Explorer

During the year the issuer sold certain loans receivable to external parties. The firm did not identify and evaluate that the issuer's accounting for and presentation and disclosure of the gain on the sale of these loans was not in conformity with FASB ASC Topic 310 Receivables and FASB ASC Subtopic 860-20 Transfers and Servicing – Sales of Financial Assets. (AS 2810.30 and .31) In connection with our review the issuer reevaluated its accounting and presentation of this sale of loans receivable and determined that an error existed that had not been previously identified. The issuer did not file an amended Form 10-K or Form 8-K indicating that its previously issued financial statements should not be relied on. Instead the issuer adjusted this accounting and presentation in a subsequent filing.