Replies to post #48070 on Aisystems, Inc. (fka ASYI)

[tob999]

Lol! Imparting clarity on the 'audited annual 10K' seems to be a tough chore here! :)

[my2Mustangs]

No letters from any auditors stating that they had done the audit in any filings.

If they were paid those amounts to audit the financials, it seems reasonable to me that they would provide a letter of audit if nothing else just to say that an audit was done that would be filed with the 10K.

Just because asyi said they paid those amounts doesn't mean that they did, why would a letter of audit not be included by Norris Penny LLP or Micheal T. Studer CPA P.C. to be filed with the 10K?

I wonder if Norris Penny LLC knows they got $45K from asyi.
An auditor that gets paid will provide a letter of audit, won't they?

I've seen letters from the auditor in this section(s) in other 10Ks, but not here at asyi.

2. Going concern and management’s plans, continued

There is no assurance that the Company will be able to raise the necessary funds to continue operations as envisioned or that such funds can be raised on favorable terms to existing stockholders. This could result in significant dilution or a loss of investment to any current or future stockholders. Any funds raised will be used to engage potential customers, to fund product development, to provide working capital, to repay debt and for other corporate purposes. If the Company is unable to raise sufficient funds on the required timelines its ability to implement its vision will be hindered and this could result in the entire loss of any investment in the Company.

These factors raise substantial doubt about the ability of the Company to continue as a going concern. There can be no assurance that the Company will have adequate capital resources to fund planned operations or that any additional funds will be available to the Company when needed, or if available, will be available on favorable terms in the amounts required by the Company. If the Company is unable to obtain adequate capital resources to fund operations, it may be required to delay, scale back or eliminate some or all of its operations, which may have a material adverse effect on the Company’s business, results of operations and ability to continue as a going concern. These consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

IMO, no letter filed means no audit, if and when the SEC actually reads the 10K that 1 sentence could be a problem for asyi and the officers.

Who cares, just slap the ask and get the short squeeze started.

[apprenante]

I hadn't noticed the AMENDED 10K.
Thank you for finding that. While I was looking at section 8 I also noticed the CPA's comment about ASYI's viability:

As discussed in Note 2 to the financial statements, the Company’s present financial condition raises substantial doubt about its ability to continue as a going concern. Management’s plans in regard to this matter are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

By the way, I noticed that the Amended 10K mentions Note 2.

As discussed in Note 2 to the financial statements,

But I don't see Note 2 in the original or in the amended 10K. What is the CPA talking about?