Replies to post #16787 on Spectacular Solar Inc (SPSO)

[Edward]

These amounts are immaterial. The total assets on the 9/30/19 financials was $6.9 million and the revenues according to the 9/30/19 financials were $4.4 million. The amounts of $350k in assets and and error in booking of $287k in revenues are insignificant.

Covid problem wouldn't hold it up this long, and the hurricanes are very recent. No audit should take this long.


There are no acceptable excuses for the audit to take this long.

Nor it is not acceptable to go dark with no communication with shareholders for months. This is a public company and the shareholders are part owners.

[Edward]

This is the reason Heck gave in the 5/15/2020 news release:

"Many of the financial reporting issues center on A.S.C. Rule 606 which deals with revenue recognition. The company had operated and recorded revenues for the better part of a year and a half with the understanding that it was in compliance with Rule 606. While this is fixable, this has been a time-consuming, monumental undertaking as we have had to resurrect project start dates, completion dates and payments for every deal that we have done for almost two years."