My two pennies: If I were the chief strategist in a company that did a reverse merger and took on exceptional debt and had a slow start, I would probably hold off on posting financial information. If during that initial start up, the expense of posting audited financials (that may not be pleasant to look at) would be a financial burden and potential negative impact on public perception of said company, I would most assuredly not post them. My belief in a system may take some time to develop into results and I would be diligent in that pursuit. When I felt comfortable that the story I believe in, started to match the financial performace, I would then begin making the story public and I would begin posting audited financials. The chief strategist must have a big picture plan to develop an excellent company.
Clearly, the posted financials were quite anemic. Not sure why such an unprofessional public filing was made. I was disappointed after reading them and GAAP standards were not met as stated by the filing. One positive- The initial paragraph is clear that the filing was approved by the officers of the comapny as having no material changes to the bottomline financials and this is a potential criminal/civil issue if they in fact are materially different. My sense is that the company is trying to become, "legitimate". My opinion is that you do not become legitimate in small increments, you just do it immediately.
I see the press releases about growth in Michigan. I am not convinced it is their contract with Canteen that is driving the growth based on what I read about EZ Payment Systems. I asked Fermec (a moderator) some simple questions about his familiarity with this company and I did not receive a response. He/she may have a solid reason for not responding, but I still would like to know if he/she understands that relationship with CPSZ and if he/she has met the people mentioned in that article.
To avoid any questions on my intent of this post, I am a significant share holder and have been for some time now and I believe wholeheartedly in this product and service. This business plan is the wave of the future for county administrative payment receipt departments. I, similar to "Bell", am concerned about the value of the stock. As we all know when the demand for this stock outweighs the supply, this stock will increase substantially. We are still stuck in a very small trading platform where day-traders are flipping stock for a few hundred dollars in gains. There is nothing wrong with that. This will only change when a larger percentage of people want the stock which will push most of the day-traders out as stockholders will wait for a bigger financial event. The story is an excellent one and it may get better when the financials of this subsidiary named GPSI are posted in a month. How consitently the positive story is told and then backed up with the balance sheet, it is then and only then when this stock will see the demand side of the equation. I anticipate that the GPSI financials will be very good (because they announced they were coming). The key is getting enough people to become familiar with the story and desire the stock.
My advice is: Watch for the PR and watch for the GPSI financials. Will the PR strategy stay consistent? We will see how serious this leadership is when we see the legitimacy in audited financials. Cost should not be a concern when it comes to integrity and audited financials is a significant step in the proper direction.
