It has now been nearly 30 days since SEC stopped trading due to financial irregularities and other than a PR stating everything's pretty much ducky and will be re blessed by auditors- nada, zilch, nothing!
Now this is a small company with a VERY simple business.
They basically sell a few versions of a couple of products that they have custom manufactured and probably drop shipped as I've seen no indications of warehouses and inventory on the Balance Sheet.
They have, what, a dozen or so customers? They apparently have no actual office and only 10 or 11 employees, all of which seem to be VP or higher!
I could audit an operation like this in my sleep in less than a month so what gives? Berger and Mendoza look to be at least minimally competent, from what I've read, so I am not getting how this is still a black hole. This has got to be the worst problem in the history of this little company and it's killed the stock price and turned a very loyal group of shareholders into an insane mob out for managements blood (and rightly so) and yet Lee Cole et al are reacting like it's nothing.
And I'm also wondering when I look at the employee list who the heck actually does the in house accounting? Who gets the checks and deposits them and keeps track of payroll etc? Who takes calls and gets orders and passes them on to China and tracks shipping and.... There do not seem to be any employees that do anything but sell and "manage". Where are the Indians? Looks like all Chiefs to me and pretty lousy ones at that.
