Telnic pulls a cunning move !

It would appear Telnic Ltd. believe they can continuously put off filing their 2013 accounts by repeatedly using the LITTLE KNOWN BUT LEGAL LOOPHOLE of shortening their ARD (Financial Year-End date) by 1 day just before the submission deadline to gain an extra 3 months added to the due date.

Companies House are aware of this legal loophole being exploited by some companies to delay accounts publication - regulations may change in the future but it seems unlikely to be before Telnic run out of their shareholders' $35,000,000.

IT'S  TIME NOW FOR KASH TO DO THE DECENT THING BY  .TEL INVESTORS, SOFTWARE DEVELOPERS AND USERS AND LET ANOTHER COMPANY RESCUE THE .TEL PROJECT BEFORE IT REALLY IS TOO LATE !

http://MikeSeaton.tel

Ref:
http://companycheck.co.uk/company/03555437/TELNIC-LIMITED/companies-house-docs

mikeseaton wrote:Companies House are aware of this legal loophole being exploited by some companies to delay accounts publication ...

Is this behavior by Telnic currently legally accepted?

What other companies are using the same trick?

Does Companies House intent to act against companies using this loophole?

mikeseaton wrote:IT'S  TIME NOW FOR KASH TO DO THE DECENT THING BY  .TEL INVESTORS, SOFTWARE DEVELOPERS AND USERS AND LET ANOTHER COMPANY RESCUE THE .TEL PROJECT BEFORE IT REALLY IS TOO LATE !

He won't do it if he can't obtain any personal benefit from it.

Sunrise wrote:

mikeseaton wrote:IT'S  TIME NOW FOR KASH TO DO THE DECENT THING BY  .TEL INVESTORS, SOFTWARE DEVELOPERS AND USERS AND LET ANOTHER COMPANY RESCUE THE .TEL PROJECT BEFORE IT REALLY IS TOO LATE !

He won't do it if he can't obtain any personal benefit from it.

If the money to pay salaries/expenses is running out - as seems to be the case judging by the repeatedly delayed 2013 accounts submission - then ALL that's left is Shareholder Value.

Kash owns 5.94% of Telnic's shares - see http://companycheck.co.uk/company/03555437/TELNIC-LIMITED/group-structure#shareholders

http://MikeSeaton.tel

Mister Cash has five potential types of incomes from Telnic:

• Monthly salary as the CEO
  
• Reimbursement of expenses by submitting internal invoices
  
• Transfers between Telnic and Telnames and vice versa
  
• Payment of dividends to the shareholder (for his share)
  
• His share of a potential sales price
  

And the funny thing is that he hides the finacial data since 2012! Could there be a connection?
Perhaps not everyone should see what happens with the money at Telnic / Telnames!

Sunrise wrote:And the funny thing is that he hides the finacial data since 2012! Could there be a connection?
Perhaps not everyone should see what happens with the money at Telnic / Telnames!

The suspicion of fraud isn't out of range.

A miracle has happened!
The annual accounts made up to 31/12/2013 have been published on 30/09/2015, both for Telnic and Telnames:
https://companycheck.co.uk/company/03555437/TELNIC-LIMITED/financial-accounts
https://companycheck.co.uk/company/07471889/TELNAMES-LIMITED/financial-accounts

Geez! Cash, worth and assets of both companies have vanished!

But, no surprise at all!

So, what should the game of hide? We knew it for long!

The data are almost 2 years old. Meanwhile, Telnic must be really in trouble!

With the newly published financials, it becomes clear that Telnic can only survive with additional financial aid from outside.
Most likely that's the reason for the newly founded companies:
http://www.teltalk.org/t4417p8-telnic-and-telnames-have-founded-two-new-companies#15492

To visualize the problem a little bit clearer check the development of the financials since launch of .tel in the year 2009:

Telnic:

Telnames:

The best strategy if a company's product can't be sold and creates steady financial losses is stopping all development and hiding until one day the sun will rise.

After finally publishing the financials for 2013, it took only a few more days to get the catastrophic financials for 2014, too:
http://www.teltalk.org/t4421-is-telnic-s-behavior-legally-allowed#15553
After a very, very long hide-and-seek by Telnic, we are up-to-date again.

Hopefully it was worth the effort!

Sunrise wrote:... it becomes clear that Telnic can only survive with additional financial aid from outside.
Most likely that's the reason for the newly founded companies:

They want again to find investors for these new companies and again collect from them $$$ and when again spend these $$$ on their salaries?

maxi wrote:They want again to find investors for these new companies and again collect from them $$$ and when again spend these $$$ on their salaries?

Sure! If it's possible to find some geniuses again, why not?

It worked one time. Why it shouldn't work twice?

NOT AGAIN - TELNIC/TELNAMES PULLS ANOTHER  FAST ONE !

