Does anybody have a guess when Doug will release the 2003 and 2004 Annual reports? Soon? Shortly?
It has now been 62 days since the following press release was issued. The 2003 Financials are now 549 days overdue. That is 105 days longer than the Iran Hostage crisis. It is 86 days longer than it took to build the Empire State building. Does anyone really believe that Doug has any intention of releasing the financials? Please justify your belief in light of Doug’s statement at the shareholders informational meeting in July 2004 that he was afraid of issuing financials because he wanted to stay on the Pink Sheets in order to thwart those nasty shorters.
H-Quotient Clears Way to Complete Audit
Monday August 29, 3:47 pm ET
VIENNA, VA--(MARKET WIRE)--Aug 29, 2005 -- H-Quotient, Inc. (Other OTC:HQNT.PK - News) announced that with resolution of the significant aspects of major litigation and, separately, issues concerning the acquisition of the Company's Canadian subsidiary, Stewart & Shaw Inc., management has directed its auditors to complete the Company's 2003 and 2004 year-end audits.
On April 7, 2004, the Company was sued for more than $10 million in the Rao et al v. H-Quotient matter. The court awarded and upheld its judgment awarding H-Quotient $385,000 against IntelliServices' former president, while seven former IntelliServices shareholders who owned less than six percent of that company's stock were awarded $359,000, which the Company is appealing. Earlier, two former IntelliServices employees were awarded $157,500, and H-Quotient deposited the full amount to the court in lieu of a bond and has appealed the award. This litigation arose from H-Quotient's acquisition of IntelliServices stock.
Please take the following press release into account when justifying your belief that Doug is going to publish the financials. Why is it taking so long to finish them in light of their new accounting system that is supposed to make financial reporting more efficient? What happened to Doug’s plan’s to hire a CFO? Is it possible that no reputable and competent accountant would want his name to be associated with this company? Or did Doug fail to hire a CFO because the company didn’t have the money to hire one and all those press releases touting wonderful profits were a bunch of BS? Or did Doug just lie through his teeth? Is it possible that Doug never intended to hire a CFO and that this was just another BS PR intended to lure some sucker into investing in the company? Can anyone give me any other reasonable explanation for Doug’s failure to hire a CFO?
H-Quotient Record Audited Financials Scheduled
5/26/2004 2:41:00 PM
VIENNA, Va., May 26, 2004 (BUSINESS WIRE) -- H-Quotient, Inc., (OTC Bulletin Board:HQNTE), announced the impending release of its annual audited financial statement. The financials, which were delayed due to the Company's recent major acquisition which began last year, will soon be released.
The earnings will be record-breaking.
Meanwhile, the Company has implemented new accounting systems and plans to add a chief financial officer in the near future, all of which will impact future financial reporting. The current CFO is also the CEO.
President and CEO Douglas Cohn said, "We are very pleased with the progress of the Company, and the financial statements will validate this opinion. It has been an eventful and complex year, factors that delay financial reporting, but bode very well for the future."
