Late, and now REAL late, filing !

There has been a lot of speculation surrounding the missing 2nd quarter report from IC Places, Inc.  The CEO, Mr. Steven Samblis is, as usual, not providing any details on it’s whereabouts, or, when investors might expect it to be filed – if ever.  This of course leaves investors to wonder and speculate on the “why” behind the late/missing report.

Meadow2009, a poster on Investors Hub, as usual, has introduced some very compelling theories as to why the report may be late.  Several of Meadow’s theories involve speculations regarding the new accounting firm, Hartley Moore Accountancy Corporation, and their review of IC Places, Inc.prior to creating the report.  Meadow speculates that the new firm may be taking extra time to thoroughly review IC Places, Inc., and all their related financial activities.

Although Meadow’s theory may be accurate, may we suggest another theory… namely Mr. Samblis is broke and can no longer afford to endure the costs of preparing these reports.  Not only the normal cost of preparing the report, but as Meadow suggests, the new accountancy firm may be requiring more fees because of the more extensive review that should be done in order for the new firm to sign off on the report.  I am reminded of the principle – Occam’s Razor… to paraphrase, the theory with the least assumptions is likely the most accurate, i.e. the simplest explanation is usually the best.

One needs to remember some history here.  In this recent post we outlined some thoughts about the Hartley Moore Accountancy Corporation announcement.  It’s worth a read, or re-read if you have already seen it.  In this post we remind readers that Mr. Samblis now has some history regarding terminations within the company, namely the previous president.  You may also be reminded that Mr. Steven Samblis has a documented history of making grandiose press releases, only to find out later that the information put forth in the press release wasn’t worth the paper it was printed on.  Many, and some would say all, of those press releases turned out to be misrepresentations, and/or failures.  Some would say that Mr. Samblis simply puts out the press release in an attempt to move stock for his financiers, with no intention of following through on the subject of the press release.

So… could the Hartley Moore Accountancy Corporation announcement have been simply another failed or fraudulent effort to mislead investors into thinking Mr. Steven Samblis was moving forward with the rebuilding of the company?   Given that there have been documented situations, namely the past president’s “firing”, which documents would support, turned out to be a gross misrepresentation at best, and, previous press releases announcing shows and initiatives that failed to materialize… it would be easy to conclude that the press release about Hartley Moore was nothing more than smoke and mirrors, and that it is unlikely they are working on anything for Mr. Samblis.  Although they may have been “engaged” to do work, it is unlikely they will actually do any work until paid.  If they have followed any of the readily available information about Mr. Samblis and his Company, IC Places, Inc., perhaps they are requesting payment in advance.

Also, it is a viable theory that Mr. Samblis is broke.  At least broke in the terms that he previously was accustomed to.  There was a time when the PPS of the stock was over a penny, and it was easy to pledge shares to the likes of Asher to acquire operating funds, and to fund his personal expenses.  However, of late, the PPS is in the dumper, reverse split after reverse split has failed to breathe new life into the PPS, and, there appears to be a concerted effort by those previously burned by Mr. Samblis to inform any perspective investors of the history of this company and it’s CEO, Mr. Steven Samblis.  At some point even Asher will be reluctant to purchase convertibles for fear of not being able to move the shares in the open market in order to make a return on their investment.  Asher may have already shown resistance in the form of higher conversion requirements.  Increased risk always demands higher initial costs, and there is certainly increased risk with IC Places, Inc. of late.

On the subject of operating funds… the above begs the question, what is Mr. Samblis using for operating funds, as well as supporting himself on the personal level.  There is a huge controversy over revenue… as in where is it going if there is any.  To date, of late, the filings have shown NO revenue.  It seems unbelievable, and perhaps fraudulent, that advertising is being shown on Mr. Samblis’s websites, the company is well into the contract with ClearVision, and there is ZERO revenue.  Not talking “profit” here, simply talking “revenue”.  Many have asked the question… WHERE is the revenue being recorded, because it’s a reasonable assumption that there is in fact some revenue.  Seems simply unbelievable that Mr. Samblis works months and years and cannot generate even $1.00 of revenue.  Hopefully Mr. Samblis is not doing something illegal with the revenue if there is any.

So folks, there you have it.  Many, many questions, and no answers from the CEO, Mr. Steven Samblis.  From time to time Mr. Samblis posts on the message boards, many say using bogus and misrepresenting aliases, however he chooses to use the time to attack posters and investors (i.e. shoot the messengers) instead of addressing these very important issues.  What does that tell you ???


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