Myriad Interactive Media, Inc. Important Corporate Update
Dear Investors,
I have received a lot of emails over the last week from concerned investors. I am writing this corporate update to provide a status to everyone at one time as I do not have time to address every email. Our company is currently late on our 10K year end filing. The reason for this is because it is quite costly and I refused to take on any more convertible debt for pay for it. This is the only type of financing that is offered to us. If we take this debt our company will suffer again, just like how we did with Asher. Everyone said we would not get out of that situation, but we did. I do not want to repeat that again. We entered into an agreement to sell CryptoCafe.com, we completed the sale and the money was immediately sent to our Auditor. We are late because we had to clear the payment. We hope to file in the next couple of days which will remove the E and I believe will fix the dilemna regarding our trading status in Berlin.
On many occasions investors send us emails and ask us to put out news. The other day we put out a PR about a new exciting project in the Ebola space. We were hired by a company in the USA to develop an app for that space. We made an announcement, and saw our stock recover initially, only to be beaten down again. We are very frustrated with this as are you. We do not know who continues to hurt our stock, and in reality there is not much we can do. We have complained to every regulatory authority we could, we have discussed this with our lawyers and we often discuss it with you our shareholders.
Our fail to deliver rate was up substantially the other day by 32% or over 5.2 million shares shorted without a borrow. These fail to deliver shares were shorted by market makers and filed under regulation SHO with Finra. We believe the people that conduct this trading, are the same people who continue to hurt our stock.
When our share price is manipulated and slaughtered as we have witnessed over the last few days, this also effects our company moral and makes my job even more difficult. How can I finance a company at these prices.
Our company has been very careful with the way we balance our books, we have been reducing our debt, launching more projects, and doing the best we can with very limited resources to keep ourselves reporting, trading and delivering results. Although the financial results are not monsterous, we continue to strive ahead and build new innovations for our portfolio of assets that we hope will oneday translate into big value. Our biggest debt is our legal debt, and it is our last obstacle to clear in order to drastically improve our financial state.
It is important for investors to understand that running a pubicly traded company is very costly. We have ongoing bills for legal, accounting, auditing, transfer agent, franchise tax, corporate represenation, and admin. This does not factor in general and administrative expenses. To save funds, I act as CEO, CFO and Project Manager. In addition, I put all my ideas into Myriad and dedicate just about all my resources to the company. So with that being said, I would appreciate it if Investors understood that I am in the same shoes as you, and I too am not pleased when our shares are beaten down with no regard for anyone.
I will continue to do my best and deliver on what we have started. My short term goal is to get us filed and back in reporting status. After this we will continue to roll out projects, divest non-strategic assets, eliminate debt and introduce a few new surprises we are working on.
I would like to thank-you our loyal shareholders for your support and those few who provide positive words of encourgement for the company.
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