Replies to post #289151 on NeoMedia Technologies, Inc (NEOM)

[Poptech]

Person: For what I thought was obvious reasons, the auditors would have been responsible for approving both changes to the 10K.

“We are happy to have again been able to work with YA on extending the maturity date of our loans which will contribute to removing the ‘going concern’ opinion in our SEC filings,” said Laura Marriott, Chief Executive Officer of NeoMedia Technologies, Inc.

http://www.neom.com/node/757

The definition of going-concern opinion is a little different than investors have posted here.

A current definition of the going concern assumption can be found in the AICPA Statement on Auditing Standards No.1 Codification of Auditing Standards and Procedures, Section 341, “The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern” (AU Section 341) The 'going concern' concept assumes that the business will remain in existence long enough for all the assets of the business to be fully utilized.

http://en.wikipedia.org/wiki/Going_concern

I am guessing Laura was advised that the intangible nature of NeoMedia's assets would help qualify for the removal of on-going concern, but I would like to hear the original strategy. The patents are valued at $1.5M and software at $100,000 so it doesn't sound like a difficult hurdle. Yet, if you go back and read Laura's statement, it was related to debt, not assets.

Lastly, there is no Audit Committee in the 10K.