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$UNSS - Thank you, Bueller. Sounds very good!
$UNSS - Nothing is easy. Appears there are more than just a "few more minor details" for the Attorney's Letter.
Today is an early holiday for a lot of people. See you all next week.
$TCNT - Just picked some up.....wasn't easy. Not too many shares out there.
Nice balance sheet! Very clean!! Only debt is related party stuff.
SIGN - Didn't read your post...due to the way you started it.
Don't explain to me....explain to the effing court....lol
MFST - lol.... A double-dipper!! I almost bot today - I expected it to fly just on any news at all.
UNSS - As always, I appreciate your opinion as well. I have tried to be supportive and understanding of what Mr. Landrew has gone through and will not criticize him.
But, yes, you are correct - I too am looking forward to Mr. Watkins having control.
$UNSS - Have not sold a single share. That's why I care.
Don't want to state how many shares I have (except for the survey) - but if I sold, you would know it.
UNSS - They are not fine. I have audited public companies and prepared 10-K's.
If you want me to rip it apart more....I will.
The Statement of Cash Flows is misstated. It is plugged. It is not "fine". The proceeds from the PPP loan should be shows as cash proceeds under the section: "CASH FLOWS FROM FINANCING ACTIVITIES".
I get your position: You don't care about the financial statements because this is just a minor procedure in getting rid of the CE. You are thinking Big Picture. I get it.
My position is that there is no excuse for this shoddy work and it will lead to reissued statements down the road. My experience is that poorly done work always comes back to bite you.
I'm done.
EVLI - Very nice!....imo
SIGN - I find myself in total agreement with NativeBuff. I don't like CEO's blabbing to people.
Having said that, the acting CEO should reply to each stockholder with an e-mail stating that they will have an update for ALL stockholders when appropriate.
UNSS - The "financial statements" are crap. That's why I am negative. What happened to the $290K in loan proceeds received?
UNSS - The accounting and legal was about $8K for the March 2021 Quarter. (Has nothing to do with the $400K built up over a number of years).
UNSS - PPP Loan = $290,473 (Per Note 5 - Loans payable).
1. How do you get a PPP Loan for $290,473 when you have $-0- rent expense and $15,502 in Salaries?
2. Where did the $290,473 in loan proceeds go? Why are the loan proceeds not on the Statement of Cash Flows for 12/31/20?
3. Why is there only $624 in Cash at year end 12/31/20 if you received a loan of $290,473?
The Statement of Cash Flows for 12/31/20 makes no sense.
-----
On June 30, 2020, the Company received a loan from United States Small Business Administration (“SBA”) under the Payroll Protection Program (“PPP”) totaling $290,473. The loan bears interest at 1% per annum. Principal and unpaid interest are forgivable if used for stipulated expenses such as payroll, rent and other defined areas. Loan payments are deferred for borrowers who apply for forgiveness. As of December 31, 2020, the balance due of the PPP loan is $290,473 in included in Loans Payable in the accompanying balance sheet.
UNSS - Was this the holdup on the Financial Statements?:
NOTE 4: RELATED PARTY TRANSACTIONS
Advances from Related Party
The president of the Company makes unsecured advances to the Company interest-free and without repayments terms. The balance may be repaid as cash becomes available and is recorded as current liability. There were no activities with the related party during the quarter ended
March 31, 2021. As of March 31, 2021, the balance due to related party is $412,586, and is reported as Advances from Related Party on the accompany balance sheet.
Refer to Note 9 regarding additional advances received subsequently.
On June 1, 2021, the management reached a resolution to convert the balance due to related party to into common stock. This transaction is to occur on or before March 31, 2022. The Company will issue shares of common stock at $0.07 per share or at the 90-day trailing average price.
-------------------
$412,586/$.07 = 5,894,086 shs to be issued
UNSS - Based on my review of other companies that have recently filed to get their CE removed, I believe you are right. They didn't even have a compilation. (And their statements looked like crap as well). Sorry to keep using the C-word.
It is what it is...I suppose.
UNSS - Good luck to everyone here. I think we are going to need it.
$UNSS - Not an audit....not a review. Crappy compilation stmts.
What took so long if it was not an audit?
UNSS - IF and I mean IF....it gets us current...then fine.
But, the statements are crap.
UNSS - We waited all this time for crappy little compilation statements rife with typos?
Unbelievable.
$MFST - "Open Dialog" = Inside Information.
Not good.
Not legal.
DDV, the market knows a helluva lot more than you do. The market says George is going to do this.
Your views are way too biased to objectively comment on this matter.
$EVLI - Wowsers is right!! I just looked away for a moment and the Ask is up to $.06
$EVLI - Bid is strengthening.
$MFST - I'm not a greedy chimp....lol
MFST - Check back on otcmarkets.com next week and you'll see that a crap load of shares was issued today....(imho).
I got out at $.0023 on the way up today. Even a chimp would know that it was going to go up big this morning.
And, it will go down too........over time. The Company faces many challenges. Especially legal ones (the Company was named in the court filing too...not just Bruce S.).
EVLI - I'll answer my own question. Management did not file the financial statements because they are corrupt and incompetent.
EVLI - What is their reason for not filing?
$EVLI - My point is clear. There is NO excuse for not filing financial statements for two years. It is indefensible in court.
$EVLI - You have no idea the climate we are currently operating in.
Companies that have not filed Financial Statements will be halted and delisted.
The Judge is this case will have no sympathy for not filing.
The Judge will support the shareholders.
You can write all the excessively long over-the-top motions you want...it won't change the fact the you did not file financial statements.
EVLI - I read the first 4 pages of the 195-page motion (see above).
Very unprofessional and rambling filing imo. Way over the top.
And, the Court will not appreciate receiving 195 pages.
We'll see.
EVLI - Help me understand this....Mgmt can file a 195 page Motion in Court.......BUT CANNOT FILE A FREAKING FINANCIAL STATEMENT????!!!!!
LMAO
$MFST - You are wrong. No indictment.
He hasn't faced a grand jury.
He executed a Waiver of Summons....going to trial.
$UNSS - Excellent!!! Thank you, Bueller!
$UNSS - Excellent! Thanks for the update.
(I just thought I read somewhere here that the Financial Statements were supposed to be sent to the SEC and OTC yesterday....my Bad if I misunderstood).
$UNSS - Where are the Frickin Statements?...lol
(just posting what I think everyone here is thinking right now)....
$SSTY - Balihi, thank you! For the life of me....I could not remember that board....Raging Bull!!
Wow, we have some nice trading on SSTY so far today..
$TPID - is this like dead yet?
$BGL - Bro, is bgl dead?
$SSTY - I see I just made post #8800 !! I need to get a life - probably 2,000 of the posts are mine - lmao (IHUB keeps track of it, but I don't want to know !).
And....And....that does not even include a ton of posts on the other board when I was "Carl-the-Truth"!
Man, that's sad.....
$SSTY, Hi Surf/Balihi, good to see you on the board! I think your 12 years may be off a little. I started buying this crapola in December 2004...and really added in 2005 to 2008.
Not proud of it. I'll use the expression I hate: It is what it is.