On September 25, 2018, near the end of the Company’s 2018 fiscal year and prior to the publication of the Citron Report, Namaste announced that it asked its auditor, MNP LLP, to resign on September 14, 2018 and hired PwC to replace its auditor. This was shortly after the Company announced on August 7, 2018 that it changed the Company’s fiscal year end from August 31 to November 30 by extending the 2018 fiscal year to 15 months. The changing of its auditor towards the end of the fiscal year, coupled with the extension of the 2018 fiscal year, was a red flag to investors that something was amiss with respect to the Company’s financial statements for the 2018 fiscal year.
On March 5, 2019, Namaste filed a Notice of Change of Auditors with the Canadian securities regulatory authorities that stated that PwC resigned as auditor of the Company, on its own initiative, effective February 19, 2019. The notice further stated that PwC did not complete the audit for the 2018 fiscal year, which would have reported on the Dollinger US Transaction and any other improprieties by Dollinger. The Company’s audited financial statements for the 2018 fiscal year are required to be filed by April 1, 2019.
On March 18, 2019, the Company announced in a press release that it will not be in a position to file its audited annual financial statements for the 2018 fiscal year by the filing deadline of April 1, 2019.
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