Silas Lee, CPA

• Hands-on and supervisory US financial controller experience over numerous subsidiary controllers and accounting clerks (A/R, A/P, Payroll, G/L and Consolidation). Supervisory experience included all aspects of staff development in a decentralized environment of rapid acquisition integration and staffing changes.
• Directed and participated in monthly, quarterly, and year-end closing process within multiple companies, assuring the accuracy of data and integrity of reporting in accordance with Generally Accepted Accounting Principles (GAAP), IFRS & Statutory requirements.
• Prepared monthly and annual financial statements, including income statement, balance sheet, cash flow statement, statement of equity, and the majority of the footnote disclosures.
• Created auditable financial statements (including balance sheet, income statement, and statement of cash flows) from disorganized files of invoices, bank statements, contracts, and receipts for a development stage company.
• Developed internal monthly reporting packages capturing a wide variety of financial performance metrics, ratios, and presentation styles adapted to the issues, people, and businesses involved.
• Prepared and reviewed quarterly management presentations on behalf of the CFO and the Board of Directors.
• Reviewed results, analyzed and explained major variances and made recommendations for corrective actions in various companies.
• Developed standardized ‘audit ready’ balance sheet sub-ledgers and supporting schedules including fixed asset rollforwards, schedules for deferred rent, AR, prepaid assets, and accrued ‘other’. Verified these supporting schedules tied to the G/L and were consistent with GAAP.
• Functioned as the principal liaison with external and internal auditors in various companies. Coordinated and supervised year-end audit schedule preparation and completion for a variety of organizations and entities.

• Hands-on preparation and oversight of all external SEC Reporting functions involving full preparation and filing of Forms S-1, F-1, 8-K, 10-Q and 10-K, including footnote disclosures and MD&A at multiple public companies. Compiled support, in auditable form, for all footnote disclosures. Consulted with internal management and board members as well as outside legal counsel to ensure accuracy, completeness and compliance of SEC reporting.
• Responded to several Company’s SEC comment letters (over hundreds of queries)
• Performed project management and detailed analysis in restatements of several company’s 10Ks and 10Qs, relating to revenue recognition and stock options backdating)
• Responsible for ensuring GAAP/FASB compliance, including application and/or research of several technical areas, including revenue recognition (ASC 606 Revenue Recognition), lease accounting (ASC 842 Lease Accounting), intellectual property and lease impairment (ASC 360 Impairment Testing), Intangible (ASC 350 Goodwill & Others Accounting), Contribution of Investment Company (ASC 805 Business Combinations), and Consolidation (ASC 810 Consolidation.)
• Prepared weighted average basic and diluted EPS calculation in accordance with FAS 128.
• Researched financial accounting topics and making recommendations on GAAP compliance, including misclassified level category of Assets under ASC 820 Fair Value Review project.
• Performed detail review of Client’s Lease schedule (over 1000+ leases), uncover missing Leases for overseas subsidiary under ASC 842 Lease Accounting compliance project.
• Monitored emerging accounting guidance, including review of exposure drafts.
• Prepared and analyzed Purchase Price Allocation (under Topic 805 Business Combination) and developed Goodwill Valuation and Impairment Testing under ASC 350 (Goodwill and Intangible Assets. Impairment and Testing.)

• External audit background in banking, ecommerce, construction, consumer electronics, manufacturing, wholesale, biotech, and distribution.
• Participated actively in SOX 404 compliance program, including supporting standardization of journal entries, increasing transparency and documentation of supporting accrual entries, and demonstrating signoff at the appropriate executive levels.
• Implemented financial and accounting education materials in various settings, including process and procedures manuals, policies, desk procedures, and standard forms. Documented processes and procedures in various pre-SOX companies.
• Implemented month-end and year-end close checklists to ensure that the balance sheet accounts were consistently updated according to company policy and GAAP.
• Implemented improvements to the A/R and A/P approval processes. Improvements included more frequent sub-ledger monitoring and reconciliation, and enhanced documentation of signoffs.

• Hands-on and supervisory experience preparing annual operating plans, budgets, and forecasts for multiple companies.
• Supervised and coordinated the analytical work of three staffs in companies up to $100M in revenues.
• Managed and supervised annual budgeting and planning cycles in multiple companies.
• Developed and distributed specific quarterly cost and margin targets to appropriate management personnel, resulting in profitability improvement actions taken by management. Recommended vendor bidding system with respect to parts (over 5000+ parts) requirements in multiple companies.
• Presented financial analysis report as Expert Witness at California Superior Court.

• Extensive experience building, improving and refining dozens of budgets, forecast, planning, analytical, valuation, and other types of financial models in various companies.
• Familiar with various financial models and analytical tools including DCF, CAPM, NPV, IRR, growth model, 12 month rolling average, trend analysis, ratio analysis, sensitivity analysis and scenarios modeling.
• Developed several five-year forecast models for targeted acquisition as well as company for sale. The model forecasted post-acquisition income statement, cash flow statement, and balance sheet (most notably layering assumptions for inventory and floor plan). It allowed for sensitivity analysis to changes in assumptions, and graphically displayed EBITDA and cash flow sensitivity to the changes. This was shared with acquirer, investor and selling Company as part of a negotiation, term sheet generation as well as business case for a completed acquisition.
• Created Valuation Model of target in support of Investment Banker’s Opinion Letter of the Valuation to Board of Director as part of acquisition project. Utilized DCF, Public Comparable Multiple, and Comparable Transactions Multiple Method.

