Posted On: 05/11/2016 10:13:11 PM
Post# of 30066
What might be the reasons for the delay?
1. Person who is substantially responsible for the report (CFO RF) has left the company
2. There are significant accounting issues. The independent auditor AMBS hired (Marcum LLP) may have refused to stand by the report; or they may have resigned all together.
3. Concerns or probes initiated by SEC
One thing is for sure, there is tremendous turmoil within the company. Some of the convertible note holders are angling to have a substantial equity in the company. If the result is a clean financing in exchange for equity, that is the best we can hope for. One thing is for sure, GC and the Board have effectively lost control of the company. Based on their performance so far (when it comes to finance), it is hard to argue that they don't deserve it.
1. Person who is substantially responsible for the report (CFO RF) has left the company
2. There are significant accounting issues. The independent auditor AMBS hired (Marcum LLP) may have refused to stand by the report; or they may have resigned all together.
3. Concerns or probes initiated by SEC
One thing is for sure, there is tremendous turmoil within the company. Some of the convertible note holders are angling to have a substantial equity in the company. If the result is a clean financing in exchange for equity, that is the best we can hope for. One thing is for sure, GC and the Board have effectively lost control of the company. Based on their performance so far (when it comes to finance), it is hard to argue that they don't deserve it.
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