SARS Corporation (SARO.PK) is the designer, manufacturer and maintainer of telemetry equipment and services for web-based remote monitoring/control of equipment, inventory and real-time asset location. Several weeks ago the company announced that it has signed an agreement to acquire 49% interest in Kern Automotive Group, Inc. However, this does not look legitimate because no approving filing was released.
In addition to that, the company started paying Shazam Stocks for a promotional campaign. As observed last week, SARS has already given 1,500,000 free trading shares. With the present stock price it is about $3,750.
One more dangerous aspect is that the company is late to file its annual report for 2008. If one looked at the latest annual filing, there is nothing positive to be said about the company:
- It is unable to cover all the liabilities.
- SARS has a long-term debt of $47,000.
- In one quarter the operating loss decreased more than twice but the company is still not earning anything.
To sum up, SARS Corporation seems to be having some difficulties with its finances, as well as reporting what it does to the SEC.