Looks like Paul Miller has been busy auditing the books. Brought in an Independent Registered Public Accounting Firm who confirmed a couple things that were already found. I am not a CPA , but judging by this statement** it appears note 12 is the change and here seems to be the heart of it:
"The presentation of the amortization of deferred finance costs was incorrectly included in interest expense. These expenses have been restated as a separate line item in the statement of operations."
**As discussed in Note 12 of the financial statements, certain errors were discovered by management of the Company subsequent to the date of the original issuance. Accordingly, the 2007 financial statements have been restated as described in Note 12.
Note 12 starts on page 19 and to my untrained eye it appears the correction actually lowers the Total long term liabilities by nearly half while increasing the current debt at the time.
*******************
Besides this I see that Paul Miller is still the CEO and he is engaged:
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CARBONICS CAPITAL CORPORATION
By: /s/ Paul Miller
Paul Miller, Chief Executive Officer
******************
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Sustainable Systems, Inc. and Subsidiary as of December 31, 2007 and the consolidated results of their operations and their cash flows for the year then ended, in conformity with U.S. generally accepted accounting principles.
As discussed in Note 12 of the financial statements, certain errors were discovered by management of the Company subsequent to the date of the original issuance. Accordingly, the 2007 financial statements have been restated as described in Note 12.
/s/ Rosenberg Rich Baker Berman & Company
******************
Read the entire filing here:
http://www.sec.gov/Archives/edgar/data/1102414/000126912710000017/cics8kakk2110.htm
SkunK
Tuesday, February 2, 2010
Friday, January 15, 2010
8-K 15 Jan
To remedy the errors in the 2008 financial statements, Carbonics Capital will file an amendment to its Annual Report on Form 10-K for the year ended December 31, 2008 and an amendment to its Quarterly Report on Form 10-Q for the period ended March 31, 2009.
http://www.sec.gov/Archives/edgar/data/1102414/000126912710000010/cics8k11510.txt
SkunK
http://www.sec.gov/Archives/edgar/data/1102414/000126912710000010/cics8k11510.txt
SkunK
Thursday, December 24, 2009
Amendment #1
Amendment No. 1
This Amendment No.1 on Form 10Q/A, which amends and restates items identified below with respect to the Form 10Q, filed by Carbonics Capital Corporation ("we" or "the Company") with the Securities and Exchange Commission (the "SEC") on November 23, 2009 (the "Original Filing"), is being filed in order to :
o Include restated financial statements as described in Note 10 to the financial statements;
o Amend Item 2, Management's Discussion and Analysis, to reflect the amended financial statements;
o Amend Item 4, Controls and Procedures, to reflect the modification to management's assessment of its disclosure controls and procedures caused by the restatement and to provide further disclosures;
o Amend the following notes under Item 1, Financial Statements and Supplementary Schedules, to reflect the amended financial statements:
o Note 1, Acquisition, was updated with respect to the terms of the Stock Purchase Agreement between the Company and GS AgriFuels
o Note 3, Going Concern, was updated to restate the Company's working capital deficit;
o Note 5, Shareholders' Equity, was updated to remove the designation and issuance of the Series D Preferred shares from the Company;
o Note 6, Financing Arrangements, was updated to restate the schedule of financial obligations and the description of amounts previously recorded due were deleted in the paragraph describing the Stock Purchase Agreement between the Company and GS AgriFuels Corporation
("GS AgriFuels");
o Note 7, Related Party Transactions, was updated with respect to the description of the Stock Purchase Agreement between the Company and GS AgriFuels;
o Note 9, Acquisitions, was updated with respect to the terns of the Stock Purchase Agreement between the Company and GS AgriFuels;
o Note 10, Restatements, was updated to outline the changes that were made to the financial statements.
None of the other disclosures in this Report have been amended or updated. For updated information about the Company, please refer to the more recent filings made with the SEC.
Rest here:
http://www.sec.gov/Archives/edgar/data/1102414/000126912709000164/0001269127-09-000164-index.htm
**********************
SkunK
This Amendment No.1 on Form 10Q/A, which amends and restates items identified below with respect to the Form 10Q, filed by Carbonics Capital Corporation ("we" or "the Company") with the Securities and Exchange Commission (the "SEC") on November 23, 2009 (the "Original Filing"), is being filed in order to :
o Include restated financial statements as described in Note 10 to the financial statements;
o Amend Item 2, Management's Discussion and Analysis, to reflect the amended financial statements;
o Amend Item 4, Controls and Procedures, to reflect the modification to management's assessment of its disclosure controls and procedures caused by the restatement and to provide further disclosures;
o Amend the following notes under Item 1, Financial Statements and Supplementary Schedules, to reflect the amended financial statements:
o Note 1, Acquisition, was updated with respect to the terms of the Stock Purchase Agreement between the Company and GS AgriFuels
o Note 3, Going Concern, was updated to restate the Company's working capital deficit;
o Note 5, Shareholders' Equity, was updated to remove the designation and issuance of the Series D Preferred shares from the Company;
o Note 6, Financing Arrangements, was updated to restate the schedule of financial obligations and the description of amounts previously recorded due were deleted in the paragraph describing the Stock Purchase Agreement between the Company and GS AgriFuels Corporation
("GS AgriFuels");
o Note 7, Related Party Transactions, was updated with respect to the description of the Stock Purchase Agreement between the Company and GS AgriFuels;
o Note 9, Acquisitions, was updated with respect to the terns of the Stock Purchase Agreement between the Company and GS AgriFuels;
o Note 10, Restatements, was updated to outline the changes that were made to the financial statements.
