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


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 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

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


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