Friday, August 29, 2014 4:31:00 PM
Just because there is a lack of disclosure does not mean there is necessarily non-compliance with SEC requirements, however hurtful it is to investors.
There was a lack of disclosure unless there is a quote from the 2013 10K showing $1 million in delinquent payroll taxes leading to a lien placed on the company at the end of January. Mind you that in January I asked Ryan Schadel if the company was delinquent on any taxes (because of negative reviews mentioning it on glassdoor.com) to which he replied that the company was current on all tax obligations.
There was a lack of disclosure in the 2014 1Q unless there is a quote showing over $1 million owed to the IRS as established in March.
There was a lack of disclosure in the 2014 2Q unless there is a quote showing how many months the $15,000 payments are owed to the IRS.
And, certainly, it is quite arguable that the S1 was misleading if not flat out deceptive considering Schadel's robbery conviction when he was 18:
...although, both statements are technically true now that I look closer at it. I can't help but sense deliberate grammatical manipulation. The first one reads "No officer or director...has never been named..." and the second one reads "None of the officers and directors...has never been convicted..."
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