Everybody knows the boat is sinking, everybody knows the captain lied; Everybody knows that the dice are loaded, everybody rolls with their fingers crossed; Everybody knows the fight is fixed, the poor stay poor and the rich stay rich.... Leonard Cohen and sung by Glenn Frey How fitting to this company, its board and its captain.
Have you seen their Annual report or 10K? It is huge. I have never seen this much information in any other penny stock. So just imagine how much time and money it costs to prepare and file these reports.
"The Company's Board of Directors made this decision to voluntarily deregister the Company's common stock based on several factors, including the costs of preparing and filing periodic reports with the SEC, and the elimination of the substantial legal, audit , and other costs associated with being a reporting company. The Board of Directors determined that the increasing financial costs and commitment of management's time to ongoing SEC reporting and complying with the many new regulations that have been adopted is not justified in the Company's circumstances. The Board of Directors believes that freeing up these resources will create value for the Company's shareholders by allowing management to better prepare and execute strategic plans, and improve the Company's long-term financial strength. "
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