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Mark is under no pressure to file because under the Jobs Act of 2017 emerging firms - size under $1 billion - are not required to file with the SEC because the Sarbanes Oxley provisions are too onerous and expensive.
Hmmm....finally an answer to the lack of financials puzzle?
Sad but true.
The Q1 2019 10Q was due on May 15th.
The Q2 10Q is due August 15th.
So sorry no. Nothing will be forthcoming on June 30th.
Sad, true and depressing.
Another classic devious fluff tweet from the master of slime at ARYC, Mark Schena.
"Arrayit physician-ordered finger stick testing services for allergy and dietary wellness are well-suited for CVS minute clinics accepting most insurance plans and located in CVS pharmacy and Target stores nationwide with new services added regularly"
How about "IS AVAILABLE" in CVS minute clinics!
Mark is BEGGING CVS to use their allergy test. SAD!
This tweet is meant to convince naive greenhorn shareholders that ARYC is doing business with CVS. Read the highlighted phrase.
It does not mean it is available.
This is all so sad, devious, pathetic and desperate.
This is a completely meaningless figure based on unverified ARYC tweets..
Clearly the market is not in the least bit impressed.
Assuming the billed amounts are true, you know that ARYC will at best get around 20% of the billed amount, many months in the future.
This is all so sad and depressing.
Another classic worthless BS fluff tweet from Mark and gang, designed to pump ARYC.
"Arrayit named as a key market player with $51.8 billion large cap Illumina Nasdaq:ILMN in a recent analyst report Global Array Instruments Market by business intelligence leader Market Research providing strategic public healthcare company market analysis"
It is just so embarrassing and unprofessional because everybody knows ARYC is a loser of a pipsqueak of a stock compared to ILMN. In any case ILMN has become a multi billion dollar company in a much shorter period compared to ARYC.
After 25 years ARYC is still a delinquent stinky pinkie penny stock trading on the pink sheets.
Ludicrous comparison.
Smells of desperation.
Sad, true and depressing.
As I have stated, I don't think Mark and by extension ARYC, is in any rush to file financials, because he does not have to.
Pink sheet stocks like ARYC do not need to file audited 10K's in a timely manner if ever.
In fact my DD suggests that ARYC is not registered with the SEC anymore.
In fact this is also why Mark is in no rush to upgrade to the NASDQX - where ARYC used to trade till 2016 - because then he would have to be registered with the SEC and file in a timely manner.
This is all so sad, predictable and depressing.
"MARK speak" is coming out thick and fast implying a pump is in progress.
For those who don't know "Mark speak" it is the lies and obfuscation hidden in Mark's cleverly worded email responses to naive and hopeful penny traders. Nothing specific is ever mentioned. No deadlines are ever given.
To wit, two recent examples:
1) Dear J, We appreciate your ongoing support. Confirming that we have all of the documentation required to file. Thanks, Mark
2) Dear xxxx, Nice to hear from you. We are planning to purchase the building from Dollinger. The building purchase will be announced in a 8-K filing. Thanks, Mark
Focus on the two red words.
Unbelievable.
Nothing will happen.
Guaranteed.
Sad true and depressing.
To list on NASDAQ not only would ARYC have to
1) Trade at $4 a share, which would give ARYC A LUDICROUS MARKET VALUE OF APPROXIMATELY $4 BILLION, but
2)HORROR OF HORRORS IT WOULD REQUIRE THE SCHENA CLAN TO APPOINT TWO OUTSIDERS AS INDEPENDENT DIRECTORS. THIS WOULD MEAN ALL THE SKELETONS IN THE SCHENA CLANS CLOSET - 25 years is a long time - WOULD BE MADE PUBLIC.
Bottom line: Aryc is not going to the NASDAQ anytime soon if ever.
You can take it to the bank.
Sad, true and depressing.
Since you ask:
I was privately forwarded an email from Mark yesterday to another poster on this board, wherein Mark noted that they are buying the building and we will be notified via an 8K. This was in response to a link to the evicition case.
Take it for what it is worth.
I personally believe it. The email was direct and to the point.
Sad but true.
Till quite recently ARYC found itself in very difficult financial straits and like many penny stocks turned to shady toxic financiers and other crooked dream merchants - Taub - for salvation.
This in turn led Mark and gang down some murky pathways - some wittingly and others unwittingly - that led to the CE designation.
