When you have a legitimate gripe about something t
Post# of 22465
(Total Views: 529)
Posted On: 03/02/2022 11:30:47 PM
Re: Mykidsdad72 #21393
When you have a legitimate gripe about something the company is required to do but fails to get it done, as in the case of filing SEC financials on time, it is not bashing. "Not trying to bash"
"Mr.Squires, knowing that he received a delisting notice before releasing the news of the Pasaca Capital agreement last year is shady no matter how its spun and something we should have been made aware of as investors, so why trust what he is saying about working towards becoming current to start trading again? "
Let me explain why I see it a little differently than you. IMHO
- One has to believe that a company does deep audits of one's books and reviews all legal actions against before placing a value on another company and make a deal to buy 51% of that company.
- Pasaca Capital being a highly success business, one has to believe when Charles Huang signed the purchase agreement with QMC, January 26.2021, he was fully aware of QMC's issue with the SEC.
- With that knowledge Pasaca Capital valued the company at around 30 million dollars.
- Pasaca Capital put into the agreement a deadline in which they required QMC to be current.
- This deadline I believe was publicly extended twice.
- which indicates to me Squires and Pasaca Capital actually believed QMC could become current before the deadline or at the very least the SEC would grant them an extension.
- March 22. 2021, April 30,2021 and June 24,2021 QMC filed back financials.
- On July 27, 2021 the SEC revoked trading of QTMM for 2 specific reasons.
1).QTMM (CIK No. 1403570) is a defaulted Nevada corporation located in San Marcos, TX with a class of securities registered with the Commission under
Exchange Act Section 12(g). As of May 7, 2021, the common stock of QTMM was quoted on OTC Link (formerly Pink Sheets) operated by OTC Markets, Inc., had ten market makers and was eligible for the Piggyback exception of Exchange Act Rule 15c2-11(f)(3) (Rectified November 1 2021 reinstated https://opencorporates.com/companies/us_nv/E0023832007-7 )
2) QTMM has failed to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a -13 thereunder because it has not filed any periodic reports with the Commission since the period ended September 30,2019 (IMHO, this was not a matter of unwilling to comply but a matter of being unable to, due to the current share structure at the time. This opinion is base on the shareholder vote held in October 2021 to increase the AS. Until the share structure was adjusted to meet the company's commitment, the company could not get auditors to sign off on the financials).
This is further shown to be the case "On November 16, 2021, the Company was notified by its audit firm, RBSM, LLP, that the firm had completed the fiscal year 2020 financial audit. The current year 2021 audit for The Company is in progress." where the auditors signed off on the financials after the AS was raised..
So back to your question:
"so why trust what he is saying about working towards becoming current to start trading again?
Because Pasaca Capital believed they would, Squires failure to file was an accounting problem no auditor would sign off on a share structure they could not verify, the AS was raised to fix that problem, the Nevada registration problem was rectified, money was spent to finish the 2020 financials, money is being spent on the 2021 financials (if you have no intention to relist why waste money auditors are no cheap) and last but not least it means more to Squires' pocketbook to be free trading than any other retail trader on these boards.
"Mr.Squires, knowing that he received a delisting notice before releasing the news of the Pasaca Capital agreement last year is shady no matter how its spun and something we should have been made aware of as investors, so why trust what he is saying about working towards becoming current to start trading again? "
Let me explain why I see it a little differently than you. IMHO
- One has to believe that a company does deep audits of one's books and reviews all legal actions against before placing a value on another company and make a deal to buy 51% of that company.
- Pasaca Capital being a highly success business, one has to believe when Charles Huang signed the purchase agreement with QMC, January 26.2021, he was fully aware of QMC's issue with the SEC.
- With that knowledge Pasaca Capital valued the company at around 30 million dollars.
- Pasaca Capital put into the agreement a deadline in which they required QMC to be current.
- This deadline I believe was publicly extended twice.
- which indicates to me Squires and Pasaca Capital actually believed QMC could become current before the deadline or at the very least the SEC would grant them an extension.
- March 22. 2021, April 30,2021 and June 24,2021 QMC filed back financials.
- On July 27, 2021 the SEC revoked trading of QTMM for 2 specific reasons.
1).QTMM (CIK No. 1403570) is a defaulted Nevada corporation located in San Marcos, TX with a class of securities registered with the Commission under
Exchange Act Section 12(g). As of May 7, 2021, the common stock of QTMM was quoted on OTC Link (formerly Pink Sheets) operated by OTC Markets, Inc., had ten market makers and was eligible for the Piggyback exception of Exchange Act Rule 15c2-11(f)(3) (Rectified November 1 2021 reinstated https://opencorporates.com/companies/us_nv/E0023832007-7 )
2) QTMM has failed to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a -13 thereunder because it has not filed any periodic reports with the Commission since the period ended September 30,2019 (IMHO, this was not a matter of unwilling to comply but a matter of being unable to, due to the current share structure at the time. This opinion is base on the shareholder vote held in October 2021 to increase the AS. Until the share structure was adjusted to meet the company's commitment, the company could not get auditors to sign off on the financials).
This is further shown to be the case "On November 16, 2021, the Company was notified by its audit firm, RBSM, LLP, that the firm had completed the fiscal year 2020 financial audit. The current year 2021 audit for The Company is in progress." where the auditors signed off on the financials after the AS was raised..
So back to your question:
"so why trust what he is saying about working towards becoming current to start trading again?
Because Pasaca Capital believed they would, Squires failure to file was an accounting problem no auditor would sign off on a share structure they could not verify, the AS was raised to fix that problem, the Nevada registration problem was rectified, money was spent to finish the 2020 financials, money is being spent on the 2021 financials (if you have no intention to relist why waste money auditors are no cheap) and last but not least it means more to Squires' pocketbook to be free trading than any other retail trader on these boards.
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