Quantum Materials Corp. (fka QTMM)

[Swamp Angel]

I love this company for what it represents: developing technology that will better the world, and a chance for me personally to benefit greatly from that. I have pledged a great deal of my resources to its success.

But I have of late had questions arise about our new CFO. Specifically, what were his activities at Global Geophysical Services?
I came across the following articles.
http://globenewswire.com/news-release/2014/02/05/607781/10067137/en/Global-Geophysical-Services-Inc-Declares-Series-A-Preferred-Dividend.html?parent=704998
and
http://www.bloomberg.com/news/articles/2014-03-26/global-geophysical-services-files-for-bankruptcy-in-texas
which seems to indicate that GGS issued a dividend of nearly $240 to each PREFERRED share Feb 28 of last year, and then filed for Chapter 11 bankruptcy less than 4 weeks later. This smells of looting the treasury before the invading common shareholders and debtors take over.
Then, to top it off, I found this,
http://www.thestreet.com/story/12533556/1/why-global-geophysical-services-ggs-hit-a-one-year-low-today.html
It contains this quote: The company said in its preliminary fourth-quarter and full fiscal year results that financial reports for each of the fiscal years ended Dec. 31, 2012, 2011, 2010, and 2009 and the first, second and third quarters of 2013 "should no longer be relied upon because of accounting errors resulting from material weaknesses in the company's internal controls."

As of today GGS is shown a “N.A.” on my Ameritrade stock lookup. Apparently it is no longer traded.

I realize this accounting failure is something that happened after Mr. Lindberg was no longer CFO, but his profile on the QTM website states: “From September 2009 through June 2012, Mr. Lindberg served as Senior Vice President, Strategic Initiatives for Global Geophysical Services, Inc.” He may not have been directly responsible for the lapse, but as former CFO and still deeply involved, he had to be privy to the internal books. it does not objectively lead me to have a lot of faith in him. If there are even peripheral associations to this type of behavior, it is a negative to me..
There are many types of devices, chicanery and techniques an unscrupulous accountant can use to manipulate data, assume control for a faction within a company, promote excess debt as a means to loot a company, and/or deceive the public and small shareholders.
I do not know Mr.Lindberg, and am not accusing him of impropriety. But I am wary. He wields a lot of power and influence over the possible outcomes of this endeavor. Will it be an orderly growth, proceeding in a relatively straight-line path to greatness with benefits to all, or a manipulation or a “power grab” by and for a few?

The future value of this company will be a great prize. I pray we all are allowed to share in it.

Maybe I missed something. I welcome further discussion and opinions. Any comments?

SA John