In short, they just haven't had the net profits in past years to justify spending the money for auditing. That money was spent much more wisely retaining it for growth and acquisitions. See post 10090 for the whole analysis. But I do agree with their high recent growth, auditing is now affordable and justifiable.
I also agree that pink sheets lack the credibility that major market equities have. And they are also discounted heavily because of this. Age old principle of risk and return. There is higher risk with an unaudited company and therefore the potential for higher loss/return. GBHD however has had multiple PRs about beginning auditing this year. They have released news regarding the selection of auditing firms, legal counsel, and they have already turned in the sec form 1 filings. This takes away a certain amount of that risk. Depending on the person and there comfortability with GBHD, it may present a great investment opportunity because the market is still heavily discounting this stock to levels well below it's true value. Knowing that this year's year end financials will be audited relieves a lot of that worry of current financials for me. It is highly unlikely that management (pro-audit) would also be breaking the law.
Keep in mind also that the board and management stand to gain significantly from stock appreciation (beginning auditing). It is in their best interest and the shareholders best interest to begin now. It was not in the companies best interest previously with lower net profits.
My inclination would be for the company to wait till the 4th quarter and year end financials to begin the auditing. Most of my exposure to companies beginning audited financials has been at year end, however if they continue to grow at these rates it may be necessary for 3rd quarter.
And lastly I do agree significant appreciation is to come once audited financials are available. Many will wish they had gotten in at the current low levels.
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