Replies to post #49733 on RespireRx Pharmaceuticals Inc (RSPI)

[LTListener]

Too funny, they don’t even need audited and for 10-k, 10-q only would be much less.

In theory one could acquire 25 million shares today for 50k or less, loan another 50k to company to get away from this EM Halloween scare, then talk about the fantastic DOD news and NIH success now looking for grant money and the stock races past 2-3 pennies..

This EM crap has watered down some of the most fantastic otc equity news I have heard!

This is a mid major pharma in disguise!

[loanranger]

The only filing that gets audited is the 10K. $100K+ is what the Company says it cost them each year. The 10-Q's are not audited....they are simply reviewed. Read p.59 carefully.
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000849636/000149315223012542/form10-k.htm

and p.58 for the previous 2 years. Same auditors.
https://www.sec.gov/Archives/edgar/data/849636/000149315221008869/form10-k.htm

Note that Dr. Lippa had to advance funds to the Company to pay the auditors in the past.

"Not 100k per filing, which seemed like what was being argued."
$100k per 10-K filing, that's right. Whether that's a reasonable fee for this Company or not is a different question.


We don't know how much the auditors are owed and the Company isn't saying. We do know that the new Director provided the Company with $100k days after they said this on April Fools Day:
"The Registrant intends to file a complete Annual Report as soon as practicable within the extension period of fifteen calendar days provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended."

There's little doubt that they COULD pay the auditors if they wanted to, so is that nonpayment the real reason for the failure to file or is it some other reason?
They told the SEC in their lateness notification that it was "due to a delay experienced by the Registrant in completing its financial statements due to additional time needed for the Board of Directors (acting as the Audit Committee) of the Registrant to complete its review of the Annual Report with the Registrant’s independent registered accounting firm."

The CFO told powerbattles "Rest assured that the 10-K is essentially complete, subject to the auditors completing their final work."
A totally useless statement....essentially complete subject to being completed.

If they had filed an NT 10-Q for the latest quarterly as they were obligated to do maybe we'd have yet another explanation.