Technical Accounting Financial Reporting

ASAVARI OKA, CPA

** ******* ****, **** * Belmont, MA 02478

Cell – 201-***-**** ǀ **********@*****.***

Big 4, CPA with SEC reporting and technical accounting, IPO readiness experience.

EXPERIENCE

Senior Manager - Financial Reporting and Technical Accounting

Wellness Pet LLC (Consumer Products) Burlington, MA April 2022 – present

Sole technical accounting resource. Write position papers, prepare accounting entries, discuss position with the auditors (including sometimes their National Office) on various topics including –

odebt modification vs extinguishment, offering costs, failed sale leasebacks

odiscontinuation of a newly introduced product

olease termination income and signing of new lease and moving of corporate office

orevenue recognition considerations (ASC 606) that are typical to consumer product companies like slotting fees and consideration paid to retailers

ounhedged interest swap

oaccounting for cloud based software and related implementation costs

ogoodwill impairment (Step 0 analysis)

ounit-based compensation (ASC 718)

olease accounting for lessee (ASC 842).

Lead vendor selection, contract award and implementation for lease software (Trullion) and financial reporting software (Active Disclosure). Responsible for vendor management for the same.

Successfully transitioned financial reporting and technical reporting from outside vendors by developing an internal process and being ultimately responsible for both financial reporting and technical accounting.

Responsible for preparation of SEC-compliant quarterly and annual consolidated financial statements, quarterly debt compliance reports, review of lender reporting package prepared by FP&A and CFO and CEO quotes.

Responsible for preparation of subsidiary financial statements and audit management for subsidiaries.

Manager- SEC Reporting and Technical Accounting

Columbia Care, Inc. (Cannabis Manufacturing and Trade) Chelmsford, MA November 2020 – April 2022

Internal lead for filing of Form-10 (SEC registration document for foreign filers). Responsible for drafting sections of SEC comment letter.

Responsible for preparation and review of financial statements and pro forma financial statements in the MD&A sections in Form 10,10-K and 10-Q, review of press releases and scripts (Form 8-Ks).

Responsible for drafting new footnotes each quarter based on research of peer companies, industry trends and SEC guidelines.

Active participant in core SEC compliance team consisting of CFO, VPs / Chiefs of IR, Legal and Finance.

Quarterly reporting responsibilities – calculation of stock compensation expense and EPS, remeasurement of earnout liabilities and derivatives and other non-routine transactions, documenting flux analysis, completion of disclosure checklists and review of tie-out binders.

Documenting position papers on various issues including –

odebt (convertible debt raise, extinguishment of liabilities, warrants etc.)

ostock compensation (net share settlement)

obusiness combinations and asset acquisitions

oEPS calculation

osale with buyback provisions

osegment memo, goodwill impairment.

Integral team member in the integration of two acquired companies with purchase prices of approximately $15 million and $280 million. Worked closely with acquired companies during the integration process. Responsibilities varied for each acquisition but included some of the following - drafting acquisition memo, preparation of opening balance sheet, valuation, remeasurement and recording of contingent consideration, review of due diligence reports and valuation reports prepared by outside consultants, etc.

Liaise with Business, Legal, FP&A, Treasury, Benefits and IR to ensure accurate and timely filings.

Audit point of contact – distribution of the PBC list to appropriate personnel, daily calls to discuss open items and audit queries, weekly meetings to discuss audit status, ad-hoc calls to discuss accounting position papers and quarterly accounting update calls.

Vendor management – fair valuation specialists (fair valuation of goodwill and intangible assets upon acquisitions accounted for as business combinations or asset acquisitions, milestone payments, derivative liabilities, goodwill impairment), Active Disclosure, SEC readiness consultants, Globalshares, LeaseQuery, 401K plan auditors and accountants of acquiree companies.

Responsible for hiring, training and supervision of one SEC reporting analyst.

SOX readiness – Owned financial reporting and close controls, reviewed internal control memos.

Consultant, Private company – 100% remote June 2020 – October 2020

Responsible for preparation, management and distribution of financial statements on a monthly, quarterly and annual basis.

SEC Financial Reporting Supervisor

UniFirst Corporation (Services), Wilmington, MA August 2019 – June 2020

Preparation of Form 10-K, Form 10-Q, 8-K for quarterly results. Preparation of tie-out binder and completion of disclosure checklists. Review of XBRL tags.

EPS and weighted average share calculations.

Plan administration for Stock Appreciation Awards and Restricted Share Units, accounting for stock compensation. Lead role in vendor selection for equity compensation software.

Responsible for Section 16 filings.

Responsible for certain sections of the proxy statements.

SEC Reporting Analyst

Essential Properties Realty Trust, Inc. (REIT), Princeton, NJ January 2018 – August 2019

Sole financial reporting person responsible for preparation of financial statements for inclusion in initial registration statement on Form S-11 and follow-on offering in March 2019.

