James B Boyd
CFO & Sr. VP
Gatefield Corporation
1998 - 2000
NASDAQ Listed: GATE
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Company was late in filing 10K after it changed its name, mission and strategy. I was hired to bring the company current in its SEC filings. Upon joining, I completely rewrote the 10K explaining the new business, model and outlook within the filing deadline.
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Discovered fraud on the part of the former CFO, lead investigation, made necessary disclosures and filed criminal action with local authorities. Action did not rise to a level requiring restatement.
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Reviewed accounting function establishing a close working relationship with other functions in the company. Re-modeled company with more accurate and detailed source information and concluded the company had less than six months cash on hand and lead to new funding effort.
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Funding effort and road show turned into a sale of the company proposal by one possible funding source, Actel Corporation, also a public company. Transaction was viewed as a going private transaction by SEC and an arduous six month review process by the SEC and Nasdaq.