posted on
Dec 08, 2006 05:21AM
I apologize should have said was not is.
From the 10QSB
http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0001144204%252D06%252D050338%252Etxt%26filepath%3D%255C2006%255C11%255C28%255C&symbol=PTSC
The
Company did not maintain effective controls over the identification
of a
variable conversion feature and put option embedded within its convertible
debt instruments and the determination of the appropriate accounting
treatment for those debt
instruments.
How do you read this?