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Success Stories:

california based software developer

The Pinnacle team was hired by the CFO of this Subchapter S Corporation to facilitate the restatement of 5 years of financial statements from cash to GAAP basis in order to complete the developer’s acquisition by a NYSE corporation.  The developer’s financial systems were configured to maintain records on a cash basis which made most financial reports unusable for merging with the acquiring company’s financial data and made historical financial reports irrelevant for valuing the developer as an acquisition. 

The Pinnacle team was responsible for developing and implementing automated methods to:

  • Restate 5 years of income and balance sheet data from cash to GAAP basis.

  • Value existing maintenance and support contracts in accordance with GAAP.

  • Set appropriate reserves on Accounts Receivable.

  • Provide accurate data in accordance with GAAP to the developer’s management and the acquiring company’s management regarding (1) deferred revenue (2) revenue and (3) accrued liabilities for software sales and maintenance support contracts.  This ensured the proper financial valuation of the developer.

  • Provide both cash basis and GAAP basis statements to management during the acquisition process.

The acquisition was successfully completed by the NYSE acquirer with proceeds to the Subchapter S corporation shareholders of hundreds of millions of dollars. 

 

 

 

 

 

 

 

 

 

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