Texas REP to Pay $10,000 for Failure to Timely File Financial Statements, Reports

Smartcom Energy Services, LLC would pay $10,000 under a settlement with Staff of the Public Utility Commission of Texas for failure to timely file its financial statements and a complete semiannual report.

The settlement notes that, "[a]s a separate matter, and not as a part of this settlement, Smartcom decided to relinquish REP Certificate No. 10184 prior to Commission approval of this Agreement. Therefore, the reason for Smartcom's noncompliance in this instance cannot occur again in the future." (click here for prior story)

The settlement states that Smartcom failed to provide 2012 audited financial statements to the Commission by the August 15, 2013 due date.

The settlement states that Smartcom also failed to provide a balance sheet with its 2013 semiannual report as required by P.U.C. SUBST. R. 25.107(i)(5)(B)(iii).

The settlement states that Smartcom remained in noncompliance with P.U.C. SUBST. R. 25.107(i)(5)(ii) for failure to file its 2012 audited financial statements until February 3, 2014. On February 3, 2014, Smartcom filed its 2012 audited financial statements to comply with its obligation to provide such statements.

The settlement states that Smartcom remained in noncompliance with P.U.C. SUBST. R. 25.107(i)(5)(iii) for failure to file a balance sheet with its 2012 semiannual report until February 18, 2014. On February 18, 2014, Smartcom filed a balance sheet for its 2012 semiannual report.

Jim Daniels Nnah, Chairman of Smartcom, and R. Boyd Montgomery, President of Smartcom, are also parties to the settlement.