Other info buried in the 6/30/11 10-Q:
This explains the late filing.
Pursuant to Rule 13a-15(b) under the Exchange Act, the Company carried out an evaluation with the participation of the Company’s management, including Vince Vellardita, the Company’s Chief Executive Officer and Chief Financial Officer (“CEO/CFO”), of the effectiveness of the Company’s disclosure controls and procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the three months ended June 30, 2011. Based upon that evaluation, the Company’s CEO /CFO concluded that the Company’s disclosure controls and procedures are not effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, incl uding the Company’s CEO /CFO, as appropriate, to allow timely decisions regarding required disclosure.
Now remember Vince was awarded 3 million _ shares on 5/1/11
On May 11, 2011 the Company held a Shareholders meeting to approve the election of the following members to the Board of Directors of the Company: Vince Vellardita, Chairman of the Board of Directors; Frank O’Donnell, Director; Timothy Harrington, Director; Silvana Costa Manning, Director; and Michael Vredegoor, Director. Finally the shareholders voted approval of an additional amendment to the Company’s Certificate of Incorporation allowing for a reverse stock split of the outstanding shares of the Company’s Common Stock at a ratio of either: one-for-two, one-for-five, one-for-ten, or one-for-twenty to be determined by the Board of Directors of the Company without further approval from the shareholders. With respect to the items on the proxy, a majority of shareholders of the Company voted in favor of the appointment of the Board of Directors, the discretionary authority to effect a reverse stock split, and the appointment of Labrozzi & Company, PA as auditors of the Company for the fiscal year commencing December 31, 2010.
A lot of material things happened before the 6/30/11 10-Q filing that were not disclosed. The shareholders will always be the last to know and it's always your money that will be lost.
