On4 Communications Inc (ONCI)

[CashMoneyCarl]

Good Morning Peeps..

There is a lot of excitement in the air, with the pending release of another financial report. It should contain some good news.

However, it won't change anything from my point of view. The reports need to be audited, and not having audited reports are holding up just about everything else here that Steve wants to accomplish.

For example : by law, the company does not qualify for a share buy back (supposed to start this month, remember?) without audited financials. They are required to prove they satisfy the legal requirements by publishing current financial statements that are prepared under US GAAP (for US companies).

The financials cannot be audited now, from what I understand, not by choice of Steve but because of the previous managements debt to Delaware. This debt needs to be paid in order to receive a status of good standing.

No matter how much revenue is reported in the upcoming report, the outstanding debt on the books NEEDS to be settled before the company can untie itself from the mess that its in. Once these debts are settled, then revenues will count for something and maybe even become profits. Then the financials can be audited, and then there can be a share buy back. But not until then. Steve may not have racked up the debt, but as CEO it is his problem now.