Apparently this OTCQB been a on going 3 year process via this Press release, way back when.
Kona Gold Solutions, Inc. Initiates Audits to Move Market Tiers to OTCQB and Close Additional Distribution with Engagement of Firm D’Arelli Pruzansky, P.A.Press Release | 04/05/2017
ROCKLEDGE, Fla., April 05, 2017 (GLOBE NEWSWIRE) -- Kona Gold Solutions, Inc. (OTC Pink:KGKG), a hemp lifestyle brand of exclusivity and status, is pleased to announce it has engaged the independent auditing firm D’Arelli Pruzansky, P.A. as its new Certified Public Accountants, effective immediately.
Upgrading to the OTCQB requires timely filings and full disclosures which provide a high level of transparency to all interested companies, institutional sized corporations and private investors, which the company believes will open the door to new financial avenues. Kona Gold has been in negotiations with large retailers and distributors that require financial transparency as a qualifying prerequisite to the application process of becoming a nationally recognized hemp-infused products manufacturer.
“This is a huge step forward for our company to not only provide full transparency to our shareholders, but to help expedite our rapid growth into a hemp-infused products manufacturer conglomerate,” said Robert Clark, CEO of Kona Gold Solutions, Inc. “It’s hard to believe how much we have accomplished in less than 2 years, and I couldn’t be happier with all we have accomplished. I have said it before: this is just the beginning; 2017 is the year for gold – Kona Gold!”
D’Arelli Pruzansky, P.A., is a full-service CPA firm, offering private and public company audit services, upscale tax compliance and consulting services, and general business and accounting consulting services. The firm is registered with the Public Company Accounting Oversight Board (Firm # 5729) and its partners are members of the American Institute of certified Public Accountants (AICPA) and the Florida Institute of Certified Public Accountants (FICPA). Presently, the firm has a diverse list of public and private company audit clients, and an expansive domestic and international tax clientele, including medium to high net worth individuals, trusts, estates, partnerships, S corporations, C corporations and consolidated groups.
The Company recently announced it has reduced its debt by forty-eight thousand ($48,000), reducing the Company’s total liabilities to $100,468. Kona Gold’s management team negotiated with two debt holders to pay off its liabilities without issuing new shares. The Company is also in negotiations to reduce its total outstanding liabilities by an additional seventy thousand dollars ($70,000). Kona Gold’s Management team felt it was imperative to implement a new growth strategy by decreasing the amount of total outstanding liabilities to increase shareholder value and position the Company for rapid growth. The Company decided to use the proceeds from the sale of Elev8 Hemp LLC to Elev8 Brands, Inc. to reduce a majority of its outstanding liabilities. The Company is set to use the additional proceeds from the sale of its subsidiary to pay legal consul to draft and submit a form S-1 as well as to complete a full audit of the company’s financial statements.
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