None of the other disclosures in this Report have been amended or updated. For updated information about the Company, please refer to the more recent filings made with the SEC.
Rest here:
http://www.sec.gov/Archives/edgar/data/1102414/000126912709000164/0001269127-09-000164-index.htm
**********************
SkunK
Thursday, December 17, 2009
Montana completes Sustainable Systems Payments
From the December 2009 issue of the The Western Farmer-Stockman
Montana Ag Department Completes Sustainable Systems payments
The Montana Department of Agriculture has successfully completed efforts News Briefs to pay farmers all of the money owed for delivery of 2008 saffl ower crops to Sustainable Systems LLC, an oilseed processing plant at Culbertson. Farmers in Montana received payments totaling $654,507 from proceeds of a Montana commodity dealer bond, the sale of cooking oil and other commodities, and cash that customers owed to Sustainable Systems LLC. North Dakota growers received $431,629 and are awaiting payment of $130,000 from a surety bond being processed by the North Dakota Public Service Commission.
********
Rest of Paper here - half way down the page in second news brief:
http://magissues.farmprogress.com/WFS/WS12Dec09/wfs028.pdf
North Dakota story also finishes up in the blog below . . .
SkunK
Montana Ag Department Completes Sustainable Systems payments
The Montana Department of Agriculture has successfully completed efforts News Briefs to pay farmers all of the money owed for delivery of 2008 saffl ower crops to Sustainable Systems LLC, an oilseed processing plant at Culbertson. Farmers in Montana received payments totaling $654,507 from proceeds of a Montana commodity dealer bond, the sale of cooking oil and other commodities, and cash that customers owed to Sustainable Systems LLC. North Dakota growers received $431,629 and are awaiting payment of $130,000 from a surety bond being processed by the North Dakota Public Service Commission.
********
Rest of Paper here - half way down the page in second news brief:
http://magissues.farmprogress.com/WFS/WS12Dec09/wfs028.pdf
North Dakota story also finishes up in the blog below . . .
SkunK
Letter to District Court re. Closing File
After nearly a month I was finally able to find some news on CICS.
Looks like the case is closed in North Dakota for those of you still following the events surrounding the original closure of the plant. Montana farmers were taken care of a while back and now it appears North Dakota case is also closed. Here is the records from North Dakota Public Service Commission going back to March of this year and ending with a "Letter to District Court re. Closing File", the seventh of this month.
http://www.psc.state.nd.us/database/docket_view_list.php?s_dept=GE&s_year_case=09&s_seq_num=112&s_company_name=Sustainable+Systems%2C+LLC+dba+Montola&docket_viewPage=13
Good Luck,
SkunK
Looks like the case is closed in North Dakota for those of you still following the events surrounding the original closure of the plant. Montana farmers were taken care of a while back and now it appears North Dakota case is also closed. Here is the records from North Dakota Public Service Commission going back to March of this year and ending with a "Letter to District Court re. Closing File", the seventh of this month.
http://www.psc.state.nd.us/database/docket_view_list.php?s_dept=GE&s_year_case=09&s_seq_num=112&s_company_name=Sustainable+Systems%2C+LLC+dba+Montola&docket_viewPage=13
Good Luck,
SkunK
Saturday, November 28, 2009
DEF 14C: 500M to 10B
The purpose of this Information Statement is to notify you that the holder
of shares representing a majority of the voting power of Carbonics Capital
Corporation has given its written consent to a resolution adopted by the Board
of Directors of Carbonics to amend the certificate of incorporation of Carbonics
so as to increase the number of shares of authorized common stock from
500,000,000 shares, $.001 par value, to 10,000,000,000 shares, $.0001 par value.
********
http://www.sec.gov/Archives/edgar/data/1102414/000126912709000146/cics14c111809.txt
SkunK
of shares representing a majority of the voting power of Carbonics Capital
Corporation has given its written consent to a resolution adopted by the Board
of Directors of Carbonics to amend the certificate of incorporation of Carbonics
so as to increase the number of shares of authorized common stock from
500,000,000 shares, $.001 par value, to 10,000,000,000 shares, $.0001 par value.
********
http://www.sec.gov/Archives/edgar/data/1102414/000126912709000146/cics14c111809.txt
SkunK
Tuesday, November 24, 2009
3Q - MANAGEMENT DISCUSSION AND ANALYSIS
Our development activities during 2009 have primarily involved evaluation of a number of different biological, chemical and other technologies designed to recycle carbon dioxide into value-added products. Our strategic plan also involves the acquisition of accretive assets and cash flows that are strategic to our technology development efforts. We are currently evaluating a number of qualified opportunities that produce the raw materials needed for our technologies, or that have the infrastructure we need to scale our technologies,or that have the ability to refine the products we produce with our technologies into finished goods. Our plan in this respect is to leverage the targeted assets and cash flows to defray our technology and financing risk as we commercialize our technologies.
Our operations during the nine months ended September 30, 2009, mostly involved the maintenance of our idled oilseed crush facility in Culbertson, Montana. We are currently seeking investment for the revitalization of this facility based on its potential value in the biofuel and culinary markets.
*********
The SkunK thinks that tuning the GreenShift patented CO2 Bioreactor forms the basic piece of CICS research into recycling carbon dioxide . . . CICS has a license from GERS.
Our operations during the nine months ended September 30, 2009, mostly involved the maintenance of our idled oilseed crush facility in Culbertson, Montana. We are currently seeking investment for the revitalization of this facility based on its potential value in the biofuel and culinary markets.
*********
The SkunK thinks that tuning the GreenShift patented CO2 Bioreactor forms the basic piece of CICS research into recycling carbon dioxide . . . CICS has a license from GERS.
SkunK
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