RE:RE:RE:DROSITE INT. and PYROGENESISAccording to an SEC filing (Material Change Report Form 51-102F3), Drosrite International is, on an accounting basis, a subsidiary of Pyrogenesis and not a client, as under applicable accounting standards the Company (Pyrogenesis) is consdidered to effectively control Drosrite International. The sole director, officer and shareholder of Drosrite International is Alex Pascali, an employee of the Company and the son of P. Peter Pascali, CEO of the Company.
In substance, I believe Pyrogenesis owns 100% of Drosrite International, hence all the reveues and profits as well as all claims and liabilities.
I am more worried about the accounting treatment of sales and profits from Drosrite Internaitonal and looks like it is treated as Pyrogenesis' subsidiary.