Monday, June 19, 2017 10:31:15 PM
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In its complaint, the SEC does not question the legality of the transaction nor does the SEC criticize our operations. Further, the SEC does not suggest that any officer or director sold shares of stock in connection with this transaction, or at any other time. The SEC simply takes issue with how the Company reported the transaction in its quarterly reports to the SEC during the first three quarters of 2013. More specifically, with the benefit of hindsight, the SEC takes issue with the negotiated acquisition price and the timing of our valuation to determine asset reporting value.
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