As a retired CFO, I'd like to offer several plausible reasons why the quarterly reporting is being delayed, above and beyond the boilerplate explanation already provided by the company.
First, the auditing firm has changed, and it can take awhile for the auditors to create the "permanent file."
Second, if I were in the role of CFO, I'd be seeing if there might be some way to capitalize some of the costs of the marketing initiatives that we've been reading about in the past few months. This could require extensive conversations with the auditors.
Third, the "going concern" footnote may be ripe for revision (in either direction).
Fourth, the BofI loan came on the books early in the fiscal quarter, and the footnote describing that loan may be very sensitive, given the high effective interest rate.
Nothing in this post is inherently bullish or bearish as regards the stock. I just thought this community of posters might be curious as to potential reasons for the delay in the release of the quarterly reporting. When the report does come out, I'll be looking in particular at how many days of expenses there are in the accounts payable compared to the statistic as of December 31, and also whether there is a change in the Loans from Officers, to see to what extent, if any, the operating losses are being financed by approaches beyond the Typenex tranches. Most of all, I'll be reading the footnotes carefully.
Good luck to all!