The accounts for Telnic Ltd and their 100% owned subsidiary Telnames Ltd were due to be recieved at Companies House today 27/9/16 covering the period ending 27/12/15
- see http://www.teltalk.org/t4459-telnic-s-yearly-accounts-history#15832 (Telnic Ltd)
  and http://www.teltalk.org/t4459-telnic-s-yearly-accounts-history#15833 (Telnames Ltd)

I have just checked the latest information for both Telnic Ltd and Telnames Ltd at Companies House (click http://wck2.companieshouse.gov.uk//wcframe?name=accessCompanyInfo and enter Telnic or Telnames in the company name field) and they both show the same data:

Accounting Reference Date: 26/12
Last Accounts Made Up To: 31/12/2014  (TOTAL EXEMPTION SMALL)
Next Accounts Due: 26/12/2016

The old cunning move of moving the ARD (Accounting Reference Date) back 1 Day - this time from 27/12 to 26/12 - has given another 3 months before the accounts have to be filed (27/9/16 becomes 26/12/16).

Surely ICANN won’t tolerate such behaviour from a company that wants the .Tel Renewal for another 10 years ?

http://MikeSeaton.tel

mikeseaton wrote:Surely ICANN won’t tolerate such behaviour from a company that wants the .Tel Renewal for another 10 years ?

Mister Cash knows exactly how to cheat on ICANN and all other involved people or organizations.

Sunrise wrote:

mikeseaton wrote:Surely ICANN won’t tolerate such behaviour from a company that wants the .Tel Renewal for another 10 years ?

Mister Cash knows exactly how to cheat on ICANN and all other involved people or organizations.

Talk about pushing your luck - Today 27 September 2016 is the day the ICANN Staff Report is due on Telnic’s application to run the .Tel Registry for another 10 years
- see https://www.icann.org/public-comments/tel-renewal-2016-08-04-en
  and https://forum.icann.org/lists/comments-tel-renewal-04aug16

http://MikeSeaton.tel

but why do telnic even want to carry on surly anybody who's name is connected to this failure just looks idiotic.

Ann Mike Matthews wrote:but why do telnic even want to carry on surly anybody who's name is connected to this failure just looks idiotic.

That is a known fact:
Telnic is earning 1,000,000 US-$ yearly with the remaining 100,000 .tel domains.
This money goes directly into the pocket of Mister Cash, because Telnic has no other expenses than paying the salary of him.
Please count how much money this is since 2009.
People have done much worse things for much less money.

Keep an eye on the ICANN page https://www.icann.org/public-comments/tel-renewal-2016-08-04-en today !

This will tell you when the ICANN Staff Report on .Tel's Registry future for the next 10 years (due yesterday 27 September following the comments at https://forum.icann.org/lists/comments-tel-renewal-04aug16) is available to view, presumably in "Section V: Reports" at the bottom of page https://www.icann.org/public-comments/tel-renewal-2016-08-04-en ?

http://MikeSeaton.tel

Sunrise wrote:Mister Cash knows exactly how to cheat on ICANN and all other involved people or organizations.

 Who knows, may be it is not necessary to cheat them. A little gift of, say, some 50 000 to one of them – to the person who decides, and a smaller gift to the second by influence man, and these money in cash will prove who is the best candidate of all the others.
 
I even think, that it is possible that cash is not the only one who made a fortune in this business. May be the investors made the same thing for themselves too: for example if they “invested” not their personal money but the money from the companies they rule, and in that process had “washed” good part of them to their pockets – in a way cash did it or in another way – but with the same result. If we allow that such thing could happened then it would explain why investors knew but were silent about wasted funds.

So is the game over for .tel ?

di7 wrote:Telnic has a very questionable business model:

• Avoiding all kind of work
  
• Ignoring customers completely
  
• Waiting for revenues coming in
  

Telnic Ltd (and their 100% owned subsidiary Telnames Ltd) are STILL hiding their true financial situation from everyone, including Companies House !

The CUNNING MOVE of shortening the ARD (Accounting Reference Date) by 1 day to get 3 months extra time was last done for the 27 September 2016 accounts due date - see http://www.teltalk.org/t1733p175-telnic-pulls-a-cunning-move#15869 - which means the accounts then became due on 26 December 2016.

That date has come and gone - no accounts receipt has been officially recorded by Companies House as of today 28 December 2016.

Here's the results of a search I performed a few minutes ago at http://wck2.companieshouse.gov.uk//wcframe?name=accessCompanyInfo

Telnic Ltd.

Accounting Reference Date: 26/12
Last Accounts Made Up To: 31/12/2014  (TOTAL EXEMPTION SMALL)
Next Accounts Due: 26/12/2016 OVERDUE
Last Return Made Up To: 29/04/2016
Next Confirmation Statement Due: 13/05/2017 

Telnames Ltd.

Accounting Reference Date: 26/12
Last Accounts Made Up To: 31/12/2014  (TOTAL EXEMPTION SMALL)
Next Accounts Due: 26/12/2016 OVERDUE
Last Confirmation Statement Date: 16/12/2016
Next Confirmation Statement Due: 30/12/2017 

So what have Telnic/Telnames got to hide - is the $35,000,000 shareholder investment just about all gone - if so will they be running .TEL for the next 10 years ?

http://MikeSeaton.tel