Telix QSAM Inc (QSAM)

[BuddyWhazhizname]

Uh-oh, the SEC is watching...

From that 8K just filed: "These amendments have been filed in response to a December 21, 2016 limited review letter from the Securities Exchange Commission."

The amendments say their internal control of financial reporting is unacceptable. Some of their internal weaknesses that may lead to "material misstatements" of the finances are:

· Management has a lack of knowledge and experience with accounting for derivative liabilities, reverse mergers and redeemable preferred stock.

· Management is understaffed to perform the necessary accounting, including preparation of the required financial disclosures, in a timely manner.

· Management has not yet formed an audit committee.

So what did Q2P shareholders get for all the high consulting fees paid out to that fantastic CFO? Obviously not financial expertise. Or much work. After all, how long does it take to prepare statements when all the income and asset values are zero?

But never fear shareholders! Chris Nelson is on the job:

The Company is in the process of addressing and correcting these material weaknesses. Management will be diligent in its efforts to continue to improve the reporting processes of the Company, including the continued development of proper accounting policies and procedures.

Yep, it'll be all better real soon now. Trust him.