DRWN news
We have experienced some challenges in our lengthy audit process with our auditors MaloneBailey, LLP not to our satisfaction. We have been promised final audit numbers on several occasions and they have missed the deadline every time. We hired a third party CPA firm to work with the audit firm to reconcile items that existed on the public companies books prior to our acquisition back in 2011 financials, which are the items that have caused the delay in our auditors issuing their audit opinion. We are determined to have this audit completed and released in September. We will then move to become OTC PINK current reporting. We will report unaudited financials for the remaining periods.
We apologize to our shareholders for not managing expectations appropriately, this was unintentional and beyond managements control.
We are experiencing significant growth through acquiring new clients since our acquisition of United Ambulance as a wholly owned subsidiary. We are adding new nursing home facilities to service and adding new vehicles to accommodate the growth. We expect to show significant financial growth over the next quarter.
We have hired a third party marketing firm to provide greater visibility and support our growth efforts. Expect to see a lot more social media presence, targeted audience advertising and SEO support to bring greater awareness to the company. We have signed a six month contract to support these efforts.
We have signed new contracts with nursing home facilities and have already increased revenue by 9% compared to the same period last year with Gross Profits YTD $878,000. We have already beat guidance of our projected revenue for 2017 in our business plan. We expect to achieve year end profits between $1.3-1.4 Mil based upon current sales and growth, which will beat historic revenue of $1.2 Mil annually. We have just secured $3,000,000 receivables based financing to provide immediate working capital to support growth.
We are not planning a reverse split, although we reserve the right to do so, that is not part of our plans. We have terminated our previous 3(a)10 agreement with Northbridge, severing our relationship with that group. We believe they have liquidated their positions. We are actively working with a different institutional investor to provide equity capital to restructure our debt. We are still vetting other strategic acquisition opportunities for growth. We hope to make this company great and build shareholder value in the process.
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