But I think they have turned the tide and are waiting for the last few issues to be resolved, viz..Iconic and Taub cases.
Sad but true.
Unlike you I don't think ARYC is a scam. i think Taub knows that too.
But like you I do agree Mark and gang have zero management skills and desperately needs professional help.
Sad but true.
If you are familiar with the legal system, you would know that judges would not go out of their way to make such drastic decisions one way or the other.
I suspect it will boil down to ARYC being asked to compensate Taub and gang for some monetary amount or equivalent shares.
Under these circumstances it is in Mark's best interest to keep ARYC'S finances as murky as possible.
Sad but true.
I am convinced that I read some time ago that Mark had informed a poster that he was going to buy the warehouse building where ARYC was located.
So the 2018 eviction case vs their landlord is old news and has been settled.
Sad but true.
[b]The case is currently with the judge, who will decide on the summary judgement request from Taub and gang.
Decision should be done this summer.
I believe this is one of the reasons Mark is dithering about releasing financials.
Sad but true.
Sadly given the over buredened inefficient state of affairs in our legal system long delays are a given.
Just look at the Taub case. Still no decision.
Sad but true.
The Iconic case is scheduled to be heard on that day.
AVDX WAS TRADING ON THE OTCQB WHERE REGISTRATION WITH THE SEC AND REGULAR FILINGS ARE REQUIRED.
BUT AVDX WAS DEREGISTERED BY THE SEC FOR NOT BEING CURRENT WITH THEIR ADDRESS AND NOT RESPONDING TO THE SEC IN A TIMELY MANNER.
SAD BUT TRUE.
From Investopedia and relevant to ARYC:
Are Pink Sheet stocks registered with the SEC?
However, Pink Sheet securities carry more risk because they do not require the companies to register with the SEC or stay current in their financial statements.
This is why Mark is not worried about filing delays and why he is in no hurry to uplist back to the OTCQB, which he could do now.
THE BOTTOM LINE IS ARYC WILL NOT GET DELISTED FOR NOT FILING FINANCIALS.
Sad but true.
ARYC was busted down to the pink sheets from the OTCQB in 2016, for failing to maintain the stock price above a penny.
Pink sheet stocks have no obligation to file audited financial statements with the SEC.
So, much of the talk on this board about possible delisting for failing to file with the SEC is misplaced.
This is a question that should be put to Mark.
Sad but true.
By "real" truth I mean why is it that even though ARYC seems to be finally making some real money - yes I do believe the tweets about billings and contracts, unlike many - Mark is dithering about releasing "old" financials (14, 15, 16, 17, and 18) that will materially have a minimal effect on prices, but will greatly enhance Mark's credibility!
Something just does not add up.
Sad but true.
I have been typing this phrase for over two years.
"Nothing the Schena clan says can be believed".
Now you understand what I mean.
What has never ceased to amaze me is how the three of them (Mark Rene and Todd) have managed to hide any "REAL" information from the investing public, even from those who have gone and personally spoken to Mark.
For a public company that is an amazing feat, and it has worked because there are NO OUTSIDE/INDEPENDENT DIRECTORS.
The company secrets are held close by the family clan.
It is high time that a few KNOWLEDGEABLE investors pay Mark a visit in Sunnyvale and get the "real" truth out of the guy.
Most people who have visited - and I mean no disrespect - are naive and looking for positive things.
Time for some of the sophisticated in our midst to pay him a visit.
Looking forward to their report.
This is all so sad, predictable and depressing.
Let's just hope RRBB does not file a lawsuit against ARYC for nonpayment of bills related to the audit.
Anything is possible.
Sad, true and depressing.
ARYC files it's second 8K in three years on a 13th, and destroys the stock price and the dreams of hundreds of shareholders in one fell swoop.
Sad, true, disappointing and depressing
Who is the next VIP visitor?
Anybody signed up yet?
Only way to find out exactly what is happening.
Sad but true.
Mark will respond tonight, to the plethora of irate email's he is receiving during the day today.
Hope everybody provides a synopsis of their response from Mark, so we can compare and contrast.
Of course if he fails to respond......
Sad but true.
Extraordinary!
The ARYC tweets suggest business as usual.
No explanation at all.
Unbelievable.
Sad but true.
I have posted about this before.
It has occurred to me that Mark wants the audit process slowed, because both legal cases are not complete. I suspect he thought they might be adjudicated by now.
