on the financials. If there were other “problems” there are specific required disclosures the Company would need to make in the 8-K . In fact, 8-Ks have a specific section related to “Matters related to accountants and financial statements” (Section 4 of Form 8-K).

ABMC has limited resources; especially related to management personnel. ABMC management has been intimately involved in the sales and marketing of the Covid-19 tests due to the increased scrutiny of Covid-19 marketing as well actions the Company has needed to take to comply with NYS requirements to keep operating our DOA and contract manufacturing business. Periodic reports (like the 10-K and 10-Q) also require a substantial amount of management involvement. Management’s involvement in the Covid related activities has diverted management resources from the filing.

You are correct that ABMC does not have an overly complicated balance sheet. While there are some reduced disclosure levels afforded to smaller reporting companies by the SEC, regardless of the level of complication of the financials, every financial aspect of the business is audited under the same accounting principles (US GAAP). Because of this, specific tasks need to be completed by the Company and its independent registered public accounting firm before the final report can be issued. ABMC (along with our auditors) are very close but, without those verifications, the auditors cannot complete their audit and issue the report.

As indicated in the 8-K, we do intend to file our 10-K as soon as practicable once this information and documents are compiled and verified.



Thank you,



Melissa A. Waterhouse

CEO & Director / American Bio Medica Corporation

[phone] or [phone], Extension 107

[e-mail]

Visit us on the web at www.abmc.com