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NEWS!!! Wooooo
I'm sure he wants to publicly say it has been slow back and forth due to the auditors, but that wouldn't get us anywhere... and it's unprofessional.
Idk... i'm holding.. the audit will be posted eventually.
Things take time... especially with slow as shit auditors. I'd subtract 4 months from your 9 month estimate because there's no way the auditors worked on AMFE's audit during the accounting busy season, Jan-April.
The audit work is already completed... that's not the issue. It's the audit reports! We have three years of US GAAP reports for the SEC as well as three more reports to be formatted correctly for IFRS to file in Canada.
That's 6 reports. 3 for US GAAP and 3 for IFRS.
The audit fieldwork and testing has already been completed. They're just working on the wording and formatting of the reports. They've already paid for the 2015 audit hours so I don't think that's the case.
These audit partners have about 20 other clients they're also working on. There's an audit partner here that's been in the office until 10pm that past two nights. It just appears our audit partner over at RBSM doesn't care to work that late.
This just all takes time... it will be issued eventually.
The fact that he has not put out news this week is a good sign imo because he thinks the audit/uplist is very close. Then he will release the news.
And the SEC wouldn't do anything anyways lol... AMFE's audit is coming soon so that's all they'll need.
jeezzzz... someone is dumping
Lol. Just s short term dip here while we wait for the audit. It’s gotta be close now.
Looks like amfil just tweeted about it too. Huge news!!
OHHH that's huge! It just shows how long it takes to get approved by Health Canada. Our $3.8M purchase order cultivator started the process around 9 months ago and is just getting to the final stage.
Roger said there were 10-15 local growers tehy were working with back in like October or November. Wonder how many there are now?! And how many are nearing the approval by Health Canada and can purchase the GRO3 and Rotogro systems once approved?!
I can see a turning point coming very soon... Audit/uplist... GRO3 explosion... board game publishing and release of their self-published games... First US location to open in a month or so... how many more are in the works?
This thing is going to explode when these catalysts start hitting one after the other.
This could definitely be a potential client for GRO3. Very good probability.
A nice 51k hit there at .085
Where did you see that?
That might have been coydiggity? None the less, great post!
I agree - hold the news until the A/U happens. I'll wait... we've waited 5 months... I can wait another week or two. I was planning on holding all of my shares until at least year end anyways unless we saw growth slow, which I don't foresee any time soon as the US expansion continues.
So something is 90% complete and paid for and you want to toss it away? Lol... absolutely not. The smart and responsible decision here is to get this audit completed and then find a new auditor.
It could be one large seller lol... but the whole market does not agree with you, buddy. AMFE Longs are loaded and have been for awhile... we just need buying pressure which will come post audit and with some PRs Roger is holding for us. Right now we only have selling pressure which is most likely due to a select few sellers.
That's not really how it works... the fieldwork and testing procedures were all completed and billed to AMFE so that was all paid for already. In the end it's just an audit... this whole big audit issue wasn't a problem last year... but because the auditors are feeding Roger BS and Roger's miscommunications have hurt investor sentiment. He literally was relaying exactly what the auditors told him, and then he takes the blame and the heat for it.
You have to think about what the audit partner keeps telling Roger to drag it out and not change auditors. When the audit partner tells you end of January would you drop them? Or end of March, it's close, real close... would you drop them then?
I just hope he hasn't signed another engagement letter yet for the 6/30/2018 audit.
I learned patience with POTN and FUSZ... sold both way too early and look where those went... FUSZ hit 2.90 and I sold my 40k shares at .39 cents... was happy to be out with a 400% profit after holding it for 14 months... but really they company was just getting going and I should have realized that.
Not making the same mistake with AMFE!
I agree 100%... sure I thought we would be a lot higher by now, but a 3 year audit with 2 sets of financials per year (IFRS/US GAAP) is taking a lot longer than expected, solely due to a shitty audit firm that should never have taken on an audit of this size.
Patience will pay here - too many good things going on with the subsidiaries to sell at these low prices... weighed down by a long audit delay.
Well it must be tough for Roger when the auditors tell him all the time that the audit will be issued and then it's not, over and over and over again. So Roger holds some PRs back thinking the audit is close, and then the auditors change their mind on some wording or disclosures and the audit goes on.
Remember when Roger tweeted that the EQR review was starting? That's the final review and Roger wouldn't know that term unless the auditors told him that. Why would the EQR review start but the audit report wasn't even completed? The auditors just keep feeding him BS.
He needs to go all because of an audit delay and miscommunications from auditors? Lol...
