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Microcap & Penny Stocks : THNS - Technest Holdings (Prev. FNTN) -- Ignore unavailable to you. Want to Upgrade?

To: De Peepster who wrote (11506)	3/19/1999 4:19:00 PM
From: BHunt	Read Replies (2) \| Respond to of 15313

Barbara, I am responding to you trusting you really did not notice that the 98 financials were unaudited in the filing. You are putting words in my post/mouth to say that they never got the 98 financials audited. Prefacing my comments with the definite fact that NO FNTN has not officially released the Audited 98 financials, I have this to say. In my experience in corresponding with MS, I have every reason to believe that the 98 audited numbers are in his hands in draft form and that he is expecting the final form from the auditors/accountants. I know this is not the same to you as seeing the official release, but I think if you believe their intention is to become fully reporting and seek nasdaq listing, then you have to believe audited 98s are on the way. They will be filed with the SB2a when comments are received according to MS answer to my direct question. BHunt

To: De Peepster who wrote (11506)	3/19/1999 5:22:00 PM
From: The Philosopher	Respond to of 15313

They never got the 98's audited? hmm that is very surprising to me. Give 'em a break! They filed the SB-2 on, as I recall, 3/2. That was only 60 days after the end of the FY. For big companies with expert in-house accounting staffs, putting together audited financials in 60 days is pretty good. For a small outfit, they have to wait for the accounting firm to take care of its big clients first. (LOTS of firms end on the calendar year, so there's a lot of competition for accounting time this time of year, not to mention tax season also. One of the reasons I had our company use a March 31 FY; more available accounting time and they were often willing to give a bit of a price break to keep their people busy between tax time and summer vacations.) The SB-2 was a LOT of work to put together. To expect them to have been able to complete the audit and put together the SB-2 by 60 days after the end of the FY is asking too much. Why would they have the 97 audited and not the 98's? Because the 97s were done last spring or summer. They were done and ready (or so we were told) -- just not released. It may sound strange for me to defend them, seeing how critical I've been of their delay in releasing audited numbers in the past, but I've been there/done that, and I don't think it's any crime for them not to have auditeds yet. Now, if they still don't have and issue auditeds by, say, April 30, ask me again! <g>