Perhaps he was worrying about the cost of the 10-K...
John on Facebook:
I have NOT retained them yet however our P2O team is working to finalize language to engage them. It is quite a problem. If we rely solely on the financials for the company then we will have to wait a quarter or two to get final numbers.. but even then there could be overlapping processor production. I believe there is a real need for us to have two "audits". The molecular audit done by islechem, and then a "production/performance" audit completed by another company (ie: URS). URS would also be an asset because they are international and know who to go to with islechems data to secure permitting. I do believe after a "production" audit then the market and funds can properly value us. It would be very simple to "do the math" and determine the return based on the number of sites to launch. What do you think?
This is just something he is considering doing.
He followed that post with:
Islechem can verify our reports (fuel, residue, off gas, etc..). They would not compromise their integrity by stating something untrue. That said, they are working very closely with us now and have provided a lot of support. I believe URS should be engaged to audit the factory PRIOR to being engaged for permitting support outside NY state. That way we have an irrefutable independent PRODUCTION report from a huge company while still independent. Back in December the focus was.. what can the process do, residue?, fuel conversion, etc.... Now with the rollout and JV's it is what can we expect fro this processor over time? The only way I believe we can quantify this for everyone (and engage the skeptics) is to engage a large firm to babysit the site for a month with one of their PhD chemists. Do you agree?
His comments on spending $300K for the 10K:
$300k is not unusual. The burdens of being a pubic company are very high. That's why I think there are so many scams on the OTC. It costs so much to handle various public functions (high staff requirements, regulatory comment letters, 10Qs, audit fees, 10K (nasty), 8k's, PR's, and conference calls). Something as simple as a conference call costs a lot of money. First, we pay all the staff to compile questions, answers and then get them to legal. Legal hacks most of it out and we have to go through the process all over again. Then we draft a PR and go through that process again. An 8k is possible and then we have an edgarzation round with legal, edgar company, and us. Then pay to file it. Then the actual cost of the call for participants: usually $1700-$2000 the day of. Add it all together with staff,geal, edgar, PR, and cc and you are looking at $20-25k sunk. The 10K is the worst. Our CFO has been working on it with his staff for 5 months (converting accounting system data), then prepare comparisons, data, MD&A, legal engaged to review, then audit companies to audit the individual entities, then pay the main auditor to audit the overall company, then prepare for edgar, the pay to edgarize, For a $10M company you are looking at $300k/yr for a 10K, not including all of this work at a smaller scale for 10Q's. It's expensive and we can't change auditors or else we delay an uplist by 2 quarters. D&T would add another 300k-400k for a year.
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