Lol.. everyone must have a case of the Monday's today. Just because we didn't get news last week doesn't mean it's not still coming. The audit will be here eventually, but until then the news won't be very frequent as we have seen what happens when news does come out... sure an update is needed for the longs, but no news is telling me this audit is close and Roger is holding off a little longer. I just hope the auditors aren't pulling his leg again.
With no news last week or today, my guess is that Roger knows the audit is very close to being issued and he's waiting to release news until post-audit.
I've said this probably 20x this year already, but I think this is the week we see the audit.
Maybe Roger tweeted yesterday because he finally had the audits in hand... turned them into OTC Markets today and we see the audit/uplist tonight?
Hopeful... but who knows. ha
Lol... there were two 100k share sells into the bid the same minute the tweet came out... OOPS?!
Patience will pay here... audit will be completed and the uplist will happen... just a matter of time.
Pump tweet? The stock has been even all day with little to no gain or loss...
Updates coming soon - last time he said that we had updates later that night... maybe we'll see something tomorrow night? Maybe he's writing or updating a PR and thought he better tweet and show some communication with the emails that have been pouring in.
I think we're getting close to this audit completion.
TWEETS
So you're saying you should compare the holiday board game season to the quarter after the holiday season? Hmm.... does that make sense?
I think the new Midtown liquor license will add a lot to the revenues for the 6/30 quarter. We also heard there were some $1M retail purchase orders recently.
Wow!!! Awesome signs! I missed this tweet
Anything could always be the case but the Q vs Q YOY is up as we saw in the 3/31 fins, so right now that has yet to be the case for the past 6 quarters.
Just have to think what each quarter included... like last year's 6/30 quarter included Bears vs Babies, a hugely anticipated popular board game that S&L had exclusive Canadian rights to... probably had some large orders for that quarter they might not have for this quarter. Maybe something will take it's place like other popular board games, S&Ls self-published board games? NSI? Morning board games? I guess we'll find out.
Lol no... why would any CEO ever stop with three Toronto locations and one Phoenix location? Just ruin the company? Cmon... use some common sense... expansion is just beginning and the audit will be filed. Things just take time. Maybe RBSM or CFO Squad people had to some vacations planned after their busy season... or other filing deadlines with other clients.
Sure it sucks it's taking this long, but the 10Ks are very technical reports... and we have 3 of them, possibly more if AMFE is going to report in IFRS for Canada as well and under US GAAP for the US reporting. If any company has a CFO or controller that can come in to a new company/audit and prepare reports in both IFRS and US GAAP, then that company is paying that person a lot because they're very experienced... I don't think that's the case here since not many people are up to date on all of the IFRS/US GAAP differences... and that's where CFO Squad comes in - they have a whole company devoted to being the experts and the most up to date on new standards and changes to US GAAP that conform better with IFRS.
There are a lot of consulting firms that deal with SEC reporting and accounting standards, in which many many companies, large and small, come to these types of firms like the CFO Squad for help with preparation of their 10Ks and 10Qs and help with all the filing requirements. This is normal.
Nice charts!
Yes, like I said in the statement you quoted - the CFO Squad is not the auditors... if you go to their website they're consultants that assist with controller/CFO type work for public and private companies. They were hired to help get the notes formatted correctly so that the auditors could sign off on the statements after there had been a shit ton of back and forth between the auditors and AMFEs accountants.
We received a response back from them after the 2nd or 3rd week when they were hired by Roger. A Managing Director responded and said the CFO Squad has been contracted to assist with completing the audit for Amfil Technologies as quickly as possible. I have a picture saved somewhere if you would like me to post it. I haven't tried emailing again because I doubt they can say much more than that.
An update sure would be nice from Roger... not sure why he's being this quiet but most likely because he's sick of all of the emails and is basically saying with his silence that the audit will be posted when it's posted.
Haha yeah save a few celly posts for when something hits which has gotta be soon. I have the twitter notifications on as well... I just hate having to refresh the OTCMarkets page every 15 min lol
TOAD is always quick and first to see the OTCMarkets news
Idk... didn't we just have some tweets? Have you also noticed that the recent PRs were mostly acquisition related which are major events that are required to be disclosed in the financials.
We haven't had GRO3 PRs which gives me the impression he's waiting for the audit to drop GRO3 news and developments.
Franchising letters were sent out a week or two ago to the franchisees that were already vetted through... there could be some developments with that.
Remember... if someone sees the audit/uplist over the next day or two or next week... reply to all the long's posts so we don't all have to keep checking and can find out about it right when it hits :) We have all waited very patiently over the past few months.
Did you not read his comment correctly? "when you don't know an exact end date"