Saw this post yesterday by surfkast on SIGO IHUB yesterday that concerns me. I am wondering if revenue numbers that are non GAAP may not need to reported as revenue on a 10Q report. Does anyone out there possibly an accountant know if this is the case and explains why there is a supposed discrepancy below. Comments very much appreciated.
The 10K for FY 10/31/2017 does not show any revenue.
This is in the filings: To date, we have not earned any revenues from operations.
https://www.otcmarkets.com/filing/html?id=133...aDpH3J1Yth
But in their shareholder update on 2/2/2018 they reported the following.
Fiscal Year 2017: For the Fiscal Year 2017, the Company generated approximately $300,000 in sales through October. The first sale occurred in August 2017. The revenue number are non-GAAP numbers and our accounting team may make adjustments during the audit due to the cash nature of the business. For the months of November and December, the company decided to slow its planting cycle due to the uncertainty related to the licensing process for the state of California. This was done so that the Company would not harvest any plants in January. There was no guidance from the State until the middle of November regarding the licensing process and what was going to be allowed during the timeframe of applying and receiving one's license. As such, the Company took the safe stance of not having plants harvested in January.
https://www.otcmarkets.com/stock/SIGO/news/Su...?id=182400
So which lie is the truth?
The 10K for FY 10/31/2017 does not show any revenue.
This is in the filings: To date, we have not earned any revenues from operations.
https://www.otcmarkets.com/filing/html?id=133...aDpH3J1Yth
But in their shareholder update on 2/2/2018 they reported the following.
Fiscal Year 2017: For the Fiscal Year 2017, the Company generated approximately $300,000 in sales through October. The first sale occurred in August 2017. The revenue number are non-GAAP numbers and our accounting team may make adjustments during the audit due to the cash nature of the business. For the months of November and December, the company decided to slow its planting cycle due to the uncertainty related to the licensing process for the state of California. This was done so that the Company would not harvest any plants in January. There was no guidance from the State until the middle of November regarding the licensing process and what was going to be allowed during the timeframe of applying and receiving one's license. As such, the Company took the safe stance of not having plants harvested in January.
https://www.otcmarkets.com/stock/SIGO/news/Su...?id=182400
So which lie is the truth?
