Soyelpato, A question and an answer in your email from Steve Haag is posted below (link back)
Q. Per the 10KSB/A, filed 8/8/08: "In response to the further growth of the business, management hired a corporate controller in January 2008. He is responsible for the coordination and integration of the accounting activities of each of our current and future subsidiary operations. With his relevant experience with the policies and procedures for compliance with regulations promulgated by Sarbanes-Oxley, our goal is to reach full compliance during 2008." For what quarter can investors expect financials that meet this stringent standard?
A. The new rules for compliance and internal controls have been given a phase in period by the SEC. Company's such as ours must have testable procedures for its internal controls, and other accounting activities per this recent SEC rule, and our 10-K for 2008 must describe our success at developing these procedures, and will be commented on by our accountants. So, likely you won't find this as something that will be "completed" in a certain quarter; but, rather as a developed, verifiable, and tested policy in the 2008 10-K, and reviewed by our accountants. end quoted text
I noticed Deep Down is listed as having paid up their portion of the fees charged by the PCAOB. I am not sure what this means exactly, but I suspect it is part of becoming compliant with the Sarbanes-Oxley Act. Maybe someone here will have some insights to this PCAOB listing.
"The Public Company Accounting Oversight Board is a private, nonprofit organization established by Congress to oversee the auditors of public companies. The PCAOB/b] was created to protect investors and the public interest by promoting informative, fair, and independent audit reports. The Board began operations in 2003, not long after passage of its chartering legislation, the Sarbanes- Oxley Act of 2002 The Sarbanes-Oxley Act required that auditors of U.S. public companies be subject to external and independent oversight for the first time in history. Previously, the profession was self-regulated." http://www.pcaobus.org/About_the_PCAOB/PCAOB_Overview.pdf
List of Issuers with No Outstanding Past-Due Share of the Accounting Support Fee Confirmation under PCAOB Rule 7103(b) As of August 27, 2008
"This has so far not been publicly disclosed; however, generally speaking, we are always at the customer's beckon call, whether they delay a project, or speed it up - it cuts both ways. Remember, delays in the oil and gas industry currently are to a great degree a matter of scheduling and availability (not downturn), which is increasingly difficult to do in today's race to produce more oil. Massive opportunity is a good thing, as it indicates the immense amount of business there is out there -- business we intend to participate in. This is one reason why dissecting something so small as one quarter and ignoring the big picture, then trying to make general inferences from it, is inaccurate at best."
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