Due to failure to comply with NASD rule 6530 (late filing to SEC three times in a row in the past 24 months), MediaNet Group Technology Inc's stock has been delisted from the OTCBB (Over The Counter Bulletin Board) quoting service as of Feb. 16, 2011.
At OTCBB they had ticker symbol MEDG.OB (or MEDGE.OB when they were in the "grace period" for delinquent/late filing to SEC).
MEDG stock is now being quoted on the "Pink Sheets" list under ticker MEDG.PK
The difference between being quoted on the OTCBB and Pink Sheets is explained here:
http://www.investopedia.com/ask/answers/201.asp
"What does it mean when a stock trades on the Pink Sheets or the OTCBB?"
"A stock that doesn't trade on a major exchange is said to trade over the counter (OTC). This means that the stock is dealt between individuals connected by telephone and computer networks."
"Companies will typically be listed on the OTCBB for one of two reasons:
(1) The company has been delisted from a major exchange. When a company is facing tough times and is unable to meet the requirements for continued listing on the Nasdaq or NYSE, it will be delisted."
"(2) The company may be listed on the OTCBB because it is unable to meet the initial listing requirements of the Nasdaq or NYSE. In such a case, a company may choose to test the waters of the OTCBB, using it as a stepping stone before leaping into the larger exchanges and markets."
"The Pink Sheets are different from the OTCBB. Companies on the Pink Sheets are not required to meet minimum requirements or file with the SEC."
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Will MEDG resume their filings to the SEC? We'll have to see. In their latest FORM NT 10K they stated that
"the Company anticipates restating its financial statements for each of the quarters for the year ended September 30, 2010 and for the fiscal year ended September 30, 2009. As a result of such anticipated restatements, among other potential changes the Company anticipates significant change in results of operations from the corresponding period for the last fiscal year".
If they do resume filing to the SEC they will have to timely (and accurately) file all necessary data for at least a year before they can apply for OTCBB quoting again. (see third paragraph of http://www.sec.gov/answers/eadded.htm).
All MEDG's filings to SEC up to date can be found here:
http://www.sec.gov/cgi-bin/browse-edgar?company=MediaNet+Group+Technologies&match=contains&CIK=&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany
MEDG's Pink Sheet quotes can be found here:
http://finance.yahoo.com/q?s=MEDG.PK
MediaNet Group Technology Inc's own updates about this important news for MEDG investors and Dubli Business Associates should appear on their website (http://www.medianetgroup.com/), e.g. in the "Investor Relations" or "Latest News and Events" section.
In case you're an old-time investor in the original "Dubli-units" (Euro 1.00 in 2006, up to Euro 1.30 in 2007, up to US$ 2.50 a piece in 2009) you might also want to check the original Dubli-invest site:
http://www.dubli-invest.com/
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Feb 17, 2011
Feb 16, 2011
Jan 27, 2011
MEDG(E) runs risk of being delisted from OTCBB
Apparently Dubli/Medg(e) runs the risk of being delisted from the OTCBB as of February 16th, if they don't file their financial (re)statements for 2009 and 2010 before that date...
See http://www.otcbb.com/DailyListContent/delistings/OTCBBDelOpenReport.pdf (pdf file)
quote:
List of OTCBB Filing Delinquent Companies as of Jan 26, 2011
Each trading day, FINRA publishes a list of companies that it believes are non-compliant with FINRA Rule 6530 (the “Eligibility Rule”). A company is generally added to this list on the date that the symbol is appended with an “E” modifier. This is generally two business days after notification is published on the OTCBB Daily List. A security is removed from this list one business day after FINRA determines that it is eligible for quotation, or the security is no longer quoted on the OTCBB.
Issuer Name
MediaNet Group Technologies, Inc.
Affected Issue(s): MEDGE
Reason Not Eligible
Delinquent (09/30/2010 10K)
Grace Period Expiration Date*
02/14/2011
*The Removal Date is generally two business days following the grace period expiration date.
--------------------------------
Official SEC rules regarding the added "E" to the ticker symbol:
http://www.sec.gov/answers/eadded.htm
--------------------------------
See also my previous post about Dubli/Medianet Group's latest SEC filings not looking particularly good...
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See http://www.otcbb.com/DailyListContent/delistings/OTCBBDelOpenReport.pdf (pdf file)
quote:
List of OTCBB Filing Delinquent Companies as of Jan 26, 2011
Each trading day, FINRA publishes a list of companies that it believes are non-compliant with FINRA Rule 6530 (the “Eligibility Rule”). A company is generally added to this list on the date that the symbol is appended with an “E” modifier. This is generally two business days after notification is published on the OTCBB Daily List. A security is removed from this list one business day after FINRA determines that it is eligible for quotation, or the security is no longer quoted on the OTCBB.
Issuer Name
MediaNet Group Technologies, Inc.
