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OWC Pharmaceutical Researc OWCP
(Total Views: 339)
Posted On: 07/29/2017 9:39:15 AM
Post# of 15624
Posted By: lodge
Re: moxaman #10139
OWCP like any small company struggling to stay above water will eventually need someone to oversee the record keeping and system of internal accounting controls and procedures. In a recent filing the Company concluded their procedures and controls were ineffective. This is not unusual for an OTC but it becomes increasingly important as they look to grow.......merge, acquire, joint venture........and their prospective partners want some assurances as to their viability. Again, they are just getting started yet they are also a public company and if they can not even offer reliable "management financials" how could they undergo a certified audit and escape a qualified opinion? They have changed accountants at least once but my guess is they have done it several times and if they were a larger company the stock could plunge just from the hint that the financials were unreliable.

I believe current management is very capable and knows how to fix any financial reporting problems that may exist (at least two of them are CPAs), the question is, given all they are dealing with in trying to achieve near-term sales, can they devote the time. Thus the possible need for a combination office manager/bean counter.














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