Replies to post #2953 on China Teletech Holding Inc (CNCT)

[DD2Gain]

"As of March 31, 2014, the Company has an accumulated deficit of $$6,861,626 due to the fact that the Company incurred losses over the past several years, and has difficulty to pay the PRC government Value Added Tax and past due Debenture Holders Settlement."

"During the three months ended March 31, 2014, we revenue is Nil as compared to $9,100,952 during the same period in 2013, representing an decrease of $9,100,952. The decrease of revenue during the three months ended March 31, 2014, was mainly due to the disposal of all operating subsidiaries."

My guess is companies that don't pay the PRC what it's due will engage in desperate measures to find a way to get caught up. Couldn't have been worth much to begin with if selling (or whatever) the entire business couldn't pay off the debts. I personally washed my hands of this company today because they are unpredictable and obviously can't manage their funds. VAT is supposed to be included in the fees for products/service, so where did it disappear to? Evidently, a "laser company".

"Now, the audit for the year ended December 31, 2013 and six months ended June 30. 2014 of Beijing Toplaser Technology, Ltd. is in progress."

Because the laser company is the one that needs an audit....for 6 months...lol