Affected Issue(s): MEDGE
Reason Not Eligible
Delinquent (09/30/2010 10K)
Grace Period Expiration Date*
02/14/2011
*The Removal Date is generally two business days following the grace period expiration date.
--------------------------------
Official SEC rules regarding the added "E" to the ticker symbol:
http://www.sec.gov/answers/eadded.htm
--------------------------------
See also my previous post about Dubli/Medianet Group's latest SEC filings not looking particularly good...
.
Dubli's latest SEC filings
Dubli/Medianet Group's latest SEC filings not looking particularly good...
# Form 8K/A:
Filing Date: December 21, 2010
excerpts:
Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
On December 16, 2010, the Company’s Chief Financial Officer and Board of Directors concluded that the previously issued financial statements contained in the Company’s Quarterly Reports on Form 10-Q for each of the first three quarters of the year ended September 30, 2010, and the 2009 financial statements of CG Holdings Limited and its Wholly Owned Subsidiaries as of September 30, 2009 and for year then ended and the related pro forma financial statements also contained in the Company’s Form 8-K/A filed with the Securities and Exchange Commission (the “SEC”) on February 4, 2010 should not be relied upon because of errors that require a restatement of such financial statements.
During the course of our year end close for the year ended September 30, 2010, the Company’s new CFO and new controller discovered the following errors:
Intercompany Eliminations
We determined that in the course of preparing consolidated financial statements certain intercompany eliminations were not made during each of the first three quarters of the year ended September 30, 2010 and for the fiscal year ended September 30, 2009. As a result, our previously issued financial statements for the periods identified above overstated both revenues and costs of goods sold and operating expenses by between 7% and 19%.With respect to these errors , we have determined that during the periods referred to above, we had insufficient personnel resources to perform review and monitoring controls within the accounting function. Except for potential local tax effects in certain countries, the restatement is not expected to result in any modification to our net income or shareholders’ equity for any of the periods presented.
Cutoffs
We determined that certain revenue and expense transactions for the quarter ended March 31, 2010 were erroneously recorded in quarter ended December 31, 2009. In this connection, we determined that certain supervisory and monitoring controls had not been performed for these periods which resulted in these accounting errors.
Account Errors
We determined that sales, deferred revenue and commissions were incorrectly recorded during each of the first three quarters of the year ended September 30, 2010 and for the fiscal year ended September 30, 2009. In this connection, we determined that certain supervisory and monitoring controls had not been performed for these periods, which resulted in these accounting errors.
Enrollment fees
We determined that revenue from the sale of our eBiz kits was erroneously recorded for each of the first three quarters of the year ended September 30, 2010 and for the fiscal year ended September 30, 2009. As a result, our previously issued financial statements for the periods identified above overstated revenues. The Company's non-refundable eBiz kits fee revenue was previously recognized when collected. Based on a review of Staff Accounting Bulletin (“SAB”) 104, the Company is revising its revenue recognition of non-refundable eBiz kits to recognize them on a straight-line basis over the term of the 12 month renewal period. In this connection, we determined that periods referred to above, we had insufficient personnel resources and technical accounting expertise within the accounting function to resolve non-routine or complex accounting matters.
Deferred Tax Liability
Taking into consideration the restatement and related adjustments described above, we will reassess our income tax provision in accordance with Financial Accounting Standards Statement No. 109 and accordingly, certain adjustments may be required to reflect the changes required as a result of the restatement to all affected periods.
Proposed Report Amendments
The Company intends to file with the SEC, amended Quarterly Reports on Form 10-Q /A as of December 31, 2009, March 31, 2010 and June 30, 2010 and for each of the three months then ended and an amended Form 8-K/A containing the consolidating balance sheet as of September 30, 2009 and the consolidating income statement for the year then ended and the related pro forma financial statements also contained in the Company’s Form 8-K/A to reflect the changes required as a result of the restatement. Management is still in the process of understanding and quantifying the full impact of these restatements and cannot, at this time, accurately estimate and describe such impact.
-----------------------------------------------------------
# Form NT 10-K
Filing Date: December 30, 2010
excerpts:
NOTIFICATION OF LATE FILING
MediaNet Group Technologies, Inc. (the “Company”) has not been able to complete all of its review processes prior to the required filing date. In order to properly prepare a complete and accurate Form 10-K, the Company requires additional time in order to prepare and file its annual report on Form 10-K for the year ended September 30, 2010.
PART IV — OTHER INFORMATION
(2)
Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed ? If answer is no, identify report(s).
Yes o No x
(3)
Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof ?
Yes x No o
As previously stated on Form 8-K, filed on December 16, 2010, as amended by Form 8-K/A filed on December 21, 2010, the Company anticipates restating its financial statements for each of the quarters for the year ended September 30, 2010 and for the fiscal year ended September 30, 2009.
