I also think getting current is the priority of the company, and Squires saying it is "a" priority just means not all or many employees are working on the Quarterlies.
Only the management and accounting department, now headed by a very experienced Controller, need work on them. Evidently, the reports are in the hands of the Auditors.
It was stated at the trial in November that the holdup was with the Auditors, an outside firm. It may not be QMC'S fault at all. That's in the legal record.
I'm also encouraged QMC hired specific SEC attorneys to help them make their case at a hearing or SEC review. No question QMC is very late and may not have kept up correspondence with the SEC but I can understand that the trial's closing argument may have been top priority in January- February, followed by a focus on merger terms and negotiations also. No doubt the situation showed the need to hire a controller, which they did.
Also, as Jamis said, revenue generation is of utmost importance to a company's health, and I believe revenue is owed QMC from Innova, to paraphrase Squires, "that represents the value of the quantum dots and QMC HealthID and anticounterfeiting" in Innova's products. We know Innova's UK business is just under $5 Billion, so IMO it should be a considerable amount. Thanks to Teras, I now know that Innova has a large european organization, and may be doing billions more in unannounced business in many of the 20 countries they are active.
Squires also mentioned other business focuses, but I won't go into them here.
The important thing is that QMC can show the SEC legitimate business and upcoming revenue if allowed to proceed and complete getting current on a schedule agreed to by all parties.
I see the SEC having two separate goals. First, as in the case of QMC, to encourage and/or force companies to get current, and second, to weed out non-reporting fraudulent or shell companies, which QMC is not. I'm hopeful that the SEC will be lenient as QMC makes amends for it's past behavior. Being able to show the strong relationship with Pasaca Capital can only help.
As to guessing about the timeline, we can see it depends on getting current in reporting. Besides being a requirement of the SEC, it is a requirement of the agreement with Pasaca Capital. Before the SEC acted, QMC missed deadlines for getting current, and got extended by Pasaca a few times. QMC either underestimated or was somehow getting wrong estimates from the Auditors about how long it will take to complete the remaining six(?) 10Qs and 10K. Hopefully a new, more accurate timeline can be made that allows QMC to get current in a short time. QMC did release the 2019 10k in March and 2020 first quarter 10Q in April 2021, and in an email to a Ihang poster, Squires said the company was trying to get current by the end of May. Looking at it all now, it's not something Squires can say, it really comes down to the Auditors to give a time estimate.
Only the management and accounting department, now headed by a very experienced Controller, need work on them. Evidently, the reports are in the hands of the Auditors.
It was stated at the trial in November that the holdup was with the Auditors, an outside firm. It may not be QMC'S fault at all. That's in the legal record.
I'm also encouraged QMC hired specific SEC attorneys to help them make their case at a hearing or SEC review. No question QMC is very late and may not have kept up correspondence with the SEC but I can understand that the trial's closing argument may have been top priority in January- February, followed by a focus on merger terms and negotiations also. No doubt the situation showed the need to hire a controller, which they did.
Also, as Jamis said, revenue generation is of utmost importance to a company's health, and I believe revenue is owed QMC from Innova, to paraphrase Squires, "that represents the value of the quantum dots and QMC HealthID and anticounterfeiting" in Innova's products. We know Innova's UK business is just under $5 Billion, so IMO it should be a considerable amount. Thanks to Teras, I now know that Innova has a large european organization, and may be doing billions more in unannounced business in many of the 20 countries they are active.
Squires also mentioned other business focuses, but I won't go into them here.
The important thing is that QMC can show the SEC legitimate business and upcoming revenue if allowed to proceed and complete getting current on a schedule agreed to by all parties.
I see the SEC having two separate goals. First, as in the case of QMC, to encourage and/or force companies to get current, and second, to weed out non-reporting fraudulent or shell companies, which QMC is not. I'm hopeful that the SEC will be lenient as QMC makes amends for it's past behavior. Being able to show the strong relationship with Pasaca Capital can only help.
As to guessing about the timeline, we can see it depends on getting current in reporting. Besides being a requirement of the SEC, it is a requirement of the agreement with Pasaca Capital. Before the SEC acted, QMC missed deadlines for getting current, and got extended by Pasaca a few times. QMC either underestimated or was somehow getting wrong estimates from the Auditors about how long it will take to complete the remaining six(?) 10Qs and 10K. Hopefully a new, more accurate timeline can be made that allows QMC to get current in a short time. QMC did release the 2019 10k in March and 2020 first quarter 10Q in April 2021, and in an email to a Ihang poster, Squires said the company was trying to get current by the end of May. Looking at it all now, it's not something Squires can say, it really comes down to the Auditors to give a time estimate.
