Rahway, New Jersey–(Newsfile Corp. – May 15, 2020) – Spectacular Solar, Inc. (OTC PINK: SPSO), CEO Doug Heck has provided the following update to keep shareholders and investors informed on how the company has navigated through these difficult past few months due to COVID-19.
Dear Shareholders and Potential Investors,
The past few months have dealt challenges to our country that U.S. citizens have not seen since World War II. That being said, our resolve has never been stronger to be successful.
Spectacular Solar has also been affected by this global crisis. Our salespeople have been out of the field for close to two months and the construction work on current projects came to a standstill in April. However, we are currently preparing to fire on all cylinders once we get the green light to get back in the field with our construction and sales crew.
I promised transparency when we published our very first Spectacular Solar news release and today’s update is evidence of that.
I need to inform you that the independent members of the board of directors have resigned. The board had expressed concerns over lack of transparency, internal record keeping and financial disclosures. Our management team is committed to reviewing the issues raised and seeking to remedy them, if necessary. I would like to thank each member for their contributions over the past six months. A new board is expected to be put in place after the audit has been completed.
As far as the audit goes, we have run into issues that will delay the publishing of our 2019 Audited Annual Financial Report and the financials for the first quarter of 2020. We have filed for a 15-day extension for the annual report and the 45-day extension for the Q1 report. We are working diligently with Christy Albeck and her dedicated crew at Albeck Financial to be able to produce trial balances as soon as possible. I want to thank them for all they have done to help this fledgling company move towards our uplist to the OTCQB.
Many of the financial reporting issues center on A.S.C. Rule 606 which deals with revenue recognition. The company had operated and recorded revenues for the better part of a year and a half with the understanding that it was in compliance with Rule 606. While this is fixable, this has been a time-consuming, monumental undertaking as we have had to resurrect project start dates, completion dates and payments for every deal that we have done for almost two years. The team at Albeck Financial really has been fantastic in their efforts to get us where we need to be.
Doug Heck, CEO
For more information: please visit http://www.spectacularsolar.com and please follow us on Twitter: @SPECTACULARSOL1
About Spectacular Solar, Inc.: Spectacular Solar is a diversified company involved in solar system installations, investment fund management, and roofing contracting through its subsidiaries. SPSO designs and installs state-of-the-art solar conversions for home and business owners. Star Power Services is a bonded and licensed roofing contracting company with expertise in new roof installation, repairs, and maintenance. The Solar Energy Investors Fund contributes to the ongoing insurance expenses directly associated with installation of solar systems. In return, the fund receives a share of tax benefits and ongoing revenue generated from electricity sales.
Safe Harbor Statement
This release contains forward-looking statements that relate to future events or performance. These statements reflect the company’s current expectations and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. The company doesn’t undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results, expressed or implied, in this or other company statements will not be realized. Readers are cautioned that these statements involve risks and uncertainties, many of which are beyond the company’s control, which could cause actual results to differ materially from the forward-looking statements. Factors that could cause these differences include, but are not limited to, the acceptance of our products, lack of revenue growth, failure to realize profitability, inability to raise capital and market conditions that negatively affect the market price of our common stock. The Company disclaims any responsibility to update any forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55980