Mar 26, 2014, 1:53pm EDT
Lawsuit filed against troubled e-waste company
READ THE FOLLOWING OVER AND OVER AND OVER TIL IT SINKS IN!!!!!!
ABSOLUTELY HORRIBLE NEWS......................
E-Waste Systems Inc., which just opened a recycling facility in Greater Cincinnati, is being sued by the former owners of a Cincinnati company whose assets it bought.
George Quinn, of MaloneBailey, said he couldn’t talk about the E-Waste dispute because of client confidentiality. But, he added, it is uncommon for auditors to resign as a result of an unresolved dispute. MaloneBailey handles audits for about 100 public companies, he said.
E-Waste’s SEC documents also include what’s known as a “going concern” statement. That’s required when a company’s auditors have reason to question whether the company can continue to operate. In E-Waste’s case, it states in its SEC filings that it doesn’t yet have enough revenue to cover its operating costs and keep the business going. It needs to raise more capital to stay in business, it said.
“If the company is unable to obtain adequate capital, it could be forced to cease operations,” it said in the filing.
(I think they'll be ceasing operations before long)
E-Waste did file plans with the SEC in late January to raise up to $1.5 million by SELLING STOCK. (to their believers))
AI
