Financial Statements are Incorrect (Fraudulent)
Well the UBIQ self promotion machine is gearing up again. How silly can a press release be?
Of slightly more interest is the 2015 they filed today. It raises, or more likely verifies, that UBIQ exists for one reason: to sell stock so the proceeds can go to the Carmichaels. They report having sold close to $5 million since 12/31/15. Also, they have now taken impairment charges making their IP near worthless.
Having said all the that, the most interesting feature is that they show $7.7 million in accrued legal to settle lawsuits as of 12/31/15. There is a problem with this. The lawsuits occurred and judgements rendered after 12/31/15. This is incorrect financial reporting, nee fraudulent. Who audited this stuff and signed off?