The Iconic case is not even scheduled to be heard till September 13th, and the Taub case is in the hands of the judge.
Sad but true.
I would hope that some of us - those who claim personal interactions with Mark and gang - would strongly request Mark for a CC with shareholders as he suggested to R2G2, failing which an early missive on what the next steps are in this process.
Perhaps RRBB could be open to discussing how far they got with the auditng process and what specifically caused them to resign.
We can only hope for some clarity and sanity.
Sad but true.
No contradiction. It appears that what happened is RRBB felt it was ok to spill the beans because they had resigned back on June 3rd.
The "information" you received was after they had resigned.
My sources in industry told me that even this is very unprofessional.
I mentioned that in my post back then. Go read it again.
Unbelievable.
People need to know that putting together the financials is the responsibility of the firm. it is then sent over to the audit firm for their review and approval of the submitted financials.
That is what the audit process consists of in all cases.
This is what Mark means when he says the the financials are internally ready.
Sad but true.
Let's take some stock of ARYC:
If Starlight's second email is to be believed - and reluctantly we have to - then it appears that the reason why RRBB resigned is because they requested specific information regarding the 2018 10K audit - I assume this because they mention problems starting in November 2018 - and for some reason Rene and the accountant was reluctant to comply and stopped communicating with RRBB.
This tells me that at least internally, there is a high probability that ARYC had prepared and submitted the 10K to RRBB for audit. In fact Mark has admitted to financials being complete internally.
I also suspect that the 10Q for Q1 2019 is complete. This does not have to be audited.
So putting it all together, it could be that ARYC hires a new auditor, sends them the 5 completed 10K's (2014-2018)and gets them to expedite the process.
Recall that Mark has hinted that RRBB was unfamiliar with tech companies and appeared disbelieving of the high profit margins, and was too picky.
Also recall that RRBB was not selected by ARYC, but rather was recommended/foisted on ARYC by their then toxic lender Iconic. Iconic needed the financials completed because that was the only way to sell their ARYC shares.
Sad, true and depressing.
P.S. Of course this requires one to believe that ARYC wants to become current.
Link to latest 510(K) clearances for month of May.
https://www.fda.gov/medical-devices/510k-clearances/may-2019-510k-clearances
I am somewhat concerned that ARYC has yet to procure FDA clearance for the mystery device/procedure they submitted to the FDA back in July 2018.
These FDA 510(K) submissions are normally cleared within 9 months.
Mark even tweeted that he was confident of FDA clearance.
What is going on?
Another promise that comes to naught?
Sad and disappointing.
ARYC'S financials are handled by their one accountant who essentially works with Rene.
Mark is not directly involved. Yet he is the spokesman. Much of what he says is really what he has been told by the accountant and Rene.
Any screw up makes Mark look bad.
This is part of the explanation.
Sad but true.
I still think the damage to ARYC will be limited, in spite of all of the shennanigan's, because the audited financials are a commentary on the past, from 2014 through 2018.
Investors and markets are forward looking.
And all the evidence - essentially tweets - suggest a sharp turnaround in fortunes for ARYC beginning 2019.
The unaudited financials for Q1 2019 - which should be completed by now - should show that turnaround.
We can only hope.
Sad but true.
Thanks.
So Mark was caught once again in a bald face lie, because he sent that email to Delsurfur on Tuesday.
I just don't understand what is driving this behavior, especially if they are doing so well i.e. if one believes their twitter posts.
But Mark never gave a drop dead date to file the 8K.
Sad and depressing.
Good work!
Please forward this post to Mark and ask for a response.
TIA.
I have now read the second email from RRBB that was received by Starlight.
I have to admit that some of the specificity in the letter is worrying. Clearly the letter was composed by a native English speaker, not Starlight.
Still the letter is just so unprofessional and damaging to RRBB as a firm, I remain convinced based on my DD that it is a fake.
Sad but true.
Thanks for sharing the email from Mark.
So this is a "classic" Mark response on display.
"EDGAR has increased their security. We "should" receive the new password this week"
The red highlighted sentence essentially provides Mark the "wiggle room" to delay the 8K filing beyond this week.
Sad but true.
Based on my post 146095, I suspect the 8K will be posted after the bell on Friday, when all bad news is posted.
P.S. It is not clear to me that Mark ever gave a drop dead date to file the 8k.
Sad but true.