Can anyone tell me if there is any reason why the filings were not done on time? I can't think of any valid reason, and the lack of filing looks like cooked books.
One would think that if they just simply didn't have the task completed they'd bring in some contract help or even buy a few pizza's and pull all-nighters to get the job done.
I just can't think of any valid reason to not have the filings completed - knowing they were warned with delisting. Anyone who owns stock, incl. their mgmt. Looks like their Prez. lost at least $10 million personal worth in just the past few hours today.
I guess I'm a 'buy' but not until it gets far cheaper - they got a killer tough road ahead now.
The answer is right there in the press release - their auditors won't make a call on how to recognize the revenue because of the pending call from the OCA and they can't file the 10-K without an audit opinion. And until they file the 10-K they can't file the following Q's. I'm guessing that the SEC gave them the impression that if they were working diligently toward a resolution, they wouldn't yank their listing. The sad thing is the accounting issue is a trivial one of timing- it is not a question of how much revenue is recognizable, but in what period. Their auditors were such wimps they couldn't even make a call on that and so the stock gets hammered? I look at this as a buying opportunity.