Backup specialist BakBone took a major step towards sorting out its finances last night, finally filing its outstanding 10Ks for 2004, 2005, and 2006 with the SEC.
I am extremely pleased to be able to say that we have filed our form 10K for the fiscal years 2004, 2005, and 2006, said the BakBone CEO Jim Johnson, during a conference call. This filing is the first and most challenging step for BakBone to take towards becoming a current filer with the SEC -- we filed this massive document today.
BakBone has wrestled with a string of accounting problems dating back to 2004, when the firm announced it would restate earnings because of mistakes made while moving to U.S. GAAP standards from Canadian GAAP. Since then, BakBone has changed CEOs and accountants, got dropped from the Toronto Stock Exchange, and then from the Over-the-Counter Bulletin Board (OTCBB) because of blown filing deadlines. BakBone's stock currently trades on the pink sheets.
This has been a long and resource-consuming process, and we still have work to do -- however, these three years were the most complex and challenging, said Mike Compton, BakBones interim CFO, during last nights conference call.
The finance chief explained that the company has now put certain controls and processes in place, which should make the audits of 2007, 2008, and 2009 much easier.