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EXIM won't approve anything with no financial reporting
Hi 777,
Do you seriously think EXIM will approve this dossier given that Cardinal has discontinued its financial reporting?
CDNL's CFO is not a CPA
Looks like he is a lawyer and a "management accountant", but he may not be very good with audits, financial statements, and SEC reporting.
No audit in the world takes this long. Something is up.
Filings will show massive dilution, going down to .002
The filings will show massive dilution. Then, as you mention, the convertible note holders will convert their notes, causing more dilution. That's why Kevin doesn't want to file.
Agreed. Maybe no financials until 2017
Adverse Opinion from the Auditors?
Yep, I wonder if this audit firm gave Kevin an adverse opinion that he didn't want to go public with. He might be scrambling to resolve their concerns so that they can change their opinion. Or, maybe he's looking for another audit firm that might look upon CDNL more favorably.
What does he tell HSVW?
When the Chinese ask for financial reports, I wonder what Kevin says?
"Sorry, we haven't run any numbers since last September 2015."
or
"No, we don't do math at our company."
Then why resist financial reporting?
All of this does look like exciting advancements, so why does CDNL refuse to do financial reporting? There must be something in there that Kevin is scared for everyone to see.
Why didn't the Panamanians ever order any more?
Early in 2016, Panama bought and installed a Redbird system which was supposed to be the first of many. Then, total silence. No more orders. Did the first system not meet up to their expectations?
He's not Mr. Clutch
Kevin is only talking about the missing filings. Talking, tweeting, & wishing won't do it.
To be Mr. Clutch, you actually have to create the financial reports and file them. Talking doesn't do it. I wonder why Kevin is so resistant to financial reporting. Thousands of companies do it every quarter.
Definitely. Nobody is going to sign a $28 million contract with a company that is 3 quarters late on its financial reporting.
So now Kevin is late for Q2 filings as well?
In addition to Q4 2015, Q12016, now Kevin has ignored Q2 2016 as well. Why is he so resistant to financial reporting? He's got to be hiding something.
The new CFO is only part time?!
I read that the CFO will be compensated $25,000 for the hours he spends on behalf of Cardinal. Maybe that's why the filings don't ever happen. The new CFO is probably busy with bigger clients and blowing off Cardinal.
Will filings prevent EXIM funding?
I doubt EXIM is able to authorize funding for Cardinal if Cardinal hasn't submitted any SEC filings all year. Same for the Bank of China.
Ozz, we need filings, not news.
Why doesn't the new CFO file the 10K & 10Q?
I saw that Kevin hired a CFO a month ago. What has the new guy been doing? Does he understand that his job is to get the 2015 10K filed? Next, he needs to file the Q1 10Q.
Kevin's tweets and updates aren't going to mean much without the SEC filings getting done.
Is the delay because:
a. The financials were terrible in 2015
b. There was big dilution in 2015
c. They incurred huge debt in 2015
When they finally report these things, the stock probably will drop to .005 like Ozzz suggests. But at least then we'll have transparency and believability. And then we can build from there.
...Except that he doesn't deliver the 10K
Almost half way through 2016 and Kevin can't figure out the 10K for 2015?!
He's great at water systems, but frightening at financial reporting. I hope he's not hiding anything.
When do we become CDNLE?
May 10 and Kevin still can't figure out how to file the 10K from 2015? I swear this guy is a water genius and horrible at dealing with the SEC and financial reporting. Hopefully the new CFO can straighten this out.
Don't sell on the news, 4 catalysts still coming
1. HSVW's connection with the Bank of China will soon enable Cardinal to get financing to begin work on the $28 Million contract with CamWater in Cameroon
2. HSVW's parent companies have government relationships in China that will lead to multimillion dollar contracts in China, same size as the CamWater one.
3. Cardinal is beginning sales activities in India, where there is great need for Redbird.
4. With the new CFO on board, Cardinal will finally get its 10K filed. When the company starts showing a commitment to corporate governance and timely SEC filings, institutional investors will start buying the stock.
This stock is headed to $0.10 per share. Don't short change yourself by selling now.
HSVW can expedite financing for Cameroon $28M
I think the biggest takeaway from Kevin's update is that HSVW (and the new joint venture) has relationships with Chinese banks that can accelerate the financing of Cameroon, so that they can get started much faster.
Remember HSVW is backed by larger Chinese corporate investors.
CDNL won't have to monkey around with US EXIM anymore. They could start recognizing the revenue sooner.
Thanks for the good scoop, Camels. Can you ask him why he's not filing his 10K?
Thanks. This is good information.
Yes. Exactly. I don't have any source or scoop. The SPA party in China is still on until somebody says it isn't.
As stated by copterdoc, it's the track record and credibility that I find frustrating. How the hell long does it take to go through the SAFE money transfer for only $3.75M?
I certainly hope that I am wrong with my worries this stock turns out well for all of us. I am long and I am holding for at least the next 6 months.
Agreed. Worried about CDNL missing their 10K deadline this Thursday and also worried about them cancelling their celebration next week because they can't figure out this tranche. Has nobody at HSVW really ever transferred money out of China before?
With their upcoming receivables in Cameroon and new orders coming from China, this should already be at 10cents per share. It's the credibility and the dilution that has got us at .003.
For the next couple months, if Kevin can just fulfill upon what he's typed in the press releases, this stock will catch fire. And hopefully HSVW will stop him from any more dilution.
Kevin's email address?
Hi All,
Can somebody tell me Kevin's email address? Annual 10K reports are due next week March 30. I want to ensure that he plans to be on time so that we don't have to go back to 'CDNLE' again.
Thanks.