Players Network Inc. (fka PNTV)

[lesgetrich]

Warning! This company may not be making material information publicly available

Ho Hum! Tell us something we don't know. The company has been saying for weeks that they would be late with 2FQ18 financials due to the fact that they have to set up a new accounting system for the Salinas acquisition. I don't see a stampede for the doors. No one is buying the claims that they're folding up shop and absconding with the funds.

All they have to do is complete and release their financials and they'll be back in good graces. If the previous owners didn't keep clean financials (keep in mind they were a private, not public, company) they would need to be reviewed and audited.

It is not unreasonable to believe that they're having a hard time confirming how to legally set things up for maximum tax advantage. The licenses were granted to a separate subsidiary, PNTV Michigan. How do they fit into the accounting? Prior to January 2018, it was illegal for any company in California to sell marijuana for a profit. Consequently all dispensaries and cultivators were set up as not for profit Mutual Benefit corporations. If the previous owners were non-profits, it poses a whole new set of accounting issues. Is PNTV Michigan a non-profit set up to buy another non-profit? If so (or even if not), how does revenue flow between them and the parent company.

So you see, there are many issues that could reasonably cause a delay in getting out the 10-Q. The least likely is that the 10-Q is bad. Their last 10-Q (2FQ18) showed just $191k in total revenue for the quarter. Anyone who thinks they can't beat that now that they have at least one month of revenue from Salinas is heavily partaking in their product. Nevertheless, potential new investors see the most recent quarterly revenue and are understandably cautious about committing too much until they have hard proof in a 10-Q.

I suspect they are targeting releasing the 10-Q ASAP but no later than 10/15/18 if possible. Once they are 30 days late they get delisted from OTCQB and may have to pay a fee to return. I think they could withstand that without too much damage but I'm sure they'd like to be current before it happens.