EXECUTIVE SUMMARY - The audit committee is holding up the report... LET ME TRANSLATE...THE EXTERNAL AUDITORS WON'T SIGN OFF ON THE FINANCIALS, AND THE ROYL MANAGEMENT TEAM IS ARGUING WITH THEM.
MY GUESS. THE AUDITORS WILL ISSUE A QUALIFIED OPINION - QUESTIONING WHETHER ROYL IS AN ONGOING CONCERN. CHECK THE SEC DATABASE (EDGAR FOR THE FILING) NEW DATE 4/14 OUCH
The Company’s annual report on Form 10-K for the year ended December 31, 2012, is due to be filed on April 1, 2013. The Company’s management and audit committee need additional time to complete their review of the Company’s financial statements, in order to file an accurate annual report. The Company expects that the Form 10-K will be filed on or prior to April 14, 2013.