PCAOB is a review of the public auditors work papers in performing the audit on POTN. Are they confusing this with internal or SOX auditors? Or are these two firms handling the correspondence with the PCAOB?
PotNetwork Holding Inc. Releases 2017 Financial Statements and Provides Further Update on Finalization of PCAOB Audit Process
FORT LAUDERDALE, Fla., Feb. 12, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE--PotNetwork Holding Inc. (the "Company") (OTC Pink:POTN) released today its unaudited financial statements for fiscal year 2017, which have been posted to OTCMarkets.Com. As previously reported, as a result of the rapid growth of Diamond CBD, Inc., the Company's wholly-owned subsidiary, the Company achieved $14.5 Million in revenues for calendar 2017. Importantly, the Company reports that the strong sales trend of 2017 that had been building all year has carried over into 2018, with January sales results that will be reported by mid-February.
Regarding the completion of the PCAOB audit, on December 12(th) the Company had reported that its PCAOB auditor, East West Accounting Services, LLC had satisfied compliance parameters, and had projected for the audit to be completed by mid-January. However, due to factors unrelated to the Company and beyond its control, the audit has been taking longer than projected, such that the Company has now engaged Paritz & Company, PA, Hackensack, N.J., to assist East West Accounting Services and act as lead auditor to bring the audit to a rapid conclusion. As a result of discussions with both audit firms, the Company projects the full audit to be finished and available for publication before the end of the first quarter. In the interim, per above, the Company has posted its unaudited 2017 year-end results which it believes accurately reflects its financial performance.
Separately, in anticipation of the completion of the audit, the Company continues to prepare its Regulation A filing, which is expected to enable it to up-list to the OTCQB as a further step towards its long term goal of achieving a NASDAQ Capital Market's listing.
