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Originally Posted by philcski
A "public" company is one that has shareholders widely held and exchangeable on a public market and is required to disclose results via a 10K/10Q SEC filing. A "private" company that has one, or few, stakeholders that does not have to report results. Their accounting practices aren't necessarily required to be GAAP even if that's recommended for all companies. In this case, they have already proven to not adhere to GAAP, as they expense a cost that clearly has an offsetting revenue yet fail to realize the revenue and just claim the loss. You are confusing "public benefit" with "public". See where I'm going with this?
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I am Series 7 licensed..I know what a Public company is.. Everything about OTB financial situation is fully transparent including the BS mentioned in this article:
http://www.huffingtonpost.com/daniel..._b_251567.html
12-17-2009, 11:03 PM
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