Perhaps Jeff meant that Noram is in full SEC reporting compliance.
Because the cost of an independent public audit would impose an
undue burden on a small company, the SEC permits such companies to
file unaudited reports. In the penny stock world, where many
companies don't file ANY report of ANY type, audited or unaudited,
Noram is ahead of the pack. The larger Noram grows, a rigorous
audit with each filing will be the norm. It very well could be that
Noram is now having all filings audited from this point on, but that
would certainly be above and beyond the SEC requirements for a small
company.
Until such time, investors rely on the fact that a company's officers
and directors would be held criminally liable and subject to federal
prosecution for any false or misleading statements in any SEC filing.
That's what makes a penny stock a penny stock - a smaller company,
less regulation, higher risk, higher reward. A small company would
never make it otherwise.
In my opinion, Noram's management team is hard working and honest.
Jeff means well, but with BOBZ (and SI), it's easy to say something
you don't mean or is badly worded (and get brutally rebuked for it).
As I said before, Jeff is new at all this. He was hired for
business development, not for his public accounting skills or his
silver tongue. With all the watchful eyes on this company, words won't slip too far before getting brought back in line. That's what
makes SI and everyone's comments so valuable! |
