There will be no 10K filed anytime soon. I don't think you will see it before the end of the year. D&T were appointed in late August to replace an accounting firm that lost its registration. In order for D&T to sign off the current 10K, they are required to re-audit every single year that the previous auditors were involved. This goes back to at least 2006. No way will D&T just sign off, they are going to do very thorough audits. The SEC investigation assures that the job just got even more thorough.
Anyone who thinks that 10K will be filed this week or next month simply isn't considering the facts. This company is headed to the pink sheets.
On September 11, 2009, the Company received notification from the SEC that, as a result of the revocation of Drakeford’s registration with the PCAOB, the Company would be required to have its financial statements re-audited by a PCAOB-registered firm for any year previously audited by Drakeford in order for the Company to include such financial statements in its future filings with the SEC. Accordingly, the Company’s financial statements for the fiscal year ended May 31, 2008 are currently being re-audited by the Company’s current independent registered accounting firm, Robison, Hill & Co., A Professional Corporation, a PCAOB-registered firm, in connection with the preparation of the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2009.
