ORO VALLEY, Ariz., March 31, 2017 (GLOBE NEWSWIRE) -- 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.