Ngen Technologies Holdings Corp. (fka NGRP)

[Det_Robert_Thorne]

Accounting firm resigned. Financials shouldn't be relied upon

NGRP filed an 8-K yesterday, announcing that Benjamin & Young, LLP, the accounting firm it hired in October, 2019, resigned on April 14, 2020.

In that filing, the company stated the following about from a correspondence it received from B&Y on April 14, the day it resigned:

* On or about December 6, 2019, Benjamin & Young notified the Company’s prior management that (i) the Annual Ngen Financials should not be relied upon because Benjamin & Young did not complete the audit for such Annual Ngen Financials, and (ii) the Interim Ngen Financials should not be relied upon because Benjamin & Young did not review the Interim Ngen Financials.

* During December 2019, February 2020 and March 2020, Benjamin & Young discussed with the Company’s prior management that (i) the audit for the Annual Ngen Financials had not been completed, and (ii) the Report, the Annual Ngen Financials and the Interim Ngen Financials should not be relied upon.

* Benjamin & Young did not authorize the Company’s prior management that the Report, the Annual Ngen Financials or the Interim Ngen Financials could be filed with the Form 8-K.

NGen's new CEO, Scott Lucas, then adds the following comments from NGRP: [Note the sentence I've highlighted in bold lettering]

Accordingly, the Report, the Annual Ngen Financials and the Interim Ngen Financials should not be relied upon.

In addition, on April 14, 2020, following receipt of the B&Y Correspondence, the Company’s sole director concluded that the unaudited financial statements for the three and nine month periods ended September 30, 2019, included as part of the Company’s Quarterly Report on Form 10-Q filed with the Commission on November 7, 2019, should no longer be relied upon.

The matters set forth in this Current Report on Form 8-K have been discussed with Benjamin & Young. The Company plans to open an investigation into the matters set forth in this Current Report on Form 8-K.

IMO, it's highly likely that the investigation will find that Carter and Rhee lied about NGen's revenues and contracts.

NGen appears to be repeating the pattern of Rhee's prior companies that I noted in posts in early Sept, 2019 about CTXV and Thomas Equipment:

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=150953428

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=151076296

It also looks like my prediction from Sept 12, 2019 (when NGen's ticker symbol was LIBE) is approaching reality:

Of course it is material. The collapses of Rhee's companies CTX Virtual and Thomas Equipment appear to show that his businesses are built on big talk, large debt, very weak foundations, and no solid, audited filings.

The same appeared to be happening with Greenfield Farms Food before the SEC suspended the stock.

It will likely happen again with LIBE.

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=151103724