>> the bad Q2 is stopping a sale of the rest of the company <<
Just a guess, but whoever is looking to buy the company would see all the numbers anyway, so that doesn't seem like a reason to delay filing the 10-Q (ie to hide the bad results from a prospective buyer). More likely, the reason for the delayed 10-Q is what they said - the accountants just didn't have enough time to get all the paperwork together from the June sale transaction.
One key question is whether the company has enough cash and credit available (or can get it) to stay afloat and remain an independent company? If not then they have to sell. But if they have sufficient cash / credit they at least have the ability to keep going for a while. Ideally, if they could keep going for a few more quarters to demonstrate that business is indeed improving, with more revenues and lower expenditures, then it wouldn't be such a desperation sale. Or they might even decide to stay independent. Another question is whether current management wants to continue, or would they prefer to just fold up the tent?
Anyway, like a lot of microcaps, it sounds like an extended saga / soap opera. From my own misadventures, I figure that having strict position limits is important, and to never get too emotionally attached to the stock. With a $1000 limit, there's no big payday, but no major angst either.
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