Annual Report of a Foreign Private Issuer — Form 20-F
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 20-F Annual Report of a Foreign Private Issuer 117 548K
2: EX-12.1 Certifications 2± 9K
3: EX-13.1 Annual or Quarterly Report to Security Holders 1 6K
4: EX-14.1 Report of Indep. Reg. Public Acc. Firm 2± 10K
5: EX-15.1 Independent Auditors Report 2± 9K
EX-15.1 — Independent Auditors Report
EXHIBIT 15.1
Lazar Levine & Felix LLP
CERTIFIED PUBUC ACCOUNTANTS & BUSINESS CONSULTANTS
INDEPENDENT AUDITORS' REPORT
To the Board of Directors
Pioneer Commercial Funding Corp.
New York, New York
We have audited the accompanying balance sheet of Pioneer Commercial Funding
Corporation (a New York corporation) as of December 31, 2003, and the related
statements of operations, comprehensive income (loss), changes in stockholders'
equity (deficit), and cash flows for the year then ended. These financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all
material respects, the financial position of Pioneer Commercial Funding
Corporation as of December 31, 2003, and the results of its operations and its
cash flows for the year then ended in conformity with accounting principles
generally accepted in the United States of America.
The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note 3 to the
financial statements, the Company has ceased issuing loans in its' mortgage
warehouse lending business. The Company has also suffered recurring losses from
operations and has negative working capital and net worth. These factors raise
substantial doubt about its ability to continue as a going concern. Management's
plans regarding those matters are also described in Note 3. The financial
statements do not include any adjustments that might result from the outcome of
this uncertainty.
/s/ LAZAR LEVINS & FELIX LLP
------------------------------
LAZAR LEVINS & FELIX LLP
New York, New York
February 9. 2004
350 FIFTH AVENUE 68th FLOORI NEW YORK NY 10118-0170
T 212 736 1900 F 212 629 3219
Other Office: MORRISTOWN. NJ IT 973 267 1414
PARSIPPANY. NJ I T 973 428 3200
www.lazarcpa.com
Dates Referenced Herein and Documents Incorporated by Reference
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