Posted On: 04/16/2014 1:25:02 PM
Post# of 3844
I think you are misinterpreting what is happening.
The revenues exist and can be used to grow the business. The issue is how they can be accounted for in the official audit.
Quote:
We were incorporated on December 19, 2008 in the State of Nevada. Our wholly owned subsidiary, E-Waste Systems (UK) Ltd. was founded in January 2011 for the purpose of implementing our business strategy and has had limited operations. We acquired all of the issued and outstanding capital stock of EWSO on October 14, 2011. On September 20, 2012, certain of the assets and business of EWSO were physically transferred to Two Fat Greek, LLC. In 2013, the company acquired 100% of Surf Investments and entered into a series of lease arrangements through XuFu which was previously consolidated as a Variable Interest Entity. While the lease agreements are still in force and generating revenues, the company is working with XuFu to ensure that sufficient operational and financial controls are in place to warrant consolidation and has de-consolidated for the purposes based upon the suspension of the management and related agreements creating the VIE. It is expected that this will be resolved in the second quarter of 2014.
The revenues exist and can be used to grow the business. The issue is how they can be accounted for in the official audit.
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