PowerLinx Inc (PWNX)

[dk76]

Firehawk, our expectations clearly differ in this area. A late filing of accurate records is certainly better than an on time filing of poor data, but I expect accurate numbers to be filed on time. I'm not an Accountant, but I do have a pretty good business background.

The process of auditing financials doesn't have to begin after the fiscal year ends. The first three quarters may be audited prior to that time. The only numbers that can't be completed and audited until year end are Q4 numbers. I believe the reporting deadline is (6 weeks?) later for year end numbers, as well. This added time can be essential for companies waiting for royalty or revenue figures from multiple sites or customers who also have to compile year end data, but as far as I know, this isn't a factor for SEVU.

Maybe I'm too anal, or maybe my expectations are too high for a company such as SEVU, but I view late filing as yet another inadequate business practice. SEVU has a well deserved reputation for missing deadlines, late shipments, poor communications, etc. If so many publicly visible aspects of the company are this poorly organized, doesn't it make you wonder what happens that we can't see?

That being said, if you were to waste your time digging through my historical posts, you'd see that I have always been critical of the company, yet I'm still around. I do hold some restricted shares, but they have been eligible for sale for quite a while. I also hold unrestricted shares. I sold some of my unrestricted shares last summer at lofty levels, but I still have some remaining and I have no near term plans to sell either.

I don't believe McBride is a scam. I never have, although as many would agree, I have always been critical of many of his actions. I applaud the decision to bring in a new management staff; in fact, I believe I was among the first here to suggest it.

I have high hopes and expectations for the company. I just thought timely year end financials would have been a great sign that times are changing. I'm disappointed they're late, but life goes on.