I do not necessarily intend to engage professionals to do a full blown audit, nor do I think this necessary. I believe a competent person, if given complete access to the records, as required by law, could make a pretty good determination of what is going on here.
If EGMI directors choose not to make a COMPLETE record of the financial affairs of the corporation available they would be liable for costs and penalties.
There are rally a couple of key items that would need to be audited in order to determine much about this company.
I would look for invoices evidencing sales of product. Corresponding invoices, bills of lading etc showing purchase and shipping of the product and bank records showing payment for the product. I would do the same regarding licensing revenue.
I would additionally look at all records pertaining to the cash account and it's movement.
Verification, or lack thereof, of these items would go along ways towards confirming what is going on with this company.
While I realize that the BOD may not wish to cooperate, a district court order could go a long ways towards ensuring that someone with access to the records does co operate.
I know my way around a set of books pretty well and would pay for my own flight or chip in to pay someone else's way there to take a look. No need, IMHO, to hire an audit firm. I am not looking for an audit that will stand up to SEC requirements, just a little truth!
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