Solei Systems Inc. (fka SOLI)

[daiello]

But, the audit does not cover what goes on in those 60 countries, or even what goes on in CareClix, LLC

CareClix, LLC is a subsidiary of SOLI, so yes it does matter what goes on there.

So, what is causing the delays?

The million dollar question for sure. I think it's possible the last accounting firm screwed up, and you can see back in 2019 why they were late with financials:

Registrant was unable to complete the 10-Q filing on a timely basis because it was unable to resolve a number of issues in time to prepare the financial statements, including (1) a determination whether the issuance of convertible promissory notes during the quarter included a derivative element or a beneficial conversion feature requiring specialized and complex accounting determinations and (2) determining whether the acquisition of certain assets of KB Medical Systems, LLC, completed during the quarter, should be accounted for as an acquisition of assets or as a business combination under applicable accounting guidelines.

It's possible the first accounting firm did something incorrectly, and the new firm didn't find out until it was too late, then had to go back and redo all the filings. Imagine your business growing a few hundred percent almost overnight, and an auditor asking for detailed information regarding a specific transaction from 7 months ago or a year ago.

I think you oversimplified the auditing/accounting process. It's not a simple, show me 1 receipt and then we're going to sign off on your financials. When I worked in corporate finance we were under staffed so it was me and my manager handling all the conversations with the auditing teams, providing all the back up data and having to fill out a ton of different forms and questionnaires. Granted our program was a few hundred million a year in revenue, but I can definitely see the team getting overwhelmed especially when most of these guys are salesmen and growing the business. If it was all on Flood's shoulders I can easily see things slipping through the cracks given everything going on.

Plus, the accountants aren't going to sign off on something unless they feel confident they have all the back up information that they need and sometimes tracking down back up data isn't a quick turn around.

Something to ponder for those that trust management and yes I get it, not everyone here trusts or has faith in management, but if management told us back in June that the financials would be filed "soon", and they weren't, would they really tell us again just 1 week ago the same thing? Would they risk another egg on their face by being wrong a second time or would they make sure this time it's for real?