Since June 1st when CEO Ronnie Adams took over he has not once promised fully reporting status before end of the calendar year. He mentioned it was important for it to happen as soon as possible, and he working on preparing the company for auditors (probably with burn bags and shredders). However here is a list of times he mentioned becoming fully reporting.
July 7th - The majority of the outstanding shares is restricted from sale and can only be sold under SEC Rule 144, which places limiting trading restrictions on holders, or through the filing of a registration statement, for which management has no plans. MDHI is a voluntary reporter with the SEC, but management understands the importance of transparency. An accounting and auditing review is expected to commence some time before the end of the calendar year.
AUG 6th - We were able to do this because we are a voluntary reporting organization, but we nevertheless believe it is important for us to restore our fully reporting status as soon as possible. We believe our investors will be very pleased to see a balance sheet that is sustainable for our business sector and an income statement that shows positive earnings upon completion of our audit and upon our upcoming filings with the commission. We are targeting returning to fully reporting status by the end of this calendar year."
SEP 5th - Financial Reporting- The Company has notified its accountants to begin the process during the month of September of preparing financials in order to return the company to fully reporting status.
SEP 10th 8K The Company has notified its accountants to begin the process during the month of September of preparing financials in order to return the company to fully reporting status
SEP 17th - Returning to Fully Reporting SEC Status - Medical Alarm Concepts is a voluntary reporting organization with the Securities & Exchange Commission and thus we are not required to file financials. Transparency is, nevertheless important to us, so we are committed to filing full financials with the SEC as soon as we are able. As we announced in a recent press release, we have informed our accountants to begin preparing the financials in order to return us to fully reporting status. As many of you know, maintaining full reporting is very expensive for small companies and thus late last year, we made the strategic decision to suspend this reporting in order to remain solvent and to continue to implement programs to restore growth. We are very happy to tell our investors we believe this was the right strategy and we believe the growth we are currently experiencing is the result
OCT 10 - Beginning in December we will begin recognizing cash flows from the contract extensions sold four to six months earlier. Just as our retail sales have consistently expanded since the program was instituted, we expect a corresponding growing of cash flow injection as the initial six-month contract periods expire and as the contract extensions kick in. The result will be strong growing cash flow for the corporation, which will move us into an operating positive cash flow. We believe we are well on our way to profitability and to producing strong gains in shareholder value. While this retail promotion is very important to Medical Alarm Concepts, we stress to our investors that the company was already strongly trending toward profitability, a much stronger balance sheet and fully reporting SEC status.
OCT 16 - We are expecting extremely robust sales to continue as a result of these and other promotional activities. We are well on our way to achieving the goals of our management team and those of our investors. The next course of action is to return the company to fully reporting SEC status, a process that is underway."
NOV 20th - This major investment is a testament to the success we have already achieved and an endorsement of the plans we have for the future," said Ronnie Adams, CEO of Medical Alarm Concepts. "These proceeds will allow us to accelerate our reporting with the SEC, which remains one of our top priorities, and to allow us to further enhance our domestic and international distribution. Finally, we plan to acquire one company in its entirety and we are planning to take a large stake in another expected very fast growing operation. This investment is about creating additional value for current and future MDHI common shareholders, our management team members, and our new investment partners."
