Stephen: "We have continued to maintain a very lean operation and continued to focus on aggressive cost cutting measures that we implemented in January. This has allowed us to further reduce our monthly burn rate while sustaining our R&D programs. We have recently retained a consulting firm to audit the company’s legal services fees and we believe the company will be entitled to significant adjustments to these invoices. Since these account for 68% of the company’s total payables, adjustments here could represent a significant overall reduction in payables "

"I realize that the late filing of our 10K may have caused some concerns. This late filing enhanced the company’s ability to deal with the actions of a lender, that in spite of being paid on time has chosen to take predatory actions. We will be filing the 10K within the allotted grace period and will make every effort to communicate more on this topic as appropriate".

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My interpretation: " We have recently retained a consulting firm to audit the company’s legal services fees and we believe the company will be entitled to significant adjustments to these invoices. Since these account for 68% of the company’s total payables, adjustments here could represent a significant overall reduction in payables. This late filing enhanced the company’s ability to deal with the actions of a lender as the savings from the "overcharged" legal fees can be used to eradicate the debts owing to that predatory lender. Due to this legal issue, the Amended 10K Report will be filed late".


SEC Filing of October 19 Shareholder Update
to let SEC to understand QMC's situation
https://www.sec.gov/Archives/edgar/data/14035...ex99-1.htm

SEC Filing informing 10K late filing
https://www.sec.gov/Archives/edgar/data/14035...nt10-k.htm