ARD v GMXR: Timeliness of SEC Filings Submitted
GMXR SEC Filings Reveal Numerous Late Filings in Last 5 Years
A close examination of SEC filings submitted in the last 5 years was very revealing for both GMXR and ARD. Since 2001 ARD has never been tardy submitting an SEC filing in the history of the company. ARD's perfect record of SEC documents being filed in a timely manner is a testament to the quality of management. In stark contrast, GMXR has had 6 late SEC filings (three 10Ks and three 10Qs.) A closer examination of the late 10Ks filed reveals a disturbing pattern: Three of the last four 10Ks (years 2001, 2002, 2003) have been late. Based on that pattern of behavior I would not be surprised if the 2005 10K is late also.
Case in point: GMXR has already released their revenues and net income results for fourth quarter and year end 2005 but there is no corresponding 10K for 2005.
In Contrast, ARD has released their record financial and operational results for fourth quarter and year end 2005 with the corresponding 10K for 2005.
One should expect GMXR to again be late on their 2005 10K. There is no excuse GMXR can give to satisfy GMXR investors. Late SEC filings are always a big red flag.
Below are the late filings and narratives on the SEC website.
1. GMX RESOURCES INC NT 10-K 3/30/2004 12/31/2003
PART III - NARRATIVEThe Company was unable to timely complete its audited financial statements for its Form 10-K for the period ended December 31, 2003, because of a lack of personnel and a delay in the receipt of the oil and gas reserve report by the Company.
2. GMX RESOURCES INC NT 10-K 4/1/2003 12/31/2002
PART III - NARRATIVE The registrant was unable to timely complete its Form 10-KSB for the period ended December 31, 2002 because of reductions in accounting personnel due to working capital limitations.
3. GMX RESOURCES INC NT 10-K 4/2/2002 12/31/2001
PART III - NARRATIVE The registrant was unable to timely complete its Form 10-KSB for the period ended December 31, 2001 because of a delay in receiving its reserve report from third parties necessary to complete the audited financial statements and other disclosures.
4. GMX RESOURCES INC NT 10-Q 5/14/2003 3/31/2003
PART III - NARRATIVE The registrant was unable to timely complete its Form 10-Q for the period ended March 31, 2003 because of reductions in accounting personnel due to working capital limitations.
5. GMX RESOURCES INC NT 10-Q 5/15/2002 3/31/2002
PART III - NARRATIVE The Company was unable to prepare financial statements in sufficient time to permit required review by its auditors.
6. GMX RESOURCES INC NT 10-Q 11/15/2001 9/30/2001
PART III - NARRATIVE The registrant was unable to timely complete its Form 10-QSB for the period ended September 30, 2001 because of its inability to obtain some of the required financial information from third parties.
GMXR SEC Filings Reveal Numerous Late Filings in Last 5 Years
A close examination of SEC filings submitted in the last 5 years was very revealing for both GMXR and ARD. Since 2001 ARD has never been tardy submitting an SEC filing in the history of the company. ARD's perfect record of SEC documents being filed in a timely manner is a testament to the quality of management. In stark contrast, GMXR has had 6 late SEC filings (three 10Ks and three 10Qs.) A closer examination of the late 10Ks filed reveals a disturbing pattern: Three of the last four 10Ks (years 2001, 2002, 2003) have been late. Based on that pattern of behavior I would not be surprised if the 2005 10K is late also.
Case in point: GMXR has already released their revenues and net income results for fourth quarter and year end 2005 but there is no corresponding 10K for 2005.
In Contrast, ARD has released their record financial and operational results for fourth quarter and year end 2005 with the corresponding 10K for 2005.
One should expect GMXR to again be late on their 2005 10K. There is no excuse GMXR can give to satisfy GMXR investors. Late SEC filings are always a big red flag.
Below are the late filings and narratives on the SEC website.
1. GMX RESOURCES INC NT 10-K 3/30/2004 12/31/2003
PART III - NARRATIVEThe Company was unable to timely complete its audited financial statements for its Form 10-K for the period ended December 31, 2003, because of a lack of personnel and a delay in the receipt of the oil and gas reserve report by the Company.
2. GMX RESOURCES INC NT 10-K 4/1/2003 12/31/2002
PART III - NARRATIVE The registrant was unable to timely complete its Form 10-KSB for the period ended December 31, 2002 because of reductions in accounting personnel due to working capital limitations.
3. GMX RESOURCES INC NT 10-K 4/2/2002 12/31/2001
PART III - NARRATIVE The registrant was unable to timely complete its Form 10-KSB for the period ended December 31, 2001 because of a delay in receiving its reserve report from third parties necessary to complete the audited financial statements and other disclosures.
4. GMX RESOURCES INC NT 10-Q 5/14/2003 3/31/2003
PART III - NARRATIVE The registrant was unable to timely complete its Form 10-Q for the period ended March 31, 2003 because of reductions in accounting personnel due to working capital limitations.
5. GMX RESOURCES INC NT 10-Q 5/15/2002 3/31/2002
PART III - NARRATIVE The Company was unable to prepare financial statements in sufficient time to permit required review by its auditors.
6. GMX RESOURCES INC NT 10-Q 11/15/2001 9/30/2001
PART III - NARRATIVE The registrant was unable to timely complete its Form 10-QSB for the period ended September 30, 2001 because of its inability to obtain some of the required financial information from third parties.
posted by -Aztec- at 7:55 AM
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