Three days ago, on Monday Nov 14, IAS' 10-Q report for the quarter ending 9/30/2011 was due. It didn't get filed. And, they didn't file a NT 10-Q announcing it was late. Hmmmm .... does that mean they are violating SEC Rules & Regs and could therefore get some unwanted attention from them?
They haven't even filed their 10-K annual report yet. It was due on Sept 28 -- about a month and a half ago. Then, they missed the 15 day extension. As a result, they were demoted to "Pink Limited" status, which is "awarded" a yield sign next to their stock symbol.
If they don't get the 10-K filed "soon", they will be demoted AGAIN, this time to "Pink - No Information". That tier is "awarded" a stop sign next to their stock symbol.
If they finally do file their 10-K "soon", I think they will continue to be rated "Pink Limited" until after they file their late 10-Q.
I would like to know what it is that is causing the delay(s) in filing 2011's 10-K. Apparently the Pumper Patrol doesn't care. I suspect it has something to do with the new auditing firm trying to rationalize all the statements that were included in last year's (2010) 10-K, as well as all the quarterly filings since then.
Like, for instance, where the heck is that $2,360,250 in "deposits" for the "Alternative Energy Systems" that were sold/leased prior to the "birth" of RaPower3?
And, there hasn't been revenue recognized by IAS, so what the heck is it that RaPower3 has been selling since their "birth"?
And, if Neldon Johnson filed bankruptcy in early January of 2011, where did he get the funds to provide a "cash advance" of $498,082 to the company during 2010? Is the company now responsible for a portion of his debts during these bankruptcy proceedings?
These are just a few of the types of questions that a qualified CPA firm has to answer before they will approve an annual report.
I think the answers to some of those questions might expose some "interesting" situations that IAS and/or RaPower3 don't want exposed.
So, it's possible that IAS will be content with letting the Pink Sheets rating erode into the lowest tier (Pink No Information).
Not TOTALLY unrelated to the above is ... why didn't IAS sue REDCO's Ryan Davies for the "Fatal Flaws" comment he made to Needles in a public forum to the officials of the NPUA?
Wouldn't that amount to "torturous interference" (LOL), which is what those pesky pumpers tried to pin on those nasty "Paid Bashers".
If IAS didn't sue Davies for that, why would they threaten to sue those nasty "Paid Bashers" for comments made on a chat thread that those pesky pumpers themselves say is meaningless?
Oh, well. There are plenty of people who will have plenty to say about these and other issues, if/when they are "invited" to share their stories. I'm sure Davies has some interesting things to say.
The attorneys will likely select only witnesses to appear who haven't perjured themselves in past court appearances. Right, MaddDawg?
Hey, Shepard -- are you ready to sit down with an IRS agent and me to determine whether or not those NON-EXISTENT "Alternative Energy Systems" qualify as being "Placed in Service" so they would qualify for the 30% Federal Renewable Energy Tax Credit?
You're ready to justify your claim, right? I know I am, so I suspect you would be, too.
Hey, I know. Let's you, me, and an IRS agent attend the heavily rumored "complete demo" that is supposed to happen pre-Thanksgiving.
Golly, I sure hope it doesn't get delayed. Poor ol' goodbet will be sooooo disappointed.
Sure is a pretty day.
TED
By: TEDennis
17 Nov 2011, 04:41 PM EST
Rating: You rated it: Msg. 202583 of 202584
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