Some selling came in on this one today so I managed to get some .03 shares for my IRA.
I think the reason this stock is getting some attention is it UPLISTED to the OTC Pink Sheets.
This note in their quarterly report is interesting:
"As explained in Note 6 to the financial statements, as of October 1, 2014, the Company’s accumulated deficit of $24,556,683 was restated to zero and its common stock account was reduced by the same amount from $25,166,313 to $609,630. This readjustment of the accumulated deficit and reclassification of the capital account is known as a quasi-reorganization or accounting restructuring and is permitted under US GAAP pursuant to Accounting Standards Codification (“ASC”) 852-20-25.
Most of the accumulated deficit occurred prior to 1994. To implement the quasir-eorganization, the Company had to show through financial results or modified operations that it had fully recovered from the years when the deficit was incurred and that it had obtained approval of the restructuring from its board of directors and shareholders.
3 The Company’s prior management was replaced and the management structure reorganized from 1995 through 1999. New management modified the Company’s prior operational strategy and from October 1, 2009 to September 30, 2014, the Company had five consecutive fiscal years of profitable operations. As a result, the Board of Directors determined that the Company had met the requirements of ASC 852-20-25 and the quasi-reorganization was made effective as of October 1, 2014. The Company remained profitable in fiscal 2015 and 2016." |
