Yep, very well could be, but according to what has been disclosed so far it seems more to be an issue with what the auditor was willing to sign off on and what he required from them.
Could be an overzealous auditor (not necessarily a bad thing from an OTC investors perspective) or one they just have disagreements with who has been keeping their hands tied from moving forward with late requests for excessive documentation or even unnecessary requests for irrelevant info?
If they are still looking for an auditor, that would assure we are losing our current pink status for a much longer period of time. If that’s the case….well we know where that takes the PP’s and what that does for longs and confidence in their ability to pull this together.
Hopefully they already have one working on the 10Q to maintain pink current status, otherwise expect another “how we got here” update minimizing the loss of OTC currency.