Irrelevant. In every way. There is a world of difference between a state tax audit, an IRS audit, and a complete audit of company books by a PCAOB registered auditor, for the purpose of complying with SEC regulations. But, since EFLN is not an SEC registrant, they are not required to prepare GAAP compliant audited filings. Were they to attempt to do so, it would also reveal their shortcomings, and put an abrupt end to the charade, I'm afraid.
The two former audits are requested by agencies that want to make sure that all taxes owed were paid. In the case of the DOR audit, which showed a tiny amount owed, it revealed two things: one, the company may not have been doing much business, since the amount owed was a mere $300. And, two, it revealed that the company may not have been properly reporting the amounts owed, as the also owed penalties and interest.
Far more relevant to anyone considering an investment in this company, is their actual books, which are a mess and far from GAAP compliant. They also show that, since the company, is not cash flow rich, that any share buyback may be illegal.
Frankly, I question whether any buyback is or has ever occurred, which would also show how ludicrous claims of a float of less that 100 million shares is.
Next, the company has clearly lied, as there is ZERO value that can be properly attributed to these leased gold claims. (That is a fact, and not an opinion, by the way.)
Last, it has been shown that the claimed $35 million funding was a sham.
I'm afraid it is fair to conclude that the company is also a sham.
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