Replies to post #29622 on Spotlight Capital Holdings Inc (SLCH)

[bg1641]

that's a good find LL, I glossed over that the last time I read the DOT's CAC application pamphlet.

here's the paragraph you are probably referring to, starting at the top of page 22:

Balance sheets and income statements of the applicant and all relevant corporations, together with their accompanying explanatory footnotes (including a description of the company's significant accounting policies, such as for depreciation, amortization of intangibles, overhauls, unearned revenues, and cost capitalization), for the three most recent calendar or fiscal years, and for a period ending no more than three months prior to the date of filing. This requirement may be met by the submission of financial statements, preferably audited, or 10K and/or 10Q reports filed with the Securities and Exchange Commission.

let's dissect it a little, particularly the last sentence I find poorly worded.

This requirement may be met by the submission of financial statements, preferably audited, or 10K and/or 10Q reports filed with the Securities and Exchange Commission.

to me it doesn't read like the company must produce the SEC filings to meet the requirement. However, I'm sure that the latter looks better than the former to the DOT.

[bg1641]

There's a letter from Clay Thomas in the DOT application, pg 104, stating that he audited both 2009 and 2010 financials, so I'm not sure what you mean when you say

They are presently not current for 2009 and now 2011

this is specifically what Clay says in his letter

I have audited the accompanying consolidated statements of fmancial position of A v Star Aviation Group, Inc.
as of December 31, 20 lO and 2009, and the related consolidated statements of operations, consolidated statement of shareholders' deficit and
consolidated statements of cash flows for the years then ended.

also, regarding the three years of financial statement requirement, per the bottom of pg 22 of the pamplet

If an applicant has been in business less than three years, only information for as long as it has been in business is required, unless there is a predecessor company.

was pangea petroleum a predecessor company? AAVG gave the DOT 2 years and 9 months of financial statements. is that enough based on the last quote or does the DOT need to see a full three years?