Music Licensing Inc (SONG)

[MusicExec]

Jake

Please can you explain to the members of this forum the meaning of your own comments in your own post on the forum below because members of this forum have expressed what appear to be legitimate concerns about your SONG financial statements and the quality of the crowd funded auditor that you yourself appointed


Source :

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174359660

In particular in your own post above you appear to say :

SONG," an extensively distressed US Public Performance Rights Organization owed over $700 million USD through contractual licensing agreements, which my company aims to recover predominantly via litigation, without a historical precedent for financial adjustments or collections due to almost 100% being delinquent. “

Question

As I understand that you were the Founder of PRO Music Rights and its predecessor SOSA Entertainment that you yourself merged into SONG why was the fact that PRO Music Rights was so distressed not fully disclosed when it was merged into SONG for what appeared to be a massive transfer price and this distressed status not reflected in a lower transfer price ?

You also say :

“Any audit firm claiming to complete our audit within 2-3 weeks, given the complexities of verifying hundreds of millions of dollars in contractual agreements and revenue recognition under US GAAP, as well as navigating our family office's unique 3(a)(10) arrangement with "SONG," which applies the 3(a)(10) exemption directly to underlying shares rather than merely to convertible instruments, raises immediate suspicion. Moreover, any firm willing to undertake such a task for a mere $20,000 USD fee seems incredulous.”

Question :

Are you saying the audit you had done was done by a crowd funded auditor that you appointed on the cheap as you needed an audit done quickly so you never got a proper audit done by a professional audit firm ?

Presumably the crowd funded auditor relied on management representations regarding the collectibility or otherwise of your accrued revenues and did few checks to confirm the reasonableness of these representations given the tight timetable that you gave them to compete the audit ?

I am sure members of this forum like myself would appreciate your clarification as I may have misunderstood what you were trying to say in your post above

I also trust you agree these are legitimate questions to ask on this forum given the concerns flagged up by other members of this forum and that these are not the sort of legitimate questions you are seeking to gag ?