Pothen, I thought I might try to provide some comeback responses, though ,as I shareholder/long, I am not in complete disagreement with you, maybe even by a preponderance.
How much does an audit cost for a public company?
The average audit fee paid by more than 6,200 organizations was $2.4 million. Large accelerated filers paid more than double that — $5.6 million on average, while non-accelerated filers and smaller reporting companies paid less — $532,321.Nov 15, 2023.
Accordingly, if $2.4 to $3 million is a decidedly reasonable estimate, is the cost of an audit an appropriate expense against a stated $58 million in cash reserves? When factoring in mine acquisitions, mine processing, consultants, payroll, equipment, then extend to coin/token. development, marketing, failed implementations, losses, consultants, developers, etc.?
As a fledging company, would the audit, in all likelyhood , generate much interest of new shareholders, re-engage old and embittered shareholders, institutional, JVs, etc. interest?
OF COURSE, an audit would disclose the arrangement between AABB and White Castle. My biggest fear and concern is that if and when AABB gets through the survival period, White Castle will own the lions share of the O/S, leaving crumbs for the common shareholder, in which the common shareholders have virtually funded the build up and build out of AABB assets.
This is a common scenario, and I hate it. And AABB isn't talking or disclosing that arrangement , or when the W/C buyout will occur, or if it actually occur. I recently asked IR to provide answers of W/C, and he remains uninformed, as expected, unfortunately.
I cannot disagree about some independent verification of the gold reserve. It amount to about 1000 pounds of gold, at 28 pounds per bar, about 40 bars of gold.
As to completing projects on time and on budget, I complained to Mike/IR about this issue, especially about the processong plant. His response was that CT relied on the consultants, who were wrong. AABB/ CT spent $473K on consultants in 2023. In other words, CT didn't know much to start , but paid to be made knowledgeable. If you go back and check the funds paid to consultants, that would be illuminating as a factual consideration.
Why they haven't created a Utube video of the plant on a biweekly basis is equally a legitimate complaint. BUT, to be a little balanced, CT is , essentially a one man show, delegating and directing , traveling, planning, executing, consulting with, a CEO wearing many hats, also the procurement manager. Interestigly, we , as shareholders have never been provided photos or videos of the dozens of personnel doing the construction, the delivery of the equipment, the people who are, seemingly going through the developments with the administration of the token NFT side of things.
And whatever you might think, one must factor in the WHY"S of these bashers always posting their take of things, and the shorting, interest or volume, (who cares?)
