Budd: SEC suspended FSPM today, one day after fili
Post# of 768
Posted On: 05/16/2014 3:52:18 PM
Budd: SEC suspended FSPM today, one day after filing unaudited Q1 fins as a Current Info pink. In those fins, FSPM reported the following (also touted in a PR):
"As of March 31, 2014 we had $482,481 of signed contracts under construction and had received $314,460 in deposits for the same. This represents a total of 20 PharmPod containers As described in our Significant Accounting Policies, in accordance with U.S. GAAP, the Company recognizes revenue when pods are delivered, as such, revenue for these sales will be reflected in subsequent financial statements. Six of the backlogged pods shipped at the end of March."
And they were suspended with this comment by SEC:
"The Commission temporarily suspended trading in the securities of FusionPharm due to a lack of current and accurate information about the company because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things: (1) the company's assets; (2) the company's revenues ; (3) the company's financial statements; (4) the company's business transactions ; and (5) the company's current financial condition. This order was entered pursuant to Section 12(k) of the Exchange Act."
http://www.otcmarkets.com/stock/FSPM/news?id=80861&b=y
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Compare those $482,481 of signed contracts (unaudited) of FSPM to SKTO's unaudited $30 million in anonymous contracts touted in March 2013-- almost all of it written off as bad debt in Q4. Not to mention unaudited EOY 2013 ~$53m in "revenues" (nothing collected; $25m written thus far) and ~$17m in "net profits" (nothing collected) pumped as real money collected by the firm during a $600K promotion campaign. How can these instances escape notice of MFTF? Maybe SK shouldn't say anything, and let the ticker reside permanently in Limited Info tier
Alas, you tried to warn people.
"As of March 31, 2014 we had $482,481 of signed contracts under construction and had received $314,460 in deposits for the same. This represents a total of 20 PharmPod containers As described in our Significant Accounting Policies, in accordance with U.S. GAAP, the Company recognizes revenue when pods are delivered, as such, revenue for these sales will be reflected in subsequent financial statements. Six of the backlogged pods shipped at the end of March."
And they were suspended with this comment by SEC:
"The Commission temporarily suspended trading in the securities of FusionPharm due to a lack of current and accurate information about the company because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things: (1) the company's assets; (2) the company's revenues ; (3) the company's financial statements; (4) the company's business transactions ; and (5) the company's current financial condition. This order was entered pursuant to Section 12(k) of the Exchange Act."
http://www.otcmarkets.com/stock/FSPM/news?id=80861&b=y
###
Compare those $482,481 of signed contracts (unaudited) of FSPM to SKTO's unaudited $30 million in anonymous contracts touted in March 2013-- almost all of it written off as bad debt in Q4. Not to mention unaudited EOY 2013 ~$53m in "revenues" (nothing collected; $25m written thus far) and ~$17m in "net profits" (nothing collected) pumped as real money collected by the firm during a $600K promotion campaign. How can these instances escape notice of MFTF? Maybe SK shouldn't say anything, and let the ticker reside permanently in Limited Info tier
Alas, you tried to warn people.
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