Replies to post #6709 on Petro America - Kansas Corporation

[REDDOG22]

My guess is that one is more likely to receive information (viewing data and so forth) if one request said information instead of "demanding" said info. JMHO.

*SIST*
*ATHT*

[1manband]

I think it is pretty clear someone is not being truthful about all these "book value" assets. Accounting has specific rules about how an asset is valued on a company's balance sheet, and anything produced has to comply with US GAAP. Even if they did have valuable assets (which I don't believe they do), claiming those assets are worth billions on the balance sheet clearly does not comply with GAAP, and no legitimate accounting firm would ever sign an audit to that effect. There is no legal way this company has the book value that they claim.

And, if a company tries to file a Registration Statement with the SEC claiming inflated asset values, they are likely to end up in the gray-bar hotel and the CPA who performed the audit will be thrown out of the public company auditing business (See Conversion Solutions Holding Corporation). There is no chance Petro will ever be successful in passing a Registration Statement with the SEC using the numbers they claim, which means there is no chance the stock will ever trade on an exchange or regulated marketplace. None. But, then again, I don't think it was ever management's intent to try.