As a result of such anticipated restatements, among other potential changes the Company anticipates significant change in results of operations from the corresponding period for the last fiscal year.
----------------------------------------------------
All SEC filings of MEDIANET GROUP TECHNOLOGIES INC available at:
www.sec.gov ==> MediaNet Group Technologies
.
# Form 8K/A:
Filing Date: December 21, 2010
excerpts:
Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
On December 16, 2010, the Company’s Chief Financial Officer and Board of Directors concluded that the previously issued financial statements contained in the Company’s Quarterly Reports on Form 10-Q for each of the first three quarters of the year ended September 30, 2010, and the 2009 financial statements of CG Holdings Limited and its Wholly Owned Subsidiaries as of September 30, 2009 and for year then ended and the related pro forma financial statements also contained in the Company’s Form 8-K/A filed with the Securities and Exchange Commission (the “SEC”) on February 4, 2010 should not be relied upon because of errors that require a restatement of such financial statements.
During the course of our year end close for the year ended September 30, 2010, the Company’s new CFO and new controller discovered the following errors:
Intercompany Eliminations
We determined that in the course of preparing consolidated financial statements certain intercompany eliminations were not made during each of the first three quarters of the year ended September 30, 2010 and for the fiscal year ended September 30, 2009. As a result, our previously issued financial statements for the periods identified above overstated both revenues and costs of goods sold and operating expenses by between 7% and 19%.With respect to these errors , we have determined that during the periods referred to above, we had insufficient personnel resources to perform review and monitoring controls within the accounting function. Except for potential local tax effects in certain countries, the restatement is not expected to result in any modification to our net income or shareholders’ equity for any of the periods presented.
Cutoffs
We determined that certain revenue and expense transactions for the quarter ended March 31, 2010 were erroneously recorded in quarter ended December 31, 2009. In this connection, we determined that certain supervisory and monitoring controls had not been performed for these periods which resulted in these accounting errors.
Account Errors
We determined that sales, deferred revenue and commissions were incorrectly recorded during each of the first three quarters of the year ended September 30, 2010 and for the fiscal year ended September 30, 2009. In this connection, we determined that certain supervisory and monitoring controls had not been performed for these periods, which resulted in these accounting errors.
Enrollment fees
We determined that revenue from the sale of our eBiz kits was erroneously recorded for each of the first three quarters of the year ended September 30, 2010 and for the fiscal year ended September 30, 2009. As a result, our previously issued financial statements for the periods identified above overstated revenues. The Company's non-refundable eBiz kits fee revenue was previously recognized when collected. Based on a review of Staff Accounting Bulletin (“SAB”) 104, the Company is revising its revenue recognition of non-refundable eBiz kits to recognize them on a straight-line basis over the term of the 12 month renewal period. In this connection, we determined that periods referred to above, we had insufficient personnel resources and technical accounting expertise within the accounting function to resolve non-routine or complex accounting matters.
Deferred Tax Liability
Taking into consideration the restatement and related adjustments described above, we will reassess our income tax provision in accordance with Financial Accounting Standards Statement No. 109 and accordingly, certain adjustments may be required to reflect the changes required as a result of the restatement to all affected periods.
Proposed Report Amendments
The Company intends to file with the SEC, amended Quarterly Reports on Form 10-Q /A as of December 31, 2009, March 31, 2010 and June 30, 2010 and for each of the three months then ended and an amended Form 8-K/A containing the consolidating balance sheet as of September 30, 2009 and the consolidating income statement for the year then ended and the related pro forma financial statements also contained in the Company’s Form 8-K/A to reflect the changes required as a result of the restatement. Management is still in the process of understanding and quantifying the full impact of these restatements and cannot, at this time, accurately estimate and describe such impact.
-----------------------------------------------------------
# Form NT 10-K
Filing Date: December 30, 2010
excerpts:
NOTIFICATION OF LATE FILING
MediaNet Group Technologies, Inc. (the “Company”) has not been able to complete all of its review processes prior to the required filing date. In order to properly prepare a complete and accurate Form 10-K, the Company requires additional time in order to prepare and file its annual report on Form 10-K for the year ended September 30, 2010.
PART IV — OTHER INFORMATION
(2)
Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed ? If answer is no, identify report(s).
Yes o No x
(3)
Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof ?
Yes x No o
As previously stated on Form 8-K, filed on December 16, 2010, as amended by Form 8-K/A filed on December 21, 2010, the Company anticipates restating its financial statements for each of the quarters for the year ended September 30, 2010 and for the fiscal year ended September 30, 2009.
As a result of such anticipated restatements, among other potential changes the Company anticipates significant change in results of operations from the corresponding period for the last fiscal year.
----------------------------------------------------
All SEC filings of MEDIANET GROUP TECHNOLOGIES INC available at:
www.sec.gov ==> MediaNet Group Technologies
.
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