Here is a transcript of the portion of the last conference call where the CFO discussed the completion of the audit. It was transcribed by "KeepBuyingPinks."
[Begin Quote]
Let's talk about the over the counter status and the situation in this area. There's been a number of questions regarding the audits. I want to go ahead and proactively answer those questions. The first area of questioning was "What's the timeframe relative to this audit?"
We're going back to 2004. So the audit is going to cover 2004, 2005, and 2006. Now, please note that the SEC only requires two years of audited financials but in our partnership with our auditing firm and certainly counsel from our SEC attorney who've been down this road before, they are recommending that we go back to 2004 just to make sure there are no issues and that actually may grease the skids so to speak with the SB-2 filing that may lead to fewer questions from the SEC. So we are taking this stance to cover our bases and be cautious. The audit overall is 75% complete. We have completed the field work. We're working with a top notch auditing firm, John Demitrious and Associates out of New Jersey. They've been here on site for three and one half days. We're completing the midterm work and we anticipate them coming out in the next few weeks to finish the audit, remaining tasks. And we're looking forward to posting the audit results no later than May 30. It may be a little earlier than that but this is the timeframe that we are marching to. We're just pushing this out just approximately a month because of some unanticipated situation that we ran into with the audit. Namely, the decision to go back an extra year to make sure there are no issues with the SB-2 filing. And certainly investigating and do thorough research on the shell company that Eternal Image reverse merged into, just to make sure that there were no issues there. I am happy to report based on some attorney's research there are no outstanding issues or warrants with that shell company. We've been given a clean bill of health to go forward. So we anticipate again the audit being complete and post the results by the end of May.
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