Replies to post #123040 on Bancorp International Group Inc (fka BCIT)

[kruy]

You don't need to hire a CFO...but you DO need a certified audit for a 10K. I know for a fact that should cost no more than $20-30K for BCIT's needs as they have no business or revenues.

[mretgnol]

You do not need a CFO to contract with an auditor to have your quarterly and annual financials created. Lots of shells file without a listed CFO.

Sarbanes-Oxley compliance costs small companies with actual operations less than $100,000 in expenses. Far less if you have a shell corp. Surprised YOU didn't know that.......

Posted by: mastaflash Date: Saturday, September 12, 2009 1:18:20 PM
In reply to: daveXV19 who wrote msg# 123016 Post # of 123127

Agree in principle, however, I have two points:

1. The costs of attaining and maintaining reporting status is beyond the abilities of most startup companies ( typical cost $1.2M-$2.5M annual).


Masta...how do you think compliant shell corps file their financials? Shells like WES Consulting (WSCU) are able to file their quarterly's and annual filings and it does not cost a million bucks to do so

Some pink shells and almost all BB shells mysteriously are able to file without huge expenses, yet you act like Megas is going to run into a huge bill. That's complete and utter BS and another excuse for Tom's lack of compliance.

This point isn't worth even debating

Not with you it's not.