Grifco Inc (GFCI)

[cyofish]

14A was orignally filed on 8/28, which was within the period covered by this 10QS-B. The 10/03 filing just added the Roll-up agreement at the end of the 14A. In short, the merger event had been well underway by 9/30. However, TTII may argue that the finalized 14A didn't come out until 10/03 so it won't be reported until the following period. I think that's weak, particularly when they filed the revised version a day after the cutoff for 3Q.

IMO, there definately should have been a section of 10Q-SB about the merger with Grifco. The SEC filing rule is that if a materially significant event occurs between the end of the reporting period and the filing of the report, then it should be reported as a subsequent event. As a rule of thumb, materiality is a change in a balance greater than 5%. TTII had $0 income and $0 assets. The merger will materially affect the financial structure of the company (TTII will inherent revenues and assets). It is clearly material, no doubt about it. It blows the rule of thumb out of the water.

TTII's 10QSB filing is just a series of cut and paste. They're not spending much time or money a company ordinairly would to make an appropriate filing. This was evident in the discrepencies found in prior filings. With $0 revenues and assets what more can they say except for ..."we're looking for a merger candidate". Well wait, they found a candidate so why the same ol cut and paste? Just lazy I guess.