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Microcap & Penny Stocks : TSIS: WHAT IS GOING ON?
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To: Howard C. who wrote (4047)10/7/1998 8:43:00 AM
From: John S. Baker  Read Replies (2) of 6931
 
"so when you say: "TSIS needs to become a fully reporting company." I must ask....What's Stopping Them? It's a Really simple procedure. Requires an accountant and an attorney."

From what I understand (and I am neither a CPA nor an SEC attorney), the submission to the SEC to become a fully reporting company requires two things: a complete audit to the USA's GAAP standards plus a completed SEC Form 10.

So a company is naturally going to wait until the end of an audited period to begin the process. For most companies, this means a submission can only occur at (shortly after) the end of a Fiscal Year.

In addition, though I have not ever read one, the Form 10 is supposed to require a tremendous amount of financial detailed data ... data which will require a fair amount of management time to compile and format properly. For a lean and mean company like TSIS, that task must battle with other compelling priorities for scarce management attention.

Lastly, I gather that the Form 10 process is an iterative one. The company submits ... SEC asks questions ... company responds ... SEC asks more questions ... etc ad nauseum. Hence the suggestions from Scott and Don that it might take as mush as 180 or 120 (respectively) days for the process to be completed to the SEC's satisfaction.

My sense from the past two conference calls is that the task of actually making the initial submission is clearly on Don's scope as a needed priority item. Based on my past experience with the management of this company, I am comfortable that this priority will be translated into action soon after the year-end audited reports (currently under preparation) are completed.

JSb.
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