Audit and 8K reporting update
Background Information:
HouseHold Direct.com completed a downstream merger recently with a clean reporting corporate shell in order to become fully reporting as expeditiously as possible. Without warning the SEC verbally changed the procedure and required that all current corporate 8K filings must now include complete audited financials, instead of the 60-day extension that was normally granted. HouseHold Direct then fought for, and was granted, a 30-day extension to complete the now required 8K audits
One thing to bear in mind is that the company does not have to wait for the SEC to approve the filing in order to become officially fully reporting, by using the merger/8k filing instead of the form 10 filing method. The end result, which is both the spirit and intention of the SEC, is that the Company will have completely audited financials, and all material disclosures, that are available to investors.
The scope of this audit is extremely comprehensive, in that it must deal with the original entities merger with RDI Marketing, the first public company based in Florida. The process then includes moving RDIM to Delaware, and the mergers that subsequently created HouseHold Direct.com, Inc. Additionally, the Company acquired assets and business interests from Megappliance.com and Thunderstick Software, LLC. Also during that time, there were a series of both private and public offerings, all contributions from which must be verified all the way back from the first investor.
The auditors are required to incorporate details of all acquisitions and all stock transfers for all companies acquired by RDI Marketing, the early spinoff companies, and all more recent transactions with 100% accuracy. This is just one of the tasks that the auditors are faced with. Over the last few weeks the auditors have asked a number of questions of HouseHold Direct management and have received the answers to these They are now in the process of finishing the final draft of the 8K. There maybe a few more last minute questions, but it is anticipated that over the next few days, the 8K will be complete and 100% accurate. At that point, it will be submitted to Craig Ongley, HouseHold Direct?s SEC attorney for filing and Edgarization.
There are several key points that John Folger wishes to make:
1) The filing is expected to be filed within the 30-day extension granted to them.
2) This initial audit is a critical foundation to the development plans of the Company, and must be accurate.
3) This is important since the Company in the words of John Folger is ?prepared to move very fast? once the SEC is fully satisfied.
While the wait and extra work have been trying, it was felt that is was much better to take some extra time and ensure complete compliance so no roadblocks stand in the way of the Company?s expected rapid progress going forward.
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