Hi Terry,
The BEST PART OF THIS...There is close to 1 million in Taxes that need to be recorded in 1st Q 2016...what does that mean? Pretty strong sales.
The audit really does not relate to the IRS. IRS is all tax related. The audit that was performed buy BDO US (which is a well respected firm)speaks to Generally Accepted Accounting Principles. The company is not a tax reporting entity but an accrual basis entity. Audits deal with the internal controls and properly accounting for transactions according to Generally Accepted Accounting Principles (GAAP).
Audit adjustments are common and are really unrelated to IRS audits.
In addition, just as a side note, I work in the Medical Marijuana industry in AZ. Cannabinoids are fantastic for pain and are non addictive. You will begin to see an incredible push for these meds going forward. I am in this for the FDA to approve the cannabinoids as a form of treatment!!!
I love that they are going ahead and restating the financials and will report more accurately.
HPAZ :-)
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