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This excerpt taken from the GMTC 10-Q filed Jun 9, 2008. 1. BASIS OF PRESENTATION
The
accompanying unaudited condensed consolidated financial statements and related
disclosures as of April 30, 2008 have been prepared in accordance with generally
accepted accounting principles in the United States (GAAP) applicable to interim
financial information and with the instructions to Form 10-Q and Rule10-01 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by GAAP for complete financial statements. In our
opinion, all adjustments (consisting of normal recurring adjustments) considered
necessary for a fair presentation of our financial position and interim results
have been included. Operating results for the three and six-month periods ended
April 30, 2008 are not necessarily indicative of the results that may be
expected for the current fiscal year or any other period.
The
balance sheet at October 31, 2007 has been derived from the audited financial
statements at that date but does not include all of the information and
footnotes required by GAAP for complete financial statements. These condensed
unaudited consolidated financial statements should be read in conjunction with
the consolidated financial statements and related notes, as well as other
information included in our Annual Report on Form 10-K for the year ended
October 31, 2007 and any other of our filings with the Securities and Exchange
Commission.
USE
OF ESTIMATES
The
preparation of financial statements in conformity with GAAP requires management
to make estimates and assumptions that affect the amounts reported in the
consolidated financial statements and accompanying notes. Allowance for doubtful
accounts, obsolescence, impairment of goodwill, loss contingencies, provision
for income taxes, and stock-based compensation are significant estimates made by
us. Actual results could ultimately differ from those estimates.
RECLASSIFICATIONS
Certain
prior period reclassifications have been made to conform to classifications in
the current period.
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