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0.001 ? -0.0015 (-60.00%)
Volume: 9,000 @ 1:49:18 PM ET
I'm pretty sure most C level employee's of companies that are traded publically are covered by a D&O insurance policy, so the statement "spending money on lawyers" is probably not accurate...
Yeah, or maybe because he was so efficient in getting filings done that they realized he couldn't get the job done. It is definitely easier to look at the negativity...
Looks like someone does. We should always report the full story, rather than just the point you we are trying to relay....
Effective August 6, 2014, the Board of Directors of QSGI, Inc. (“QSGI” or the “Registrant”) engaged RBSM LLP as the Independent Registered Public Accountant to audit QSGI’s financial statements for the fiscal year ended December 31, 2011 and subsequent time periods. During the two most recent fiscal years and any subsequent period, QSGI did not consult with RBSM LLP or any of its members about the application of accounting principles to any specified transaction or any other matter. During the Registrant’s most recent audited fiscal year ended December 31, 2010, Morison Cogen LLP served as the Independent Registered Public Accountant to QSGI and reviewed QSGI’s financial statements for the first quarter ended March 31, 2011 and second quarter ended June 30, 2011. A decision to change accountants was approved by the Board of Directors of QSGI and based on economic factors.
I wonder if those are audited financials or just somebody saying we do $2.4 million. It's easy for someone to make up stories about revenue and success when you don't have any reporting that is required. I'd find it HIGHLY unlikely. Maybe someone should lob a call in and see if they can provide some financials. I'd doubt it.
I'm guessing within a couple weeks we'll start to see a regular flow. I'd guess the new auditing firm will take some time to start the process and get them ready to file...
Did they not just complete a filing?
I still haven't heard why they would need to hire or engage ANY firm to audit financials, if the intention was not to become current, imminently...
I would imagine the size of the auditing firm should match the size of the organization. If you have a large firm, that usually represents a larger fee. If the company released a report saying they reduced payroll by 20% but were getting the same productivity, would that be bad? Same here. Lower the fee for the same job, it should be viewed a positive.
Really. You know this how? Why would they need to pay for or engage ANY accounting firm TO AUDIT FINANCIALS, if they were not planning on updating?
More positive news...engaging a new audit firm would mean there are more filings to audit. I'm expecting more filings and this moving in the right direction.
Gotta start somewhere. I'm thinking you'll start to see some news and more filings in the next few weeks.
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0000950159-14-000276%2Etxt&FilePath=%5C2014%5C05%5C22%5C&CoName=QSGI+INC%2E&FormType=10-Q&RcvdDate=5%2F22%2F2014&pdf=
Could this be the beginning of the release of many more filings!
OR, they expect to have filings current and anticipate the value of the stock to be worth more than .025. If they get filings up to date, and if the value comes in at say, .05, it's a huge win for them. Now they aren't paying $550,000 in stock for an initial investment of $250,000. The facts are, this is yet another "issue" that is now rear view mirror.
I guess only time will tell who is correct in their thinking...I can tell you this. They haven't folded. They haven't gone under, like some here would like. They are still operating, in an extremely difficult time to run a business. I guess we'll get to look back in 6 months, a year, 2 years, and see who is correct, and who is not...
The problem with that line of thinking is, as an insider, the stock can't be traded or sold until filings are up to date. Maybe, the thinking is, once registered, the stock will be worth a bit more than it is worth now, meaning upside if it trades at anymore than .025....
Remember on the original filing, who was listed as having 11.5 million shares? Robert Wright. Where are those 11.5 million shares now?
Shouldn't someone, like a moderator post an 8k filing as a sticky?
I guess we can't tell what is going on in a case by a docket! LOL...I guess they weren't ignoring a lawsuit! At the end of the day, they get a reasonable term, they take back 11.5 million shares of stock and they put one more issue behind them. They have capital to build the company and they are only paying interest on the $250,000 for 3 years.....
ONWARD AND UPWARD!!!!
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9658498
Guess they weren't ignoring this after all...Also looks like a very positive outcome as we'll!
What was the fee for that .60 transaction....Seems odd....
