Today we filed with the SEC a Notification of Late Filing of our quarterly report for the period ending April 30, 2004. It was due today. I am confident that the report will be filed within the next few days, and that when it is filed you will see that there are no material adverse developments that are causing us to file late. Further, nothing in it will cause our previous filings to be restated.
The text of the filing reads in part that we are " . . . unable to file . . . without unreasonable effort or expense due to unforeseen circumstances encountered in closing and consolidating with its subsidiary the Registrant's books and records . . . " In plain English, this means that during this quarter we changed internal accountants. The new internal accountant has now completed his work and submitted it to our auditors, Markum & Kliegman (M&K). As required M&K is reviewing it right now. Once they "sign off" on the quarterly report, and then our Audit Committee does, too, I will file it with the SEC. I anticipate that this will happen within the next few days.
You may continue to rely upon all of our publicly available information, and nothing in the pending report will restate any of it.
I continue to remain confident in our plans and in our future. While we are in a 'quiet period', we are restricted to communicating only the important developments at the Company. We continue to move forward in the development of our products on several fronts and will share our progress when we can.
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