• Experience in all phases of cross-functional project management, including project scoping and initiation, planning, budgeting, executing, and signing off deliverables. Experience encompasses a diverse range of projects including IPO readiness, process reengineering, software implementation, subsidiary set up, transfer pricing study, integration of offices, SOX readiness and regulatory/statutory compliance efforts.
• Served as a project manager collaborating with the client on a number of key corporate finance departmental projects, including preparation for acquisition, valuation, due diligence, fundraising, and post-merger integration efforts. Consulted with PwC HK for best practices.
• Managed Stock Option backdating restatement project consulted with legal counsel and reported status to BOD.
• Defined project scope; developed project plans with trackable milestones, defined resource needs; and created communication plans.
• Managed teams of consultants, client staff and external resources in executing the project plan and kept the project team and stakeholders abreast of the project status, timeline, and risks.
• Monitored project costs and ensured that total costs remained within established budgets; coordinated the request of additional funds as necessary due to changes in project scope/deliverables.

• 8+years of IPO project lead experience, helping companies through all phases of an IPO/ Reverse Merger (SPAC), including system and process implementations as part of IPO readiness.
• Participated in pre-acquisition due diligence, including review of accounting and operating information: review of several balance sheet accounts and interviewing personnel. Investigate unusual transactions.
• Participated in post-merger accounting integrations, including working with the accounting personnel from the acquired companies to ensure a smooth transition to the acquiring company’s internal financial reporting requirements. Provided input on and performed purchase accounting adjustments.
• Project managed and worked on post-merger system migration from QuickBooks into Epicor. Partnered with the internal IT team, accounting staff and outside vendor on all aspects of the project, from system selection, overall implementation, report design, ITGC, and GL testing.
• Created Valuation Model, utilizing DCF, Public Comparable Multiple, Comparable Transactions Multiple Method, and Issued Company Valuation Report for Buy side and Sell side.
• Participated and managed several employees in Quote to Cash, Procure to Pay, and Record to Report Financial Process.
• Participated and managed over initial year SOX compliance program and completion of first year SEC Reporting filings
• Prepared and presented IPO Road Show financial presentation.

Microsoft Excel

• Basic Level User including creating financial model including pivot tables, macros, charts, formula building named ranges, text to columns imports, data validation, filters, grouping, subtotals, password protection, drop down menus, etc.

Microsoft Access

• Basic Level Access User including writing queries, importing/exporting data, and creating tables using various joining properties. Experience also encompasses writing user manual / implementation guide and facilitating implementation.

Microsoft PowerPoint

• Basic Level PowerPoint User including creating slide masters, working with templates and layouts, inserting objects, creating graphs and organization charts, working with embedded and/or linked objects, slide transition and animation as well as creating and running slide shows.

Quickbooks 

• Basic/Intermediate level user including setting up company structure, daily journal entries, month/year end closing, A/P posting, payroll posting, exports to Excel, imports from Excel, etc.
• Utilized to generate financial reports and perform account reconciliations.
• Performed basic GL testing as part of system migration to Epicor.

Oracle Netsuite 

• Basic Level user including import/export for SEC Reporting purposes.

Active Disclosure

• Basic/Intermediate level user, drafting 10-Q, 10-K, S-1, and F-1.

Other 

• Working experience with the following system/packages: Workiva, Epicor and MS Visio.

 

• Golden Gate University
  Master of Science in Finance
• University of Hawaii at Manoa
  Bachelor of Business Administration, Finance
• Certified Public Accountant, (Current Active License in California

• Synnex Inc. ($31.6B electronic products/systems)
• BioMarin ($1.4B pharmaceutical company)
• Kimree Inc. ($295M China Boton Group Subsidiary, technology/health delivery company)
• SymphonyAI ($250M SaaS/artificial intelligence products/systems company)
• ACL Semiconductor ($250M Samsung CN Subsidiary, semiconductor chips distributor)
• Youngevity International ($147M natural food products)
• Mainland Headwear Ltd. ($100M, apparel/accessory manufacturer)
• Aquarius Ltd. ($30M apparel/accessory)
• Sigma Design Inc. ($25M semiconductor chip design company)
• Catalyst Semiconductors ($25M semiconductor chip design company)
• Panacea ($20M cannabis vertical integrated operation)
• H3Sportsgear ($15M apparel/accessory)
• ai ($10M SaaS/Artificial intelligence professional development learning company)
• San Diego Hats Co ($10M apparel/accessory)
• VIA Inc. (technology investment banking firm)
• Arthur Andersen LLP (Audit & Tax Clients in banking, venture capital/funds, semiconductor, hardware/software company, and eCommerce)
• Rowbotham & Co LLP (Audit/Consulting Clients in a technology industries)