'CDNL' Plans to Stay Current
With the forward progress of Cardinal Resources, I have been receiving questions about our plans to become current on our financials. As followers of the company know our last posted filing was our 3rd Quarter 2015 results. We are working to become current and while I’m not going to set a deadline in this update, I do want to let you know what to expect in the coming weeks.
There will be a series of filings coming out. As noted in an 8K filed on December 22, 2015, the Company restated its 2014 financial results based on the reclassification of warrants that had been previously reported. Based on this restatement, we are required to complete similar reports for the 1st and 2nd Quarter of 2015. The 3rd Quarter results reflected those changes already.
At the same time we are progressing on completing the financials for 2015. We do get outside help, a company that specializes in financials for public companies, in taking our internal financials and working with the auditor to resolve any questions. We work together to provide the necessary documentation that is requested by the auditor.
Immediately following the release of the audit, we will as quickly as possible release the 1st Quarter 2016 report. While we can work on the 2015 audit and 1st Quarter Report concurrently, we have to have the audit finalized first.
To summarize we will be submitting over the coming weeks the following documents to become current.
• An 8K restating the 1st and 2nd Quarters financials as per the December 22, 2014 restatement. While old financial news and covered in the 3rd Quarter 2015 filing, these restatements keep the total picture together.
• The 2015 audited financials and MDA (Management Discussion and Analysis). This will bring the challenging year of 2015 to a close.
• The 1st Quarter 2016 financials and MDA.
Keeping current for a lean company, particularly during challenging financial times is a struggle. Now with more working capital in hand, we have hired a CFO who is highly experienced in the public company space to help with the direction to have us audit ready and in compliance with all future filings. To give him the needed tools, we are also bringing in his cost accounting group to work with the day to day work as well as the filings.
With this program in place and successful implementation we can begin going through the steps to improve our over the counter status as well as keep us on track to our goal of up listing in the future.
Forward-Looking Statements Certain statements in this presentation constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, such as business and political conditions in the geographic areas in which we sell our products, weather and natural disasters, changing interpretations of generally accepted accounting principles; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which we are engaged. The information set forth herein should be read in light of such risks. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forwardlooking statements made herein speak only as of the date of this presentation and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company¹s expectations.
Company Contact:
Kevin Jones, CEO
412-374-0989
