More great DD from Todd Hughes on Facebook.
Okay folks. This is a purely speculative piece on my part, but I believe it should bear some watching. I recently posted a thread showing that Incumaker just switched their accounting/auditing firm to AMC Auditing, LLC. They are a PCAOB accounting firm & most of their clients are OTCQB stocks.
Incumaker's fiscal year ends May 31st & they will have 90 days (plus an additional 15 day extension if they need it) in which to file the Annual Report. We know Cen Biotech is in the process of merging with Eastern Starr Biotech, but it hasn't been completed yet. I could be wrong, but I suspect (and hope) that the merger will be completed by the 31st, or shortly thereafter. But, whether or not the merger is complete by then, Eastern Starr Biotech is a subsidiary of Incumaker created for the sole purpose of acquiring Cen Biotech.
Since the merger has not been announced as being complete yet, I have to assume that Cen Biotech is paying for everything ESB is doing now, like building & furnishing the Windsor offices & hiring employees. To my knowledge, Bill or Cen Biotech still owns the building where the offices are being built. The property was listed for sale a while back with an offer to lease 2,500 square feet in the back. But, with all the additional cubicles being added recently, it's possible the property is no longer for sale. So, if the merger is completed by March 31st, the costs I just mentioned will be reflected on Incumaker's Annual Report. If not, then they will be reflected on Cen Biotech's next Quarterly Report. That might be why Cen Biotech filed for a 5 day extension for filing their Quarterly Report, so that the costs can be added as a "Subsequent Event" & eliminate the need for an additional Quarterly Report. I do believe the merger will be wrapped up by the 31st though. But, that's just an opinion.
Anyway, back to my reason for writing this. With the change over to a new accounting/audit firm & the fiscal year ending on the 31st, I have to wonder if this was done so that Incumaker can do a fully audited annual report to start the new fiscal year. Cen Biotech has said in the past that the plan was to uplist to the OTCQB & then to the NYSEMKT after that. Auditing Incumaker along with Cen Biotech's 2 years of audited financials might go a long way towards getting us uplisted a little quicker. It would give a much clearer picture of what Incumaker is worth with the addition of ESB & make it much easier to add Cen Ukraine, which Bill said has already been audited. I don't know if any of this is actually happening, but given that every other entity involved in this merger has been audited, it just makes sense to me that auditing Incumaker would be the next logical step.
So, let's keep our ears to the ground & see what happens. Good luck to everyone & keep your fingers crossed that good things await us just around the corner.