Preparation and filing of quarterly Form 10-Q and annual Form 10-K consolidated financial statement reports, Form 8K (for quarterly results, investor presentation decks, debt refinancing, annual meeting etc), XBRL tagging.

SEC Filing software (Active Disclosure) – training and vendor management.

Preparation of monthly financial statements for management reporting and quarterly statements for debt compliance.

Support implementation of internal control initiatives and Sarbanes-Oxley requirements for the initial internal audit.

Research complex transactions and draft whitepapers relating to technical accounting areas like –

oAsset acquisitions

oImpairment analysis of a large portfolio of real estate assets

oCalculation of basic and diluted EPS

oAccounting for stock compensation

oImplementation of ASC 842 for the lessor

oAccounting for hedged interest rate swaps.

Principal, Quality and New Initiatives, (Part Time Consultant – around 15 hours per week)

Kirtane and Pandit Chartered Accountants (Public Accounting firm), Pune, India July 2010 - May 2017

Collaborated with Partners to implement new initiatives or new business lines (e.g., XBRL, conversion of Indian GAAP financial statements to IFRS), implementing an internal peer review program.

Formalized training program for the firm, including design of training materials and participation in professional development group training initiatives as an instructor to all levels of staff and partners.

Audit readiness services.

Review of SOPs and control activities, process flows, flowcharts and narratives to ensure key internal controls are in existence. Responsible for small internal audits including summarization of risk results, development of control cycle process narratives and control matrices, identification of key financial and IT application controls, evaluation of design effectiveness, development of test plans and evaluation of operating effectiveness and control deficiencies.

Visiting faculty at local college – taught accounting and auditing standards (US GAAP, IFRS and Indian GAAP) and internal controls.

Audit Senior / Manager

Deloitte and Touche LLP (Phoenix, AZ, Parsippany, NJ) March 2003 – August 2009

Diverse portfolio of clients – large SEC filers, private companies and large wholly owned subsidiaries (parent companies in Europe and India).

Responsible for managing and mentoring teams of 4-7 audit assistants and seniors.

Industry exposure – technology service providers, education and testing services, real estate – golf courses, hotels, builder-developers, consumer and industrial products –trading, distribution, manufacturing, shipping.

Accounting research, preparation of technical memorandums and providing guidance, ensuring compliance with evolving accounting and auditing literature on various issues, including-

oFixed assets – Impairment (software, income producing properties), asset retirement obligations, capitalized interest

oRevenue recognition– long term service providers and multiple deliverable arrangements

oAsset acquisitions– income producing properties

oFair valuation – debt, income producing properties, consumer brands (acquisition and impairment)

oIFRS– audited multinational companies that report using IFRS

oIFRS conversions- consulting on accounting changes and change management.

Overall responsibility for financial audits including –

oaudit planning with clients and internal staff

oon the job training, supervision, and mentoring of experienced senior associates and support staff

oreviewing work papers, monitoring budgets, billings and realizations

oaggregation of potential risks and internal control deficiencies, appropriate subsequent remediation and changes to substantive testing with timely communication to client and Deloitte management

oissuance of audit reports and audit committee presentations.

Performed risk assessments for clients to improve focus and attention to critical areas, resulting in more efficient monitoring of risks and cost-effective audit procedures.

Project Manager, Global Service Offerings team - Led a project for outsourcing audit work from USA to India. Managed all aspects of the outsourcing work - recruitment, developing and facilitating training, workpaper standardization and delivery, resulting in huge savings on audit fees. Co-authored articles on off shoring audits.

Demonstrated commitment to audit quality through content development for local seminars, facilitating national level annual audit seminars on industry best practices.

Associate

Woods and Dwyer (CPA firm in Phoenix, AZ) November 2000 – March 2003

Tax preparation, book-keeping, review and audit of proprietary and small businesses.

Audit Associate

Deloitte (Pune, India) November 1997 – March 1999

Audit of Pune-based companies in manufacturing industry.

Software products/ services used – ActiveDisclosure, Workiva, Intacct Sage, IFS, Peoplesoft, Microsoft Word, Excel, LeaseQuery, Trullion, MyLogicIQ, GlobalShares, Computershare, Odyssey

Educational Qualifications

Qualification

Institute

DIP IFR (Diploma in IFRS) 1

ACCA, UK

CPA 2

Colorado State Board of Accountancy

CA 2

The Institute of Chartered Accountants of India

ICWA 2,3

Institute of Cost and Works Accountants of India

Bachelor of Commerce 4

B.Y.K. College of Commerce, Nasik, India

1 Ranked first in India

2 Passed all subjects in first attempt

3 Ranked first in India in the subject Principles and Practices of Management

4 Ranked second in Pune University

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