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Microcap & Penny Stocks : TSIS: WHAT IS GOING ON? -- Ignore unavailable to you. Want to Upgrade?

To: BarbaraT who wrote (3826)	9/23/1998 12:17:00 PM
From: Blayton	Read Replies (1) \| Respond to of 6931

Thanks Very Much, Barbara!! <eom>

To: BarbaraT who wrote (3826)	9/23/1998 1:47:00 PM
From: John S. Baker	Read Replies (2) \| Respond to of 6931

From my hastily taken notes.... Cost of doing the Form 10 for becoming fully reporting: $25-30,000 in legal fees ... 3-6 month process. I too came away with the impression that Don planned to do it, but that it was not something he looked forward to doing. My non-verbatim notes: "frankly been too busy to ... not a priority ... need to move in that direction". "Run rate" in this context means "at the current rate, it would average out to $xxxx per time period". For instance, if a business happens to be doubling in size every month, then listing either "revenues year to date" or "this month's revenues" would not accurately describe the business. Instead, people estimate the revenues in the 12th month and multiply x 12 to create a (instantaneous) "run rate". Hope this helps. Re rapid production of financials -- my impression is that the new Comptroller (Bill?) has things so under control that they can get results within 7-10 days. To me that does not mean that they will necessarily report them to the SEC that quickly. I think Don was saying this to show that they have made strides to have better financial internal controls because my non-verbatim notes say: "audit will go faster, reporting better". Don stated that the auditor would be in on Monday of next week ... from past experience it will be six weeks before he signs off (based on history) ... Don gave the auditor a deadline of 10/31/98, but they never meet them (deadlines). JSb.