Hello there guest! Want to join in on the conversation? Login or register for a forums account by visiting this link.
Posted: Thursday Apr 21 9:00:25AM 2005
Tekkie, thanks for pointing out my error. Should have left it at GAAP. Anyway my point is we should be able to rely on the audited numbers, but management should be more diligent. Shareholders of course would be more forgiving if management actually inked a couple of big contracts.
Posted: Wednesday Apr 20 7:27:52PM 2005
The year end numbers are audited so there are checks and balances in place. The auditor essentially expresses his opinion that the numbers are prepared in accordance with generally accepted accounting procedures and can be relied upon.
Posted: Wednesday Apr 20 6:54:15PM 2005
Thanks for the response. What is the phone number for the president of ILI Technolgies? I would like to have a chat with him. Again thanks for the response, as I am sure this is a diffucult time for you being Investors Relations for Ili. I am sure people have been bombarding you with Ili questions relating to the financial numbers. A guy on another board that I have been reading was sick to his stomach when he found out about the financial numbers issue.
So the year end numbers will be correct?
Posted: Wednesday Apr 20 3:44:40PM 2005
I am well aware of the inconsistencies in the cash flow statements and have spent many hours if not days trying to rectify the statements. There are several errors including non-cash changes in working capital (this actually balanced itself out by the Q3 statements), the exercise of stock options (which do not appear to be accounted for), etc. Knowing that the annual results will be out in the next 2 weeks, I have quit spending the significant time in trying to figure everything out. All of the errors that I can determine are non cash in nature and are accounting mistakes. I will be the first to agree with investors that these errors should not be made and I have spoken with management regarding this on a number of occassions. I have urged management to issue corrected statements but they indicated that the audit has already been cleared so that should suffice the market. I will make further comments once audited year end financial statements have been issued.
Posted: Wednesday Apr 20 1:34:51PM 2005
Interesting posts on here.
Does anyone have any positive comments on ILI?
My advice to people is to do research and never take the advice of other people!
Posted: Wednesday Apr 20 1:29:52PM 2005
DD is for the birds now, this company is bottoming out.
Posted: Monday Apr 18 9:09:17PM 2005
I find this whole discussion very interesting. I plan on going to Sedar and doing some DD and hoepfully I can add something to this thread.
Posted: Monday Apr 18 7:02:06PM 2005
Speaking of errors, have you checked your spelling? Ha, Ha! Anyway, I no longer hold this, but am sure watching with interest...down to 0.145 today...OUCH!!! Could still be a great tax loss!
Posted: Monday Apr 18 1:56:25PM 2005
I was aware of errors a little while back, but was unable to find out exactly where the problems occurred. My belief is that the errors are not material and although the errors do stick out (ending cash on cash flow differs from cash balance), I do not feel that the errors are significant enough to have altered decision-making. Re-posting financials would have been more of an investor confidence action, but the priority of ILI has been generating business, obviously. Although there is no excuse for some of the errors, I rather see management negotiating deals than harbouring over unaudited interims months after release when year ends are coming out soon. One thing people need to realize is that interims are unaudited; thus, the same reliance cannot be placed on them; that is just a plain and true fact. Year ends are being released soon, and those, of course, are audited and an opinion on their accuracy is expressed.
Posted: Friday Apr 15 9:05:45PM 2005
This was also posted by this Badger1 character on stockhouse ili bullboard:
"18 cents....that is what we refer to as the 52-week low......lol......those annual results must suck something bad. I am waiting for about 10 cents before I pick up some shares again.
My colleague who owns 60,000 shares (average ACB 55 cents) noticed that the third quarter cash flow is all messed up on the interims. As a matter of fact I urge you all to look at the recent interims as there are many errors. For instance, investing activities are the same for the third quarter and for 9 months ended...how is that possible when there were transactions in the first three quarters. Imagine the quality of management when they mess up on basic finacial statements. You all must be very confident."
I am getting even more nervous, is this Badger1 poster right in that there is errors in the financial statements. Please answer Doren as I just want too feel better about my investment as I still hold uo hope in ili and I have bought more shares recently as I think this is a good investment. Thanks Doren.