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SEC v GAS & OIL TECHNOLOGIES, et al Click to find out why . . .



Keywords & Phrases
CaseNo: 33-8192, Defendant: Gas & Oil Technologies, Inc. and Ingrid Aliet-Gass Release No.: AAER-1717, Plaintiff: SEC, State: OR Oregon, UniqueCaseRef: SEC>33-8192, Gas, Oil, Securities Act, Patents, Commission, Pursuant, Registration Statement, Gass, Respondents, Recording, Accounting, Technologies, Findings, Sale, Financial Statements, Russian, Cash, Gaap, Cost, Acquisition, Assets, Income, Factories, Violations, Matter, Ingrid Aliet-gass, Cease-and-desist Order Pursuant, Common Stock, Form S-1 , ContentID: 120255866

Case Documents
1 2003-02-13 SEC ADMINISTRATIVE PROCEEDING
[ see first page and extracted highlights below  ] ItemID: 133156
3 pages
HTML
Total Documents: 1 document , 3 pages
Price: $ 19.95


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1 . SEC ADMINISTRATIVE PROCEEDING

EXTRACTED KEY WORDS
OIL
SECURITIES ACT
PATENTS
COMMISSION
PURSUANT
REGISTRATION STATEMENT
GASS
RESPONDENTS
RECORDING
ACCOUNTING
TECHNOLOGIES
FINDINGS
SALE
FINANCIAL STATEMENTS
RUSSIAN
CASH
GAAP
COST
ACQUISITION
ASSETS
INCOME
FACTORIES
VIOLATIONS
MATTER
INGRID ALIET-GASS
CEASE-AND-DESIST ORDER PURSUANT
COMMON STOCK
FORM S-1
BUSINESS
UNITED STATES OF AMERICA
before the
SECURITIES AND EXCHANGE COMMISSION

SECURITIES ACT OF 1933
Release No. 8192 / February 13, 2003

   ACCOUNTING AND AUDITING ENFORCEMENT
   Release No. 1717 / February 13, 2003

   ADMINISTRATIVE PROCEEDING
   File No. 3-10858
     _________________________________________________________________

   In the Matter of

   Gas & Oil Technologies, Inc.
   and
   Ingrid Aliet-Gass,

                                                             Respondents
     _________________________________________________________________

   ORDER MAKING FINDINGS AND IMPOSING A CEASE-AND-DESIST ORDER PURSUANT
   TO SECTION 8A OF THE SECURITIES ACT OF 1933 AS TO GAS & OIL
   TECHNOLOGIES, INC. AND INGRID ALIET-GASS

                                     I.

   In these proceedings instituted pursuant to Section 8A of the
   Securities Act of 1933 ("Securities Act"), Respondents Gas & Oil
   Technologies, Inc. ("Gas & Oil") and Ingrid Aliet-Gass ("Gass") have
   submitted offers of settlement that the Securities and Exchange
   Commission (the "Commission") has determined to accept.

                                    II.

   Solely for the purpose of these proceedings and any other proceedings
   brought by or on behalf of the Commission, or to which the Commission
   is a party, and without admitting or denying the findingsherein,
   except as to the Commission's jurisdiction over them and the subject
   matter of these proceedings, which are admitted, Respondents consent
   to the entry of this Order Making Findings and Imposing a
   Cease-and-Desist Order Pursuant to Section 8A of the Securities Act of
   1933 ("Order"), as set forth below.

                                    III.

SNIPPETS:
  • Gas & Oil Technologies, Inc. and Ingrid Aliet-Gass,
  • ORDER MAKING FINDINGS AND IMPOSING A CEASE-AND-DESIST ORDER PURSUANT TO SECTION 8A OF THE
  • In these proceedings instituted pursuant to Section 8A of the Securities Act of 1933,
  • Inc. and Ingrid Aliet-Gass have submitted offers of settlement that the Securities and
  • Solely for the purpose of these proceedings and any other proceedings brought by or on behalf low.
  • On October 15, 2001, Gas & Oil filed a registration statement on Form S-1, seeking to raise
  • Gass organized Gas & Oil and holds a controlling interest in its stock.
  • In the financial statements for the periods ended June 30 and September 30, 2001, Gas & Oil
  • This accounting was contrary to generally accepted accounting principles.
  • GAAP requires that patents be recorded consistent with Accounting Principles Board Opinion
  • It also recorded both an asset and income from the purchase of patents in the amount of
  • F. Because of the method utilized by Gas & Oil for the recording of the acquisition of
  • It refers to Gas & Oil's factories and its sales of product, but Gas & Oil has had no
  • Further, it stated Gas & Oil had used net cash of $8.4 million in operating activities for
  • She was intimately familiar with the company's business and knew very well that it had no
  • ACCORDINGLY, IT IS HEREBY ORDERED that, pursuant to Section 8A of the Securities Act,
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