Is Team Nation Holdings having problems with their accounting and financial reporting? The company has changed their independent accountants one more time.Last year they refused the service of Malon & Bailey which was replaced by Moore & Associates. While in the beginning of March, the latter was substituted by Kelly & Company.
A management and service company, Team Nation Holdings Corporation (TEMN.ob or OTCBB: TEMN) provides title insurance and escrow services to residential and commercial customers in the real estate and mortgage lending industries in the United States. Several days ago the company made a deal with Stock Market News and paid $20,000 for the stock promotional service. However, it is still unclear how this campaign is going to affect the purchases of their stock.
Looking at the financial results of TEMN, it can be stated that the general situation of the company isn’t positive. In two consecutive quarters, current assets dropped more than twice, from $528,000 in September to $194,000 in March, while liabilities increased by 10% over the same period. After the analysis of such poor results of the company, it is impossible to believe that Team National Holdings helped CalCountries Title National Company to increase revenues by 98.8%.
Does that sound reasonable to you? Is it likely that a company losing money itself in any way could be able to support others? What is your opinion about the frequent changes in independent accountants?