Update from Neil on Form 10 and audits. If I can find a way to screen shot the email I will post.
I’m new to the board but watching for the past few years, believe as you choose.
We have been working on the core business of pixelmags and trying to reverse long declining revenue in the industry and with our company.
The business challenge I've had is getting sponsorship or in other words someone to pay for all the relisting. We paid corporate attorneys, accountants and the auditor to get current financials but it was not completed ($125k or so past two years). Very close and many people worked many hours but there were reasons that did not satisfy me, but nonetheless not completed. Nothing to hide but for some reason couldn't get our professional and staff to get audit work to a completed step for prior years. I"m not as popular to investors in the absence of a public trading vehicle or in other words different pool of investors that we can approach. We cannot attract enough capital to PixelMags to pay for SPCL audits and all the costs associated with it, and worst part: vice versa. I'd never used SPCL to fund pixelmags but would like to have the option as we was the plan when I joined on at the end of 2016. We have also had an epiphany about how to finally monetize our Anytime Readr platform by offering it as a feature for hotels and cruises to offer to their guests and revenue share.
There was also issues with the acquisition of pixelmags from the announced May 2016 which pre-dated my involvement and didn't allow for a complete audit of the combined entities; however, since it's two years past that announced acquisition dates and rules have changed for reporting tiers it was advised by our accountant (Murray Goldenberg) that we could get SPCL audited for the past two years. This is easily conceivable but again it is not without costs that cannot be paid by our operations alone.
Sincerely,
Neil Kleinman
