US: American Water delays confirming Q3
By just-drinks.com editorial team | 23 November 2005
American Water Star announced today that its revenues for the three months ended September 30, 2005, were US$890,354 with a net loss of US$1,775,860 or ($0.02) per share.
Selling, general and administrative expenditures were US$2,991,549 for the third quarter of fiscal year 2005. The company's total assets were US$16,164,295 with total liabilities of US$10,028,727 and stockholder's equity of US$6,135,568.
However, the company cautioned stockholders that these results are subject to change, possibly materially, as it had delayed filing its Form 10-QSB due to additional work required in the preparation and review of its financial statements.
"Subsequent to the resignation of the company's CFO in July 2005, the company moved its accounting department and records to its corporate offices in Las Vegas contributing to the delay in the preparation of the company's 2005 third quarter results. Because of the delay, on 17 November the company's auditor advised that it would not be able to complete its review to meet the filing deadline," a statement said.
The final 2005 third quarter results are expected to be completed this week to allow the company to file its 10-QSB by next week.