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Grumley Nano Tech

Grumley Nano Tech. Minutes of meeting with CFO. Rapid growth outstripped prior auditors Prior auditors inability in the international arena Prior auditors took a conservative approach to GAAP Growth and profit targets are a stretch Equipment – 12 year operating lease

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Grumley Nano Tech

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  1. Grumley Nano Tech

  2. Minutes of meeting with CFO • Rapid growth outstripped prior auditors • Prior auditors inability in the international arena • Prior auditors took a conservative approach to GAAP • Growth and profit targets are a stretch • Equipment – 12 year operating lease • $47 M sale through the CEO’s cousin – older products • Unconditional 90 day right of return

  3. Minutes of meeting with CFO Primary accounting estimates Inventory obsolence Allowance for uncollectible accounts Growth has outstripped the abilities of the revenue cycle system ---- Therefore CEO and VP Sales allowed to override the controls Debt covenant debt to equity < 123%

  4. Letter from Predecessor Aggressive approach to GAAP – challenges Reorganization charges Grumley growing Strategic intent to service mid-sized clients He will be out of the country extending his firm’s international capabilities

  5. 08 Summary of Sales & Returns

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