IMHO, I am of the opinion that we will see an audited consolidated financial report. That being said, I am responding accordingly.
1) JBZY is an emerging growth company
2) JBZY is a new public company
3) De Leon & Company, PA is a new auditing firm for JBZY
4) JBZY is a Chinese company, thus there may be a language issue
5) JBZY, the private company, was operating now knowing, SEC regulations, PCAOB and GAAP standards and it is DeLeon's job to instruct the company, in what is needed in order to comply
6) JBZY, per the DD, has many alliances, partnerships, ownership buy-ins
7) Companies, who JBZY has ownership interests in, must prepare their financials before consolidating those interests into JBZY
8) Auditors have to prepare schedules based upon what is recorded
9) Issues that arise from the prepared schedules have to be addressed before an opinion can be rendered
10) On a consolidated report, auditors have to make sure all parent-subsidiary entries are only recorded once on the consolidated report
11) Financials have to be converted from Yuan to Dollars in order to be reported in the US
12) All ownership equities of alliances, partnerships, ownership buy-in agreements have to be accounted for in the Owner's Equity part of the balance sheet.
13) An auditor's reputation and livelihood are on the line, so every auditing firm that take on a new client will be extra careful to dot their i's and cross their t's on their initial audit.
I am sure I have missed some other processes that may cause delays, but I hope you get the picture of why it might take longer than normal to prepare and issue an opinion on a company's financial picture. I don't know if they were planning on being this late and having the stop sign placed, but I won't really care if I see an audited consolidated financial report, with a favorable opinion.
As far as the TA being gagged, where did you get that information? If it is from the TA, then here is my opinion. I am not an Attorney, so I don't know much about dealing with Federal cases, but could it be that it is because the lawsuit was dismissed without prejudice and the shares, that were assumed to have been issued fraudulently, may still be subject to redress in a Federal court and the TA may not be able to say anything about those shares. I don't know what anyone has asked of the TA, but if it is about these shares, then that is what makes sense to me. Again, this is just my thought.
GLTY and all the longs.
STILL PATIENT, LONGER, STRONGER, GOLDEN AND SOON TO BE RICHER!