I can't imagine $1 or $2...That would be placing a $200-400 million dollar market cap...I'd be happy with .25-.50!
Is this an Ask Slapping Party!
We all know what happens when we assume...
Again, you have no idea what is going on. They have never been afraid of court. There are timeframes that are put into place by the courts. They have counsel that has represented them in every other court situation that has arisen, and the same will hold true here...
We have no clue as to the terms of the agreement. But, we will, once it is settled in court
Yeah, I'm sure that's exactly what is happening. After paying attorneys, accountants, etc to emerge from BK, then working for the last two years to buy and build another company, he'd simply just ignore and blow off a court case. History shows otherwise. Sherman has never walked away from any threat of a lawsuit. I think we should change the name of this board though, to Fair and Unbiased. Could you work on that please.
Thanks...
No. This is an existing business that came through a bankruptcy aa a new growth company, with 2 distinct service oriented businesses. The older business was the model prior to the BK. The new business is in a completely different arena....
Took what money and ran? If I remember right, management owns 200,000,000 or so of the outstanding shares. At the rates this has been trading, there isn't all that much that they took and ran with. I would venture a guess and say that they would care deeply, with the amount of shares they own, coupled with the time and effort it took to emerge from bankruptcy and stay public...
In a very bad economy, they emerged from bankruptcy. They are debt free from that process for the most part. They are operating two different businesses and are hiring and growing. I would think the money that is needed to spend to get filings up to date was better spent BUILDING THE BUSINESS. I would guess we'll see something in the near term...
It only takes about $25-$35k to catch up on the SEC filings....the fact they can't even come up with that kind of scratch over 2 years should tell you all you need to know about how much revs a rubber gasket install company makes.
OK. That is your exact quote that we are discussing. Again, I must be missing something...
But that's not what you said or claimed. You said that they only would need $25k to get up to date....I don't see that mentioned in your response anywhere....Or did I miss something....
We all know that. My point is, your estimate of $25k to bring the filings up to date. So you really believe that $25,000 would get 10 quarters filed? Maybe you should get on the horn and give them the name of the auditor that would file 10 quarters for $25,000....That wouldn't get 2 or 3 done...but why let reality get in the way of a good story!
So you don't know how many quarters are needed to complete the process? And that would mean that the more quarters that need to be filed, audited etc, would increase the total needed. Gotcha...
How would you know how much it would cost to catch up? How far behind are they? How many quarters need to be filed?
Really. I know I just went into a Costco, and you know how many gaskets were in that 1 Costco? I'll tell you. 160 doors in that one store. I also went online to see what a gasket of that size costs. $117, and that is not including installation. I also say at least 40 gaskets that were either not there altogether, or were hanging off the door or torn badly. Without installation, that is just under $5000 in ONE COSTCO. Then tell me how many Costco stores there are. Again, I'll tell you. There are 622. That is one company. Walk through your local grocery store. Count em up. How many grocery stores are there? How many hotels? Restaurants? Your analysis of the business is severely flawed with comments like "collect $150-200".
Really. I know I just went into a Costco, and you know how many gaskets were in that 1 Costco? I'll tell you. 160 doors in that one store. I also went online to see what a gasket of that size costs. $117, and that is not including installation. I also say at least 40 gaskets that were either not there altogether, or were hanging off the door or torn badly. Without installation, that is just under $5000 in ONE COSTCO. Then tell me how many Costco stores there are. Again, I'll tell you. There are 622. That is one company. Walk through your local grocery store. Count em up. How many grocery stores are there? How many hotels? Restaurants? Your analysis of the business is severely flawed with comments like "collect $150-200". Somebody made a business out of bathroom cakes that sit in the bottom of urinals. I'm sure you know all about that business too...
Patience is going to pay off with this one. They are still here, growing and expanding. I'm pretty sure with all the turmoil with acquiring the gasket business, the entire corporate slowdown, and the general horrendous economic condition we find ourselves in, the fact they are still functioning, growing, and now starting to emerge with some info, is definitely a positive. Keep churning!
At $20 per user per month for a company that actually uses it, it makes zero sense to have installers, manufacturers, accountants, etc to be listed as users....