Ultimate Shopping Network Complaint - Here is the reason why USN cant deliver...
CALL USN AT (310) 229-2299, ARIZONA -- I have been researching Ultimate Shopping Network for the past week or two, since they have screwed me on a $649 ring I bought. The amazing thing I see (READ THE PARAGRAPH BELOW)is that the company has been having problems with cash flow for awhile, as notated in their Quarterly Report to the SEC. Their CEO reports that they cannot deliver paid orders because of it. This report was submitted to the SEC in November 2006. Interestingly enough, their CEO is ALSO the company's Principal Accounting Officer!
Bottom line is: They cant pay their suppliers, which means they are continuing to sell what they dont actually have. And, after they take your money, they cant give you a refund for the unshipped item, because the money is spent (they are in bankuptcy.) This company is WAY in the hole!!
Check out their stock page (symbol is USNR) It's in the toilet. It all makes sense now why no one answers the phone at their company, and why no one gets a refund for items that they cancel or return. believe this constitutes fraud. Here is part of their SEC report (I cut and pasted it in...)
SECURITIES AND EXCHANGE COMMISSION FORM 10-QSB
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange For Quarter Ended: September 30, 2006
5215 NORTH O’CONNOR, SUITE 200, IRVING, TEXAS 76039
Address of principal executive office)
Issuer’s telephone number, including area code — (310) 229-2299
NET SALES — The decrease in net sales was the result of higher returns in the diamond category. We have reduced the time allotted to diamonds for our second quarter programming. In addition, due to cash flow constraints, we have been unable to fulfill all orders. Our backlog has increased from approximately $36,000 at March 31, 2006, to $5,536,000 at September 30, 2006.
Date: November 21, 2006
By: Mark J. Miller Chief Executive Officer And Principal Accounting Officer