ScripsAmerica Inc. (SCRCQ)

[coolerheadsprevail]

I don't think they did hire a new auditing firm, as you put it.

In light of all the deception, lies, and outright securities fraud here it would make perfect sense.

Just string people along while insiders continue to dump shares.

Although SCRC has certainly done plenty to make the market think that it is a scam (the sp pretty much validates this perception), I'm not convinced just yet that there is no new auditing firm.

(1)
An SEC filing was issued specifically stating that they did; typically if a company was trying to deceive the market, it would simply issue a PR. Filing an 8K stating this would be a blindingly stupid thing for Mgmt and the BOD to do and I just cannot believe that they are as dumb as the CORE criminals that they hired to pump the stock. That's a pretty low bar for even Forrest Gump to hit...

(2)
SCRC hasn't really gone dark. They still file periodic SEC filings, just not the financials yet. If they had truly gone dark, then all bets are off and the continued engagement of the new auditing firm would very well be a valid question to ask. However, seeing as they have not completely dark yet, then I am inclined to believe that the recently appointed new auditing firm is still engaged -- otherwise, if they were no longer engaged for any reason, another 8K would be required to be filed as the departure of an auditor is specifically deemed to be a material event.

(3)
Very few insiders have sold. It is predominantly BS Schneiderman at the current time. Urbanski has been a notorious flipper but not a pure dumper, and he still holds a boatload of shares. The BOD members haven't really been dumping either. Of course, no insider has been buying, which also conveys a message to the market. IMO, if SCRC truly had zero hope or intention of being a legit business, the BOD and other insiders would be the first to be dumping and we would be seeing a flood of Form 4's, but we haven't.

(4)
That all being said, I know that I had previously stated that new auditors need time to essentially start from scratch all over again; however, given the time that has now elapsed, I will acknowledge that it is quite odd that they are still not done as of now. As someone who has been on both sides of a financial audit of a public company, I can confidently say that there has now been adequate time to have done the entire audit all over again. So the continued absence of the 2014 10K now does concern me. And I do not know how to reconcile this continued delay with any of the other points above.

Bottom line is that there are indicators that SCRC may be a scam... ...but there are also indicators that it is not a scam but simply a true microcap struggling to find its way but falling victim to unqualified mgmt and unscrupulous promotion. Too early to say which it is.