Hey Bev:
Couldn't get any myself. Based on some of their financing activities I thought I'd give it a go but got shut out. Oh well.
I've been tracking the June 30th crop of NT-10Ks. There were 11 that showed some promise but all but one has fallen by the wayside as the 10Ks were smacked up on the board.
The only one left standing at this point is Eastbrokers (EAST). They put out their NT-10K on 6/29. In it they state:
"The Company is currently in the process of evaluating the effects relating to the Company's recent disposition of a business segment. The Company is also in the process of acquiring additional information regarding the valuation of certain assets held by foreign subsidiaries of the Company and applying U.S. GAAP criteria to these valuations and information. As of the filing date of this Form, the Company is unable to estimate with any reasonable certainty the effects of the disposition of the business segment or any potential revaluation of assets under U.S. GAAP criteria. Either of these items could effect the Company's earnings for the fiscal year ended March 31, 1998."
Sounds like potential asset writedowns and/or and earnings restatement in the making. Hmmmm, didn't even bother putting out a press release, imagine that. Ah, I see in looking through the old SEC filings that they fired their no-name auditor around the end of last year and hired Deloitte & Touche. The ol' no-name to name auditor transition can be hell on assets and earnings numbers.
Here's a little squib from Market Guide on what these guys do:
>>>Eastbrokers International, provides a wide range of financial services in the U.S., Central Europe, and Eastern Europe. Its businesses include securities underwriting, asset management, merchant banking, brokerage and research services, and securities clearance services. <<<
Wonderful time to be doing business in Eastern Europe, eh?
Looks like they once operated a hotel in Poland and kinda morphed into a brokerage firm. Well, I guess those are both service businesses, huh?
Not quite sure what to make of this:
>>>>On June 23, 1998, the Company entered into a transaction pursuant to which it will be required to include information with respect to certain discontinued operations of a business segment in its financial statements for the year ended March 31, 1998. Due to the recent occurrence of this event, the Company is unable without unreasonable expense or effort to obtain such additional information. As a result, the Company is unable to file its Annual Report on Form 10-KSB for the fiscal year ended March 31, 1998 within the prescribed period. <<<<<
Sounds like they purchased a business with discontinued operations and for some reason they are having a tough time getting the info on the discontinued part of the acquired biz. Guess that could be related to the recent buy of Cohig & Associates. If you check the press release on that transaction you'll see that Cohig recently brought Ontro (ONTR) public which appears to be um, upwardly challenged since its debut.
Oh goody, found this in the 10Q/A filed 6/15/98:
"On February 20, 1998, the Company sold 1,227,000 newly issued units consisting of one share of Common Stock and one Class C warrants in a private placement for $6,135,000 in cash, or a price of $5.00 per unit (approximately 40 percent below the then current market price as of February 19, 1998.) Each of the Class C warrants are convertible into one share of Common Stock at a price of $7.00 per share. These units were offered and sold to various accredited
investors.
In the above described sale, the Company relied upon the exemption from registration under the Securities Act of 1933, as amended (the "Act") provided by Regulation D as promulgated under the Act."
A Reg D deal at a 40% discount? Yo! Talk about hard up for hard currency. Sheesh.
FWIW, they did a 1:5 reverse split a while back. Very small and tough to borrow but worth a look. A shot at making the Naz "E" list if they don't get that 10-K done ASAP (like in the next few days.)
drakes353 |
