BTGI is in the process of getting RE-audited.
Unaudited fins are a result of Stevenson & Company CPAs LLC getting in trouble with the PCAOB with regards to MagneGas and AF Ocean NOT BTGI.
As set forth in a Form 8-K filed on March 7, 2017, Stevenson & Company CPAs LLC, the Company’s former independent auditors resigned on March 3, 2017,
and on March 6, 2017, the Company engaged the firm of Turner, Stone & Company, L.L.P. of Dallas, Texas, as our new independent registered public accounting
firm for the fiscal year ending September 30, 2017. The reports of Stevenson & Company CPAs LLC on the Company's financial statements for the past two fiscal
years did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles,
except that substantial doubt was raised as to the Company's ability to continue as a going concern.
On December 19, 2017, the Public Company Accounting Oversight Board (PCAOB) censured Stevenson & Company CPAs LLC, revoking the Firm ’s
registration, suspending their privilege of appearing or practicing before the Securities and Exchange Commission, which suspension was unrelated to Stevenson &
Company CPAs work with the Company. As a consequence of this suspension, the Company may not include audit reports or consents from Stevenson &
Company CPAs LLC in our filings with the Commission on or after the date their registration was revoked. As a result, the Company is required, and has since
engaged our current auditor to re-audit the prior year’s consolidated financial statements for the year ended September 30, 2016.
As a consequence of the Securities and Exchange Commission requirement to have the prior year audit redone, and the late date the Company became aware of
this, the Company has not been able to have the auditor complete the audit of the financial statements for both years ended September 30, 2017 and 2016 in a
timely manner . The Company understands that the staff of the Securities and Exchange Commission (the "staff") has taken the position that this report is deficient because the
annual financial statements contained in this report for the year ended September 30, 2017 and 2016 have not yet been audited by an independent registered public
accountant as required by Rule 10-01(d) of Regulation S-X. Pursuant to the position taken by the staff, the Company is deemed not to be current in its filings
required under the Securities Exchange Act of 1934, as amended. The Company understands that completion of an audit of its annual financial statements and the
filing of an amendment will make this report current, although it will not be deemed timely for purposes of the rules governing eligibility to use registration
statements on Forms S-2 and S-3.
When the audits are complete, the Company will file an amendment to this report which will include the independent auditors’ report on both years and the
required certifications of the Company’s Principal Executive Officer and Principal Financial and Accounting Officer as required by Sections 302 and 906 of the
Sarbanes-Oxley Act.
AI
