No, when you read their financials, the FYE needs to be audited by independent public accountant. This is required by Gov. + commercial contracts. The implementation of these contracts would begin in 2020. Thus, FY 2019 must be ready.
Please understand the difference of an accountant that makes the financials and an auditor that checks the financials.
Its 2 different focus and duties. The public accountant did not check the internal controls on preparing the financial statements, but they check whether information and figures reported by the internal accountant were made correct.
The public accountant thus far have checked whether any contract exists to substantiate the "invoices" pending.
When you see the audited 2018 versus the internal prepared, there is a reclassification of 137k net loss versus the 187 k loss.
Basically, one can be sure that the notes on no. 11 Subsequent Events of FY 18 are all in place OR you may sue Pinnacle public accountant.
Support my remarks above, with following statements on FY 2018.
The Company will be required
For the stadium contract/races.
to provide audited financial statements for the year ended December 31, 2019 in order to finalize this contract, which
statements are currently being drafted and expected to be finalized in early January 2020.
For the airport contract.
GZMC expects that audited financial statements for the year ended December 31, 2019 will be required to be supplied for government-type performance bonds in order to finalize projects, which statements are currently being drafted and expected to be finalized in early January 2020.
As to the work of the auditor.
See their statement.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. O
