Veal said in his shareholder letter that they have "pressures from convertible lenders who have long since recouped their original investment with a profit" so if that's true the lenders probably won't sue but they also won't just forget that they're still owed money and/or shares. HJOE's has painted themselves in a corner by not filing. They can catch up on their filings and hand over the shares the toxic funders are owed which with all the penalties could be multi billions of shares or just never file, get suspended and go to the greys and wipe out all shareholders including themselves. Now if they just spent the 40-50K to hire an auditor and filed the 10K, the company and its shareholders would be way better off yet some shareholders actually think HJOE's didnt file to "protect" shareholders.
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