Inflated Assets and Understated Losses
Does This Explain Why Co-Founder/President Suddenly Resigned?
Sudden Resignation Has A Hostile Feel
"The Company may terminate this Agreement without Cause"
In June 2014, Titanannounced FY2015 1st quarter financials and shares traded up above $17.00 per share. (its 52 week high).
Titan announced that Construction Revenue in the 1st Quarter FY 2015 were 23% higher vs. Q1 FY2014 and the chairman David Meyer also touted on the conference call how they created a footprint in the Ukraine with a new location and made the statement: "Ukraine has been excellent that we’re seeing good real order sales,"
In September 2014 the Company announced that
- In their FY2015 2nd quarter 10Q filed on Tuesday afternoon with the Securities and Exchange Commission the company stated that they realized that they had inflated their assets and understated their losses in their 1st quarter 10Q filed back in June 2014. Although they previously reported an Earnings Per LOSS of ($0.20) for Q1, it came to their attention that had actually loss ($0.31) for the quarter. The company determined that the error on the loss of over 50% was immaterial and that they won't deem it necessary to Refile their FY2015 Q1 10Q.
- Reality was Construction Revenue touted as being 23% higher in June 2014 press release were only 10% higher than prior year's Q1.
- Agriculture revenue were over 4% lower and not the -2% they stated.
- International Revenue were actually only 5% higher and not 9%.
**more 2014 hype TITAN MISSED FY2015 EPS GUIDANCE BY $62 Million (missed guidance for 7 months out by $2.00 a share)Below are Images from the FY2015 Q1 10Q that were filed with SEC last June 2014.
In Red I mark some errors and discrepancies against today's numbers for that same 1st quarter of a year ago.
Calling ALL CPAs and Auditors
this image here is the biggest problem I see. BENEFIT FROM INCOME TAXES
Here in the Q1 2015 10Q it shows a Positive $1,733,000
IN Red you can see the Q1 2015 Number that is used in today's FY2016 Q1 10Q showing that number as NEGATIVE ($1,733,000).
I don't understand how last year they added that number when it was entered as positive, but this year they add that same number but they enter it as a negative. #CONFUSED