Mr. Dan Bensimon, our Senior Financial & Accounting Specialist, has taken considerable time acclimating himself with the company’s policies, procedures and accounting activity. He has assessed the financials of eDOORWAYS and engaged in meaningful conversations with the company’s auditor and SEC counsel. From thorough and continuing due diligence, Dan Bensimon has developed a sound basis in which he feels confident to draw reasonable conclusions as to the completion of the company’s filings.
According to Mr. Bensimon’s conservative estimates, he expects, should the company keep the course now set, that the 10K along with the 1st and 2nd Quarter Q’s of ‘09, will all be completed by Monday, August 31st, 2009. This would put the company on target with its Q3 for ‘09 filing and set the pace for timely filings thereafter. Bensimon suggested that although he will likely have the 10K completed by July 31st, Q1 by August 15th and Q2 by August 31st, he would rather set a manageable date for all of the filings. In this regard, Mr. Bensimon stated the following:
“I know for some this may appear as too much time for the completion of a few filings. However, what is important for shareholders to understand, the goal is not simply to complete an audit, but to see a company reach its fullest potential. This means becoming current, remaining current and confidently moving onto a better exchange. This can only occur when a company’s management and its accounting professionals take the time to ensure the messages being sent to the public are absolutely reflected and proven by their books.
To accomplish this first requires that I acquire a full understanding of the company’s policies, procedures and accounting activity. We must confirm that transactions originally posted do not conflict with the company’s accounting policies – then properly post accounting entries. Finally, we must minimize possible tax liabilities. This means curbing any foreseeable tax exposure and expunging any negative precedence that would fly in the face of proper record keeping.
This is all very important for a company that could very well end up on a major exchange very quickly due to its October launch.”
We at eDOORWAYS believe that Dan Bensimon, who boasts over 30 years of international specialty accounting and financial operations management experience, has the credentials to bring the company’s financials to the highest standards. We support the position Mr. Bensimon has taken to support our viability for investment appeal and move to a higher exchange. We applaud Dan’s efforts and are pleased to provide this anticipated filing date announcement confident that its time horizons are being properly set and managed.
July 15, 2009 at 2:21 pm |
Hello: You keep hinting at the possibility of a move to a higher exchange. Can you provide some more details as to what you are planning and a time frame.
Thank You
July 15, 2009 at 2:35 pm |
I just wanted to add my 2 cents worth regarding the walk through that you are planning. I have been a share holder since 9/08, and while I’m anxious to see what edoorways has to offer, I am glad that the walk through will be restricted. Alot of us have waited along time and two more months isn’t going to make a huge difference. Maybe some are more interested in seeing the stock surge. I hope you will use caution as to what you will reveal.
July 16, 2009 at 2:25 am |
We agree, Bev. We’re going to be very careful. Thanks for your observation!
July 16, 2009 at 2:29 am |
Bev, our immediate objective is to return to the OTCBB. Beyond, that, we will continue to work hard to qualify for NASDAQ. However, there are a number of requirements that must be met before this can occur. When we will meet them is difficult to predict. Right now, we’re working hard to get our house in order so that we can get there as quickly as possible.
July 21, 2009 at 4:48 pm |
Bev, Im interested on the live restricted feed but hopefully there will be some corporation interested on investing into this software. Which will prove to get edoorways faster into their goals. If edoorways was interested on the stock surges, they would send out more reports to what is going around the company.
July 22, 2009 at 9:23 pm |
With the walkthough fast approaching I have been wondering. As a shareholder since June 26, 2009, what is the cut-off date for being a shareholder to receive login credentials to be part of the walkthrough? Thanks.
July 23, 2009 at 4:00 pm |
eDoorways,
Once again, you have failed to meet a deadline that you, yourselves, have set. As an investor who is starting to see a problematic pattern of delinquency, I’m extremely concerned not just for timely press releases and SEC filings but for the future of this company.
To me, a deadline is a promise. When these promises turn out to be empty, I’m forced to wonder what other empty promises exist in your future, and I’m sure other investors are beginning to wonder the same thing. This is the second time I’ve confronted you on your corporate blog with the same situation. eD, it’s not looking good.
In your last press release, dated July 10th, regarding the live preview of your upcoming website, you stated:
“The date of the pre-launch presentation will be Friday, July 31st, 2009. Details of this event, including times, access codes, terms and conditions, registration requirements, etc., will be announced next week.”
The week you’re referring to would have been the week of the 12th. We are now nearing the end of the week of the 19th.
My questions are these:
Do you think that you will meet your deadline of July 31st for the presentation and your deadline of October 1st for the launch, or should we quit holding our breath and move on to a company that can meet its own deadlines?
Will you consistently be able to set solid deadlines in the future that we will be able to trust such as deadlines for the launch of your remaining doorways, or should we be left to build in our own padding for your future deadlines so as to not expect too much from you?
~A
July 23, 2009 at 5:51 pm |
That’s a good question, Eric! We will have a press release out shortly that covers that issue. Thanks for your patience!
July 23, 2009 at 6:02 pm |
Ambel, we will have detailed information about the presentation to you tomorrow. We are working very hard to meet our commitments and we anticipate doing so.
July 24, 2009 at 4:10 am |
I don’t like Ambel’s attitude
July 26, 2009 at 4:12 am |
Kell,
When you set timelines and those timelines lapse you lose credibility. Losing credibility this early in the game is the last thing investors need. Ambel’s sentiments are the same as many other investors such as myself. I for one would not be an investor in this stock if not for him.
Best Wishes,
Eric
July 26, 2009 at 2:30 am |
Hey Kell
He’s a 22 yr. old kid.
