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Errors In Financial Statements

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Thu May 03, 2007 3:08 pm PostPost subject: Errors In Financial Statements
Thicket
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Joined: 09 Apr 2007
Posts: 118

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Topic: Errors in Financial Statements

Analyzing Steorn’s financials has been a challenge, mainly because of the numerous errors. This includes audited financials. Let me provide one particularly glaring example.

There are two ‘official’ versions of Steorn financials for the period July 25, 2000 to December 31, 2001. Both versions were audited by Phelan Prescott. Both versions were stamped June 4, 2004 by C.R.O. which is Companies Registration Office, the Irish government agency that requires financials. Version 1 was the submission for July 25, 2000 to December 31, 2001. Version 2 was the submission for 2002, but included financials for the July 25, 2000 to December 31, 2001 period. All numbers are in Euros.

Version 1

Tangible Assets = 36,678
Debtors = 52,119
Creditors = (133,515)
Net Current Liabilities = (81,396)
Total Assets Less Total Liabilities = (44,718)

Called Up Share Capital = 1,145
Share Premium = 203,283
Profit and Loss Account = (249,146)
Difference = (44,718)

Version 2

Tangible Assets = 36,678
Debtors = 52,119
Creditors = (133,315)
Net Current Liabilities = (81,396)
Total Assets Less Total Liabilities = (24,718)

Called Up Share Capital = 4,503
Share Premium = 199,925
Profit and Loss Account = (249,146)
Difference = (44,718)

You’d think someone would compare the two submissions, especially since they were submitted on the same date!

I have a pretty good idea where Steorn made their mistake, but the financials are so screwed up that I’d prefer not to risk giving my opinion. Suffice it to say that Steorn can’t add and subtract.

Folks already know about the screw-up on the Steorn website with respect to the 2004 and 2005 financials. There are other screw-ups which I will outline over time.

Steorn are incompetent and worse than amateurish with respect to their financials. I wouldn’t trust them to add one plus one and get two on their financials, or on an energy balance around their fictitious free-energy device.
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