The accountants reported
observing a number of glaring reporting errors, omissions and inconsistencies.
They would not confirm or deny fraud as they have not physically examined the books of BGMO and performed a full audit.
Even Bradford did not conduct an audit or review engagement of BGMO but merely a compilation without detailed examination and discussion with the source document providers.
What the accountants did say that with an absence of a history of any corporate governance (third party audits and annual meetings); the failure to disclose transactions that did not close through an MD & A or press releases; inconsistent financial reporting (style, content, dating and so forth) to name a few that an investor should use an abundance of caution in purchasing securities in BGMO.
The accountants generally felt that they would prefer seeing an audit with a forensic focus completed before they would pass any further comment.
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