Tuesday, March 10, 2009 11:13:04 AM
especially from the Government to back IDA bonds etc., they must show financial returns for a certain amount of years. To
my knowledge they have not a filed a single tax return since
2007. That's going on three years. The IRS at the end of this
year will strip or file a tax return for them showing all income with no allowance for expenses until they adjust it and I think they have a certain period to cure.
So in my opinion they will not get a dime without the proper
tax retruns filed, plus a business model or going pro forma that the lenders will anaylze. It's not hard to get these
government programs if you have the proper documentation and
show some busness. I doubt they will be able to get this done
within a couple of months. In addition Ward is going to have to show the money in or taxes paid on salaries he booked for himself and others that was not paid. he still must pay the taxes on money he declared that is relative to the stock and preferred he gave himself and others in arch of 07.
They have to clean up their financials before anyone is going to lend them a dime. If they do not they could be subject to criminal plus civil charges because they are a public enity.
They have their work cut out for them and it can be done but not the short period of time that everyone thinks. Plus I do not like the way the stock is acting. I would be a buyer again at 0.0001.
Good luck to all.
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