Seven Arts Entertainment Inc (SAPX)

[sbc357]

Oh MY! Has everyone seen the filing: Form NT 10-Q Notification of Late Filing of the 10Q?
I have been wondering when we were going to get the 10Q filed? Been anxiously awaiting the information therin.

I even called Peter's office a week ago to find out when they were going to report, but Peter was not in. I asked Linda (the receptionist) and she seemed a little perplexed that they needed to get this filed soon.
I was very concerned at that point.

I find it very interesting that they cannot get this together enough to get their first earnings report filed on time.

Here are the reasons in the filing:

The Report on Form10-Q for the period ended September 30, 2010, could not be filed without unreasonable effort or expense within the prescribed period due to the responses to auditor inquiries as a result of which our other internal accounting staff and outside independent auditors require additional time to conclude their preparation and review, respectively, of our financial statements and notes thereto for the current period. We will also need additional time to prepare the related Item 2 disclosure of Management's Discussion and Analysis of Financial Condition and Results of Operations.

More ammunition for the shorters here!
And Peter wonders why this is such a rich target for those who want to short it down to that .17 as predicted by another poster here.