Enzolytics Inc (ENZC)

[Valuator2]

Finance, in respect to your comment:

ENZC can't provide the info that the auditors need to complete the audit. That is the only reason why audits go six months or longer!

I asked you about that a few weeks ago (link attached) but haven't gotten your response. You've hinted that you are aware of or have some knowledge that ENZC doesn't have something that the auditors need in order to complete the audit. So, can you be more specific about that, and have you had any communication with any of the auditors?

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=170509912

Since you are a retired PCAOB auditor and a probably a CPA (?) I'm sure you're familiar with some of my comments to follow, but others may not.

In regards to:

the only reason why audits go six months or longer!

I agree the audit should have been completed long ago under normal circumstances, but let's not forget that the COVID shutdowns occurred within weeks of ENZC's hiring of M&B and lasted for months. The auditing staff may have been affected. Additionally, ENZC's financials and reports are produced by an accountant located in California, which was shut down even longer, and that may have aggravated communication between her and the auditors. The result would have been a lot of lost time.

That's on the front end of the time expired so far. There may have been some time lost in the effort to procure all the workpapers from M&B as well. CPA's own their workpapers, but not the client's books and records. Gries would have to satisfy itself with M&B's work and use their work-in-progress (workpapers, etc.), otherwise, they would have to start over. We know M&B was terminated and Gries was hired in July 2022, but don't know when Gries started their work. We only know that issues, if any, between ENZC and M&B were resolved as of the date of CC's comments in the 3rd quarter report. ENZC may not have resolved all open issues with M&B until the end of September or even as late as November 21, the day the 3rd quarter report was released. Payment of fees or some negotiated settlement sometimes is involved in getting a resolution, although I have no knowledge whether that was an issue between ENZC and M&B. So, the question becomes how much effective time has both M&B and Gries had to work on the audit.

Disagreement about the form of the merger probably ate up a lot of time, too. IMO, though, there still seems to be some extra time lost while M&B was on the audit. Would you have any insight about that?