That should explain the attitude.
July 26, 2009 at 4:35 am |
In response,
Let me first reference my initial post in regard to the troubling issue that I harshly brought to everyone’s attention in this forum:
http://edoorways.wordpress.com/2009/07/02/edoorways-to-allow-shareholders-a-live-walk-through-of-the-solve-doorway/
As investors, we hold the right and a responsibility to ourselves to place a certain amount of pressure on the companies that we invest in when they begin to slip. We invest in companies with an initially solid idea of their morals, officers, and drive. To see any quality give way dilutes confidence; watching a strong quality consistently give way destroys confidence.
Timeliness is extremely important for a number of reasons. Investor confidence, accumulated trust, and the ability to accurately predict a company’s credibility in the market place can all be affected by a company’s ability to deliver in a timely manner.
eDoorways has a great business plan, and I rarely have a bad thing to say about the company in their infant stages, but on several occasions, they have failed to deliver on their promises in a timely fashion. I continue to hold a very large stake in the company, because I believe that they can turn this frequent delinquency around. However, at this point, I don’t think it will happen without some push from investors.
My harsh criticism, while it may have been somewhat less than constructive, lives to serve a purpose. I do not intend to watch eDoorways miss internally controlled deadlines into their service offering. Instead, I’m going to do everything I can in hopes that they’ll nip this issue in the bud before it becomes a matter of public opinion that could break this company’s future and devalue our investment.
Sadly, through your actions, investors may now choose to magnify my detail rather than maintain a more appropriate focus on a potentially serious matter of timeliness that, if left unchecked, could spell disaster for eDoorways.
Sometimes, our excitement can blind us from seeing such issues and make us feel as though we’ve been personally attacked when they bubble up. Let’s not forget why we are here in the first place. When the majority of start-ups fail, we cannot be blinded to the truth that there may be some issues here. To make sure eDoorways has the best possible chance to push through a statistic in favor of failure, we should also play a role in bringing these issues to light and supporting resolutions.
Fighting amongst ourselves will do more harm than good, because emotions and impertinent segues only serve to distract in market analysis. My criticism was harsh, because this is the second time I’ve brought this serious issue to light that I believe will have a detrimental impact on this company’s future if left unchecked. You don’t have to support my thoughts, but let’s get back on track to see that we’ve done our best to provide eDoorways with a solid foundation for success before October arrives.
~A
July 26, 2009 at 6:47 pm |
(I’m not “Eric F.”) Firstly, FWIW, I agree with Kell and Kell’s sentiment is being misunderstood. Kell doesn’t like the “attitude” not the message.
But I completely understand Ambel’s concerns and agree with them too, however (as I believe Kell was implying), I think Ambel could’ve worded them with a bit more tact–second message or not.
And although Ambel’s concerns are warranted, in my opinion they should be balanced by the fact that this is a start up company with an OTC stock trading at an extremely cheap PPS. It’s not your daddy’s Microsoft.
With resources at a premium for such a small company, deadlines (albeit set with the best of intentions) could still be missed because of unexpected circumstances, and timely updates may not always occur because of a shortage of these same resources. This doesn’t mean that such lapses aren’t a concern, but if eDoorways staff are genuinely trying to do their best, being harsh won’t accomplish much; and in fact could backfire if they are intimidated by shareholder ire to the point of over extending themselves.
Bottom line, I think you can make your point *without* the harshness–afterall, everyone knows full well you can simply sell your shares at anytime.
I do applaude Ambel’s response regarding that the focus should remain on the company. Being that I’m writing this on Sunday, I think I can choose to throw in my 2c on this without (as Ambel claims) risking, “[lack of] appropriate focus on a potentially serious matter.” Tomorrow morning, I’ll be focused back on eDoorways.
August 10, 2009 at 12:24 am |
Is Edoorways still on track for an August 31st filing? Once that filing is complete how long roughly until it makes it back onto the bullentin board? Is it possible that Edoorways could make a jump within the year from the OTC Board to a major exchange such as Nasdaq? If so what are the challenges are obstacles that Edoorways must surpass in order to do so/
August 10, 2009 at 3:24 pm |
Hi Kell! We are working with the auditor and Dan Bensimon to complete the 10K for 2008 by the 31st. The document will be completed as soon as the auditor gives his final approval. We are also working on the 10Q filings for the first and second quarter of this year. Those are much less involved projects. Nevertheless, they have to be submitted before we will be considered “current” with our filings. We are shooting to have them completed by the end of the month, but the timing is also subject to a final review and approval by the auditor. At that time, we will submit for re-entry on the OTC Bulletin Board.
It would be great if we find ourselves in a position to be considered for NASDAQ Small Cap acceptance within the next twelve months! Of course, the entry standard is higher than that of the OTCBB. There are several ways to be deemed “qualified”; it’s easy to Google NASDAQ to see what the standards are for entry if you’re interested.
August 13, 2009 at 7:06 pm |
Folks,
Your reply to “Kell” ignores the fact that only last month – see your own press release, on Market Wire, from the 27th of July – you indicated that you were not only on track to complete all filings by the end of August, you may well be able to file by the 10th of August! What is more, you indicated that you were preparing the company financials in such a way as to be prepared to jump from OTCBB to Small Cap, THIS FALL, not “during the next 12 months,” as you are now saying to Kell.
Really, Team EDWY, what the heck is going on in the company? Is anyone at the helm here, or are you a rudderless ship, at this point? Surely your team financial wizard, Ajene Watson, cannot be happy with the progress you folks are making?
Respectfully,
Ron W