Bill, looking back over previous SEC filings it appears IAIC takes as much time as they can to report. Dec 31 is their year end. Last year they didn't file their 10K until April. I think they will probably hold off as long as possible to file. If their was anything positive to report (ie sales) for the last quarter, they would have announced it by now. They have every incentive to hold off, in the hopes of being able to announce sales before shareholders see the results of last quarter. My guess is the PP shareholders will sell before the financials are announced, or short the stock against future delivery of their shares to lock in their profit.
BTW, I noticed your having done a lot of work reviewing the financials on the ACLY thread. What's your view on the IAIC financials. I noticed that sales are down, while receivables are up. Also check this out this from the employment contract with the current president. I wonder how this was accounted for? Could be in the SGA, but I am not sure. (the actual letter agreement was filed in the last 10Q}
Optional Compensation
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You will have the right to receive up to an additional $300,000 (hereafter
"Optional Compensation") for serving as president and chief operating officer
for a period of one year from your employment commencement date. You will have
15 months from your employment date to decide whether to receive the Optional
Compensation. Against the potential obligation of the Company to pay you the
Optional Compensation, upon commencement of your employment, the Company will
advance you the sum of $50,000. To secure the Company's contingent obligation to
pay the
<PAGE>
remaining Optional Compensation to you, the Company will deposit into a
segregated account for your benefit $100,000 on January 1, 1998.
Subject to the further provisions hereof, after the one year anniversary of your
employment you will have the right to receive payment of the Optional
Compensation by providing written notice to the Company. Upon receipt of such
notice, you will receive within ten business days $100,000. The remaining
$150,000 will be paid to you on or before January 1, 1999. In addition, upon
receipt of such notice, your rights in and to any of the stock options not
previously exercised will terminate and you will be deemed to have forfeited all
of the remaining options. In the event that any options have been exercised
prior to such notice, the fair market value of the IAI stock received upon and
as of the date of exercise of the option less the aggregate prices paid upon
such exercise will be totaled. This total amount will be subtracted from the
Optional Compensation ($300,000), and the positive difference, if any, will be
due you in accordance with the time frames set out in this paragraph. The
initial $50,000 advance upon commencement of employment will become due and
payable to the Company to the extent that such advance exceeds the Optional
Compensation then payable to you. If notice is not received within the 15 months
of your employment date, the right to receive the Optional Compensation will
terminate and the initial $50,000 of Optional Compensation will be due the
Company based on a mutually agreeable plan of repayment within 12 months, but
you will retain the rights to all of your options.
Regards,
Ron |
