The NT 10-K Notification of Late Filing did not show a check in the box for the 15 day extension, but instead left it open-ended, as stated in the final sentence. I interpret that as a strong likelihood that we will continue under suspended trading for an indefinite time -- but as noted by others, at least it's good news that they have filed something and given some indication of attempting to maintain compliance.
PART III - NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F, 10-Q, N-SAR, or the transition report or portion thereof could not be filed within the prescribed period. (Attach extra sheets if needed.)
As reported in its Current Reports on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on February 19, 2010, February 22, 2010, and March 2, 2010, Electronic Game Card, Inc. (the “Company”) announced that on February 12, 2009, Mendoza Berger and Company, LLC (“M&B”), the Company’s independent auditors, informed the Board of Directors that it had withdrawn its audit opinions for the Company’s financial statements for the years ended December 31, 2006, 2007 and 2008 because they could no longer be relied upon. M&B advised the Company that it had become aware of irregularities in the audit confirmation of a bank account represented to M&B as having been held by Electronic Game Card (UK) Limited, a wholly owned subsidiary of the Company that conducts its European operations.
The Company is currently working to determine the adjustments necessary to reissue its prior financial statements. As a result, the Company is unable to complete the preparation of its financial statements for the period ended December 31, 2009 and, therefore, will not be able to file its Annual Report on Form 10-K for the period ended December 31, 2009. The Company is not able to determine when it will be able to file its Annual Report on Form 10-K for the period ended December 31, 2009.
AI
