Your concern is unfounded. Everything about the delay is the conversation the CEO and CFO are having on a regular basis with the auditors regarding the two acquisitions last quarter. - No red flags... just the integrating of independant small business and the accounting etc procedures needing to meet the requirements of a pubco... sounds simple right... i thought so too...!!! surprise!!!!
Heres how it really works - that explains the INCREDIBLE amount of time this is taking....
1. Company submits "completed" 10k to auditors for review prior to release.
2. Auditors review doc and then send a "comment" back to management for clarification/revision/fix etc
3. Company reviews auditors "comment" and does whats necessary to fulfill auditors requirement. This may be a simple fix of a word or two, the elimination or addition of a word or sentence. OR it requires a day or three of research, doc search, attornies etc. - when the management team is done.... the resubmit the 10-k for review to auditors....
4. who then review. if they are not satisfied with the fix/whatever... they send the doc back with another "comment" or the response to the first "comment" ..... IF the auditors are satisfied with the response....
5. They then send the NEXT "comment" over to the management team...
ad infinitum....
The current situation is a result of something I only just learned about this whole auditing of a pubcos financials...
That is - THE AUDITORS DO NOT SEND A COMPLETE LIST OF "COMMENTS" IN ONE GO.... THEY SEND ONE "COMMENT" and when it is resolved to their satisfaction they provide the next comment...
Apparently some of these "comments" that seem straightforward and simple can take a week to resolve just ONE!!!
Monday 10am Company receives "comment" from auditors
Monday 11am Management reviews.
Monday 2pm management team gets to work on getting info/revising doc...whatever
Monday 4pm Company attorneys say that they need till wednesday to get data/write up...whatever.
...
...
...
Thursday 9am CEO has... what he believes is "resolved the comment"
Thursday 10am CEO ships over to auditors....
Friday - 11am Auditors notify CEO that everything looks great....buuuuuuuut there is the one line they dont like and needs clarification...HAHAHAHA (translation... another 10 hours of work and throw in a few more hours of attorney fees.
Saturday/Sunday - Management gives up on anything resembling a personal life to grind out the solution to satisfy the auditors comment
Monday - 3pm Compnay attorneys sign off on new comment.
Monday 4pm CEO submits...
Tuesday - No word - Auditors haughtily inform CEO that they do have other clients....
Wednesday - 10am - Auditors sign off on the comment from 10 days previously...
Wednesday 2pm - Auditors deliver another "comment"
Friday 3pm - CEO gets response back to auditors...
Sometime on Tuesday or Wednesday.... Auditors inform CEO that the dont like where the comma is in paragraph 3 page 2 as it conflates the interpretation of the valuation...
THursday... Company attorney dealing with Family Emergency
Friday 6am ... CEO submits to auditors response to change that comma in that sentence....
Friday - 10am - Auditors really on the ball today... quick respoonse... but wait... another comment that will see the CEO and CFO have no personal life as they must work 20 hours each over the weekend to expedite whatever the comment addresses..
Monday 8am. CEO asks themselves... would a gun in the mouth or a handful of vicodin be easier than this....
Monday 802 am. CEO asks attorney - would a jury convict me or would murdering the auditor be seen as justifiable homicide?
Monday 803 - pleasant daydreaming set aside as CEO submits comment response and waits.....
I am extrapolating a lot here obviously.... But i did speak to WW last week as noted on this board and from that short conversation I gleaned that this interpretation might be pretty darn close to reality - outside of the self harm and fantasy murders...
IMHO... GLTA
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