Here is is in Barnetts own words in an Omda "letter to the shareholders" 6/10/06
Q. What is the current status of the company’s financial reporting situation?
A. As I have stated many times before, when I first took over management of the company, I literally walked into a quagmire of record keeping problems. Tax returns, quick book files, revenue reports, minute books, corporate resolutions, productivity reports, bank statements, etc were never properly kept and have yet to be turned over to us from former management. I, along with an entire legal team, spent almost two years pursuing these documents. I have flown to Louisiana, Texas, and California
several times in an effort to gain access to this information. I have recently realized that these documents may have been lost forever at the hands of former management.
That being said, I have been very proactive in trying to re-establish some sort of financial reporting system. I recently retained a local accounting firm to help in the first stages of this process. Once they compile all the data available over the last three years, we plan to submit it to a more qualified SEC accounting firm to perform a full audit. Even though we are a pink sheet company and are not required to release any financial
information whatsoever, I have always tried to be as communicative as possible with the shareholders.
As accurate documents and financials are prepared, I will do my best to make them available to the public. I am now going to take this opportunity to release (approximations) of past expenses and fund allocations.
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Almost Exactly 4 years ago. And now it will be done by the end of the year.
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