Tautachrome Inc. delays the filing of its 2017 annual financial report by two weeks
March 31 2017 - 6:09PM
Tautachrome, Inc. (OTCQB:TTCM) today announced the filing yesterday
of a Form NT 10-K with the SEC to extend the time for its 2016 10-K
financial report from April 3, 2017 to April 17, 2017.
Dr. Jon N Leonard, CEO, stated today:
"As always Tautachrome works hard with its auditors to keep its
financial reporting right on time. Yesterday we filed the Form NT
that extends the time of our 2016 year-end report from April 3,
2017 to April 17, 2017. Some of our observant shareholders
noticed the extension, and have asked why we were taking a few
extra days.
“Good question. The extension is needed to accommodate our
auditor’s requirement that the Company generate a “valuation” of
the preferred shares issued late last year when the Company’s major
shareholders retired up to 80% of their personally owned common
shares, reducing the Company’s outstanding common shares by more
than 43% from over 3 billion to less than 1.7 billion, in exchange
for non-trading preferred shares having no preferences on
dissolution and a having a long (5 year) holding period.
“A valuation requires using mathematical modeling to estimate
the worth of the preferred shares, and since their worth depends
upon unknown future factors, worth is estimated using monte carlo
(chance) simulation techniques. This will be done by a 3rd
party.
“Having worked with simulation modeling and many other forms of
mathematical modeling, we are familiar with this type of modeling
and the pros and cons about their financial utility. And because it
is likely that the results would not affect the financials anyway,
we did not plan any modeling efforts to value the preferred
shares.
“However, given that the only course of action for timely
financial release is a modeling effort by a third party, we have
engaged a competent third party to accomplish this, and expect to
release our 2016 10K financials on time prior to the April 17, 2017
extension.
“I appreciate the patience of our many TTCM shareholders.
And as always I will endeavor to keep them updated with the
progress of TTCM as we move the company forward.
“Our immediate activities continue to be achieving necessary
capital, increasing shareholder value and improving investor
awareness.”
About Tautachrome, Inc.
Tautachrome, Inc. (OTCQB:TTCM) is an emerging growth company in
the developing digital imagery technology sector. Tautachrome is an
Internet technology development company. Tautachrome has
revolutionary issued patent claims and three patents pending,
including Talk-to-the-Picture social networking and trustable
imagery-based interactions.
Safe Harbor Statement Statements made in this press release are
forward-looking and are made pursuant to the safe harbor provisions
of the Securities Litigation Reform Act of 1995. Risk factors that
could cause actual results to differ materially from those
projected in forward-looking statements include, but are not
limited to, general business conditions, managing growth, and
political and other business risks. All forward-looking statements
are expressly qualified in their entirety by this paragraph and the
risks and other factors detailed in Tautachrome's reports filed
with the Securities and Exchange Commission. Tautachrome undertakes
no duty to update these forward-looking statements.
Contact: Tautachrome, Inc.
Tel: +1 520 318 5578
Web: www.tautachrome.com
Investor relations
investor@tautachrome.com
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