FUNN News out!
Amfil Technologies Inc. Issues Audit Update and Plans on Going & Remaining Current Moving Forward
8:14 pm ET October 15, 2019 (Globe Newswire) Print
via NEWMEDIAWIRE -- Amfil Technologies Inc. (OTC: FUNN) is pleased to announce the projected completion date for the Company's 2019 audit. While the audit process has been an unpleasant and lengthy experience for management and the shareholders, we are happy to announce that it is finally assumed by all parties involved that the entire audit process will be completed before the end of this month.
It was suggested to the company mid-audit not to release unaudited numbers until the prior year's audit was completed, as the opening and closing year end balances would not match until any and all adjustments were made to the prior year. Considering the length of time it took to complete the adjustments, in hindsight the Company recognizes that this may not have been the best strategy. Moving forward, the company remains committed to financial transparency, and it will publish/release timely financial statements by the due date, regardless of audit status. This will ensure the company remains current and prevent any future "Stop Sign" designations on OTC Markets.
FYE 2018 and FYE 2019 will be filed/published before the end of the month, and Q1 2020 will be issued before its November 14th due date. Completion of these filings will reinstate the company to 'Current' status and ensure it is maintained through to the Q2 2020 filing in February 2020. The company is committed to have all future financial statements filed on time to ensure it permanently retains a 'Current' status designation from OTC Markets.
The past few years working through the audit process have been a learning experience for the company. Understanding auditor expectations has driven management to make multiple adjustments that will improve timelines for all future audits. It has been an ever-evolving process, one that has included several adjustments, the implementation of new policies and procedures, and changes in staff. Adjustments the company has made include the hiring of the CFO Squad, moving the primary accounting firm, and a number of internal accounting/bookkeeping processes and protocols. These significant changes to the Company's infrastructure have been implemented to ensure timely future audits and promote the Company's continued growth sustainability, with the intent to both protect and increase shareholder value.
The last two years undergoing the audit has been a difficult, but necessary, process for the Company and shareholders alike. Since the acquisition of the Snakes & Lattes Inc. subsidiary, the Company has experienced tremendous growth and has continued this growth trajectory at an ambitious rate. It is, of course, imperative to ensure that the Company's growth is also sustainable. The financial audit and subsequent uplist were/are key requirements to allow the Company to continue aggressive AND sustainable growth.
The company is excited to move forward from this process, committed to the timely completion of all future audits, and very excited for the multitude of growth-related initiatives moving forward. Once completed, the company intends to further accelerate its comprehensive growth strategy including the opening of new Snakes & Lattes venues, the holiday sales rush of the Kill the Unicorns game title, and a multitude of additional initiatives which have been developing behind the scenes. We look forward to delivering maximum value back to our current shareholders while concurrently attracting a new range of investors and/or institutions following the submission of our audited financials.
We remain steadfast in our commitment to our aggressive growth strategy, and upon audit completion, we believe that we are strongly positioned for the continued expansion of our core business, vertical and horizontal integration, and expanding the scope of additional initiatives to deliver enhanced shareholder value.
AI
