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Technology Stocks : NextPath Technologies: NPTK
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To: EL KABONG!!! who wrote (101)5/6/2000 12:20:00 AM
From: Q.   of 106
 
I looked more at NPTKE's 10k, and it is horrible.

* The co. is investigating how many shares the previous officers issued to themselves etc., without board approval. These officers quit recently.

* The auditors quit because:
"In the course of performing our work, we have concluded that NextPath lacks the
internal controls necessary for the development of reliable financial
statements. Further, information has come to our attention that leads us to
conclude that we should not rely upon the representations of NextPath's
management in place during the period covered by this audit".

* The outside directors are absolute nobodies.

* In order to remain listed on the OTC:BB, the company became reporting by the "back-door" method of a reverse merger with a reporting shell.

* the market cap remains a very high $160 M.

* The stock has a cult following, with 12k posts on Ragingbull. Mostly a bunch of sheep getting led to a fleecing in the usual OTC:BB fashion.

* The stock is touted by somebody who is compensated with stock. Here's a list of all the fine companies they represent: quote.yahoo.com

* and, of course, there's no auditor's opinion or financial statements in the filing.

Well, it's no wonder that this stock formerly had the ticker symbol "HYPE"
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