Grumley nano tech
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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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Grumley nano tech

Grumley Nano Tech


Minutes of meeting with cfo

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


Minutes of meeting with cfo1

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 covenantdebt to equity < 123%


Letter from predecessor

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


08 summary of sales returns

08 Summary of Sales & Returns


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