My breakdown of what I think has happened and is happening: This is my opinion.
From last year a merger and an idea began. Tim needed some way out of the MCGI shit show he dealt with. Along comes a profitable company, Lift Kits 4 Less. Tim manipulates and gets Chris to merge the companies. Think of the concept.. if LiftKits4Less was doing so well without Tim, why merge? Bad move to take on the crap load of debt and add it to FLES debt. Nonetheless, it is what happened. The two worked together to switch the name from MCGI to FLES and it was a success. In the process, a R/S was offered and it was a good thing to help eliminate some debt and raise the stock price. During this time we heard great PR's on the revenue, we heard great updates about the name change, etc.
Step forward to May 1. We have the name change done and anticipating the financials, which were said "ready to be filed" all is going as planned. Well, if they were ready to be filed, what the hell has transpired in the past 8 weeks? Why are they not ready to be filed? if they were ready to be filed, then the transition would not take this long, let alone the review, edit, and updates. Were they lying and saying they were ready? or were they lying and the fins are not what is expected? From last year how many people sold the stock when the company announced a RS? I didn't. I held. Not fun, but the idea is that they announced it and we were ready for it. They let us know what was happening.
I believe the old accountant had their ducks in a row, so to say. Everything was done and they handed the documents over and Fruci went to town. I believe it was within the two weeks and they were completed the audit of the documents and the updates and documents ready for filing May 15 (or earlier). However, the revenue was nothing like they PR'd. Their excuse on this will be that the old accounting firm had accounting errors and it is not as expected. They will also say - Good thing we went with a better accountant.
Tim and Chris have known for a while that the revenue is nothing as they anticipated or announced. They keep announcing revenue growth year over year 40%, but that may not be the case either. I believe they are milking a sour dead cow. The dilution will continue. I do not believe there is an institutional investor. What institutional investor would sit idly by and wait for the dilution of the stock? If there ever was one, they have easily walked away. If you had nothing invested in this yet - would you put money into it? Rhetorical question. I believe the goal of Tim and Chris is to dilute as much as they can - eventually this will hit a point where it will be no bid. Then comes the 10K and 10Q - but probably they would not care to even post them at that point... who cares?
The sentiment here is starting to change from complacency to irritated. Shareholders are getting irritated. They have every right to be irritated. They have been led to believe many good things about the company from insiders and stock board posters claiming to have conference calls with the owners. PROBABLY NEVER HAPPENED. They were either paid pumpers and / or owners (Tog=Tim debate).
Again, this is just my opinion, I have been wrong before. BUT to clarify - I have not been wrong on a lot of what has happened here for this ticker. I claimed dilution back in May -- just around May 20. I claimed that we would not see the 10K for at least a month or two. And when they said the delay in 10Q, I said we probably won't see that for at least another 2 months.
