30000 ft view
The next steps for Phantom Entertianment are to continue operating towards our goals of building the company through the manufacture and sale of the Lapboard. The current status of PHEI with the SEC is the same as we stated previously; the SEC has halted trading and will move to revoke our registration without audited quarterly filings. I have a conference call with a judge in two weeks however the SEC has informed me that without having an auditor currently working of the filings they will continue with the process of revoking the registration. We are one of MANY companies the SEC have served and on the conference call there be several other defendants. Again as we stated earlier, we will operate with the goal of accumulating the necessary funds to refile our registration which will be considerably less than the individual filings currently needed. I have been told that when we refile for registration we would be able to keep the same share structure, which is what we intend to do. With previous lax SEC enforcement we thought we would be able to catch up with the filings at the end or beginning of next year however this is now not possible.
When I took over there was $0.00 in the company bank account with Terry paying company bills out of his pocket. We are doing the best we can, today Terry wired iOne the payment for the next Lapboard order with an estimated completion time of 10 weeks (yes, we know what happened last time) but they have built in discounts based on delivery time lapses at my request.
As of a few minutes ago Jim just called and told me trading opened on PHEI, I do not have any news at all from the SEC that they will stop the process to revoke registration. Please consult a securities attorney for advice before you invest any further money. Remember, when you purchase the stock you are sending your money to a bank and in the end the SEC actions benefit the banks not us, if we are delisted. The banks will not have to refund any money and considering the sheer volume of companies involved in this SEC action this could be another huge transfer of wealth. Again, as far as the SEC goes I am planning on the worst short term. The Lapboards should be in our warehouse sometime next week pending the Customs process which can take a few days.
We are planning of selling and shipping the Lapboard hopefully by the end of next week.
You will see a new area on the Phantom Website at that time.
John H. Landino
This entry was posted on July 10, 2009 at 4:51 pm and is filed under Message from the CEO. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.