Quote:
Originally Posted by th1050
I'm not sticking up for Howard but every balance sheet I have seen (and I've seen plenty) always have the current cash position of the company. Whether it's in the bank or in receivables, every company that publishes a balance sheet must have the "cash on hand" itemized. So to say to that Howard requested a separate reporting to show there was an "extra" $20M sitting around is pure hog wash. Unless they did not operate their company on GAAP (Generally Acceptable Accounting Practice).
My understanding from Howards interviews is that the finance department was reporting
1) Phantom deposits not yet cleared
2) Money seized by the DOJ and money stolen by payment processors
all as cash on hand even though of course, the phantom deposits were never guaranteed to ever clear in the future, and the money lost to the DOJ/processors was certainly never to be seen again. They credited all of that as player money in the bank, rather than lost profit.