"I would think that phrase would have been there."
OT,
Using the phrase "subject to audit" wouldn't have been appropriate because they used the word "approximately" in their references to revenue and income. Both of those terms don't fit well in the same sentence and they chose to use the one that provided the biggest wiggle room.
What I'll never understand is why they didn't take the golden opportunity to lay off some of the blame for the delay on Drakeford. It would've slid neatly into the narrative explanation that they did provide, in lieu of "unforeseen delays, etc.":
"Despite diligent efforts, the work necessary for Spongetech Delivery Systems,
Inc.'s (the "Company") preparation of its Annual Report on Form 10-K could not
be completed due to unforeseen delays in the collection and review of
information and documents affecting disclosures in the Report on Form 10-K.
Accordingly, the Company requests additional time to compile and review all the
information necessary to accurately complete the Form 10-K."
ps. The Form gives them the choice of making those estimates or explaining why they can't:
"(3) Is it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion
thereof? Yes |X| No |_|
If so, attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made."
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