Replies to post #93434 on Micro Imaging Technology Inc (MMTC)

[Top Penny]

It's funny you claim MMTC has not filed taxes since 2011 yet they only owe $4200 in back taxes per the last 10Q, that amount is probably a lot less by now if not completely paid off. There is no lien on the patent, the lien is no longer valid as was decided in court, look it up, its on the web for the whole civilized world to see. The listeria certification is not lost, I know this per my conversation with Mr. Nunez, the renewal fee simply needs paid at the AOAC, its no big deal, MMTC can pay the renewal fee at anytime. As far as dilution is concerned, the company hasn't diluted at all for the last month, hence the increase in the share price. The O/S is less than 10 million, the A/S is only 25 million. MMTC has been very conservative in their issuance of shares. Insiders own the majority of the float. Let's stick to the FACTS here. Try reading the filings filed with the SEC sometime, that will set you straight. See the following from the most recent 10Q...

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

A Notice of Tax Lien for a portion of the taxes due was filed by the State of California on November 9, 2012 in the amount of $8,206, including penalty and interest. In October 2013, the California tax authority levied the Company’s account in the sum of $13,807 with an additional levy of $5,451 in November 2013. On December 17, 2013, the Company entered into an installment agreement with the California tax authority to pay $304 per month commencing January 27, 2014. A total of $1,518 was paid under this arrangement when the Company failed to make required monthly payment in June 2014. On or about July 14, 2014, the State of California levied the Company’s account for an additional $1,132 and the estimated remaining balance of $4,200 remains due to the state.

[Top Penny]

Robert Pett Insider Buys

[Top Penny]

Greg Newhuis Insider Buys

[Top Penny]

Proof that OSI Systems is the official manufacturer of the MIT.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

**From the most recent 10Q**

In April 2012, the Company commenced the production phase of its MIT 1000 Rapid Microbial Identification System with its Hawthorne, California-based manufacturing partner.

**OSI Systems is headquartered in Hawthorne, California


~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
**At seven minutes and twenty seconds into this video OSI Systems is stated to be the official MIT manufacturer**

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

**OSI Systems PR**

Micro Identification Technologies (MMTC) Contracts OSI Optoelectronics to Manufacture the MIT 1000 Rapid Microbial Identification System

5/26/2010 10:37:30 AM

SAN CLEMENTE, CA--(Marketwire - May 26, 2010) - Micro Identification Technologies, Inc. (OTCBB: MMTC) announced that it has signed an Agreement with OSI Optoelectronics (OSIO), a subsidiary of OSI Systems (NASDAQ: OSIS) to manufacture its microbial rapid identification system, the MIT 1000. OSIO has manufacturing facilities in California, Malaysia and India. "All of OSIO's world class facilities are ISO 9001:2000 certified and FDA registered and GMP compliant making them a perfect company to fabricate MIT's systems for its current food safety applications and its planned pharmaceutical and clinical diagnostic applications," stated John Ricardi, MIT's Executive Vice President and Chief Operating Officer. In addition, OSIO fabricates the photodiode detectors that are used in the MIT 1000 and has the ability to supply other components. OSIO's vast experience in MIT's targeted markets will also enable them to assist MIT in future product designs to both accelerate and ensure those products meet the stringent requirements of those industries. "We are pleased to work with MIT as we feel their innovative product will become a valuable tool to help prevent widespread bacterial contamination," stated Manoocher Mansouri, OSIO's President.

MIT currently produces the MIT 1000 Rapid Microbial Identification (ID) System that can identify bacteria in less than five minutes after culturing at a cost less than 10 cents per test.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

-IMHO

[Top Penny]

Those claiming MMTC lost its patent couldn't be further from the truth. MMTC has all of its patents, from the most recent 10Q...

The Company is currently conducting research activities to operationalize patented technology that the Company owns and to develop certain software Identifiers in order to market its MIT 1000 system for the identification of various pathogens such as Listeria, E. Coli S taphylococcus E nteritidis (S taph ) and Salmonella.

[Top Penny]

OSI Systems is the official manufacturer of the MIT, they are a world class manufacturer juggernaut of a company with a market cap in the BILLIONS. I find this to be one of the most impressive aspects of MMTC, being affiliated with OSI Systems in any capacity is impressive for a penny stock. The company really has a bright future in front of it.

-IMHO

[Dreamchaser]

Tax History: Micro Imaging Technology, Inc (MMTC)

Accrued Payroll, Payroll Taxes and Benefits

From April 2010 through March 2012, payments made to two employees were recorded as reductions in accrued and unpaid payroll. In April 2012, the Company reclassified such payments as net payroll payments; calculated and recorded the employer and employee taxes that should have been withheld on such payment. Federal and state payroll tax returns have been filed for the last three quarters of 2010, all of 2011 and the first quarter of 2012. The Company recorded a total of $81,206 and $20,560 in federal and state payroll taxes due, respectively. Estimated federal penalties and interest on the late filings and payments, in the sum of $24,196, have been accrued as of October 31, 2013. On September 20, 2012 and May 14, 2013, the Internal Revenue Service filed a Notice of Federal Tax Lien against the Company assessing $58,858 and $13,605, respectively for unpaid taxes, penalties and interest. The Company is in contact with the Internal Revenue Service to work out a payment schedule for the amounts due.

In November 2013, the Internal Revenue Service assessed a $36,414 penalty against the Company’s Chief Scientist, David Haavig, under the federal Trust Fund Recovery Act because the above payroll taxes were not reported and paid in a timely manner. The Company assumed the liability and has provided payment to the employee for indemnification. The Company’s Chief Financial Officer, Victor Hollander, may also be liable for the federal penalty, and the amount of such penalty, has not yet been determined. In the event that such a penalty is assessed against Mr. Hollander, the Company has determined that it will indemnify him for the related costs. As a result, the Company has recorded an additional $34,632 in interest expense as of July 31, 2014.

Estimated state penalties and interest of $4,316 on the above late filings were accrued. A Notice of Tax Lien for a portion of the taxes due was filed by the State of California on November 9, 2012 in the amount of $8,206, including penalty and interest. In October 2013, the California tax authority levied the Company’s account in the sum of $13,807 with an additional levy of $5,451 in November 2013. On December 17, 2013, the Company entered into an installment agreement with the California tax authority to pay $304 per month commencing January 27, 2014. A total of $1,518 was paid under this arrangement when the Company failed to make required monthly payment in June 2014. On or about July 14, 2014, the State of California levied the Company’s account for an additional $1,132 and the estimated remaining balance of $4,200 remains due to the state.

Accrued Payroll and Benefits consist of the above payroll taxes, salaries, wages, and vacation benefits earned by employees, but not disbursed as of July 31, 2014 and includes payroll earned, but unpaid to various employees between January 16, 2013 and July 31, 2014. Accrued Payroll also includes the above estimated penalties and interest due on such unpaid payroll taxes. Liability for vacation benefits is accrued when earned monthly and reduced when taken. At the end of each fiscal period, the balance in the accrued vacation benefits liability account is adjusted to reflect current pay rates. Annual leave earned but not taken is considered an unfunded liability since this leave will be funded from future appropriations when it is actually taken by employees.

http://quote.morningstar.com/stock-filing/Quarterly-Report/2014/7/31/t.aspx?t=PINX:MMTC&ft=10-Q&d=6ec70e22ebbb092561b449f6c4cb5cb7