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  • waldoa Jul 2, 2013 5:01 PM Flag

    SCEI's 2012 audited financials very likely ready for quick filing with SEC with lawsuit settlement now final

    To the best of my knowledge, external auditor Weinberg has continued to remain engaged as outside auditor for SCEI to this day. Tthere has been no filing with the SEC by Weinberg of a letter stating they had resigned as auditor. So, Weinberg almost certainly would have audited SCEI's 2012 financials and, in doing so, would have reserved for a potential loss on the Dongquan plant given the uncertainty over whether or not SCEI has legal ownership rights to it. Accordingly, as of July 1, 2013 final settlement of consolidated shareholders' lawsuit taking effect, SCEI's Board Audit Committee and management almost certainly are in possession of 2012 financials audited by Weinberg which are ready to be filed with the SEC. So, it seems very highly probable that, if SCEI's Board Audit Committee and management wish to become current on their SEC filings, they may do so in the very near future.

    A filing of an 8-K by the Company reporting the July 1, 2013 final settlement of the consolidated shareholders' lawsuit would send a very strong signal of the Company's intent to get current on its SEC filings in a very timely fashion.

    Sentiment: Strong Buy

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    • Oh yeah.... before they can "audit" SCEI's financials for 2012 (if any exist), they will need to file an audit for the financials for 2011 (because they have withdrawn the prior audit for that period).

      So Magic 8-ball says: Very Likely the now-in-default Nevada business license will be terminated in January 2014, and the Corporate Charter revoked, long before any audited financial statements are filed with the SEC. Which might make it a little difficult for shareholders who want to sell their holdings.

    • Every year CPA firms certified with the PCAOB must file a Form 2, which, among other things, discloses the public companies the CPA firm has audited in the prior year.

      From April 1, 2012 - March 31, 2013, Weinberg & Co. reported conducting financial audits for 15 public companies. Sino Clean was not on the list.

      The Form-2 filing is available on the PCAOB website.

      Also, to the best of my knowledge, Thornhill has engaged a herd of albino elephants to prepare a forensic seismic stampede around SCEI's Dongguan facility to scare away the evil spirits that are gumming up the works, and get the coal glop oozing again. Since Thornhill has not filed with the SEC that they have resigned as non-CPA consultants, they almost certainly have engaged the albino elephants, and maybe a Thai crocodile too. I expect the stock to be at $4 on July 4th (when all those doubting Thomas's are frolicking at the beach.) If not, I expect to see a 13-D filing before Labor Day.

0.160.0000(0.00%)Jul 10 3:24 PMEDT