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China Precision Steel, Inc. Message Board

  • PBernhardt PBernhardt Aug 18, 2007 11:45 AM Flag

    Fundamental research 101

    The ongoing discussion on this board suggesting this company is late in reporting earnings for the 4th quarter and fiscal year appear, for the most part, to be based on basic ignorance about the history of CPSL's filings with the SEC, but also on easily available information from the SEC on the controlling regulations with respect to "non-accelerated" filers.

    Here it is:

    Companies meeting non-accelerated requirements must file quarterly 10-Q reports with the SEC within 45 days of the end of the reporting period, and annual reports within 90 days of the end of their fiscal year.

    What is a 'non-accelerated' filer? These are "issuers that have a public float of at least $75 million, that have been subject to the Exchange Act�s reporting requirements for at least 12 calendar months, that previously have filed at least one annual report, and that are not eligible to file their quarterly and annual reports on Forms 10-QSB and 10-KSB."

    See http://www.sec.gov/answers/form10k.htm

    For the 3rd quarter, which ended on March 31st, CPSL filed their required 10-Q as a non-accelerated filer on May 14th, within the required 45 day requirement for this filing.

    They will file their 10-K as a non-accelerated filer within 90 days of the end of their fiscal year, which was June 30th. That means they have until the end of September to file.

    Furthermore, anyone who claims this is a "shell" company or that they do not have non-accelerated status, needs to look at their most recent 10-Q filing. (Something I would hope certain people who claim to hold hundreds of thousand of shares would do!)

    Here's the link:

    http://tinyurl.com/38xmlw

    CPSL's non-accelerated filing status is clearly indicated in the section just below the title page.

    Finally, I strongly recommend that people do their own due diligence on the companies in which they invest. More importantly, they should be very careful when looking to the Yahoo message boards for information about a company. This board appears to offer a good example of how people with an ulterior motive attempt to spread disinformation about a company. My practice is to put such posters on my ignore list -- which is quite long.

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