For those of you who have not yet been involved with a "start-up" business like MYFLIX, long, sleepless days and nights are the norm, not the exception. This digital platform venture will have thousands of films and hours of TV episodic programming... so it's not dissimilar to launching 100 cable channels simultaneously in terms of product diversity and offerings.
That said, some HHSE longs are still awaiting news of core activities and operations. In this respect, we have been asked to comment on the status of the HHSE audit package for presentation to the PCAOB auditors. While this is not our first audit... it is definitely the most thorough and specific examination the myriad of investments, deals and financial activities comprising the operations of HHSE. Our goal with the audit prep project has been to anticipate issues that could arise with the auditors as well as with the S.E.C. in the review of our Form 10 registration filing. We are comfortable and confident with our back-up and methodologies; accordingly, we are optimistic that our audit process can now proceed with minimal comments and delay.
The audit package is being presented Thursday morning; we are anticipating a process of about four weeks before the audited financials can be dropped into the otherwise completed Form 10 registration filing. An outside service has been engaged to format the audited financials into the XBRL formatting, and to submit to the S.E.C. Edgar department. This should put the Form 10 filing date at or near August 1st, approximately the same time that consumer promotions for the MYFLIX launch will be at a frenzied peak. We think the coordination of these two material events for HHSE could be a one-two punch to knock the stock into significant attention.
Will Myflix be the tail that wagged the dog? Will Myflix become a top destination portal for digital streaming... and a widely recognized consumer brand name? Will the HHSE core business of indie film distribution grow significantly as the Myflix launch results in a rising tide of revenues, profits and visibility?
Watch this space...
