"They said in order to meet certain requirements we need the old records which Dave had(you can look back at the forum video). That was true, no?"
No. They were clearly lying about the reason when they claimed they "needed" the records, as well as lying to you about what they were doing in trying to get them.
"In order to meet certain requirements"? Huh ? Total BS.
There isn't any way out of the paper bag management has crafted and trapped themselves in.
First, the answer is NO... and what they are saying clearly cannot be true... because it is not a thing that exists in isolation from other facts.
WHY did they need the old records ?
In order to "complete financials" or to "file with the SEC" ?
Well, they DID complete financials, which they had to have done in order to postured the Reg D that they did... and they DID file that Reg D filing with the SEC... BOTH done without the records ?
So... ?
Of course, they ALSO screwed those things up... and likely broke the law in accomplishing them... go figure.
After posturing how they'd do a BETTER job of timely filing... they blew off filing the Reg D... after raising money... for five months ?
The management have clearly been trying to obstruct the board to prevent the board from performing properly... and they have shown they are willing to break the law in the effort.
The independent directors are trying to hold management responsible... while the management are violating the law.
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