Paradigm Convergence Technologies Karl Johnson, we’re sorry we are late (again!) due to circumstances outside of our control...but we’re not slacking off and just not getting it done. It’s a process. A thorough, objective process. And we go through it so everyone can be sure that we’re accurate and transparent.
I don’t recall any official statements from the company that they were just waiting on the auditor. If I’m wrong, please provide the source/date when the company said they were waiting on the auditor.
8K on May 29th - COVID has slowed the accounting and auditing work, nowhere does it say “waiting on the auditor”
8K on May 14th - same thing, it has slowed the “accounting and auditing work” and has “delayed certain inventory audit procedures”
10K on May 14th - company is “awaiting final audit of its financial statements for the year end and completion of XBLR conversion of its financial statements”
We all know the company is late on its financials and has been late in the past. What I haven’t seen them say is “we have done everything and it’s just on the auditor.” That is simply how some readers are interpreting the documents in an attempt to further discredit management by saying they’re lying to us. I don’t believe PCTL has ever said “we are done with our part now it’s waiting on the auditor” and now is backtracking saying they’re working hard.
They are possibly "working on it" by locating, producing, and providing documents, to the auditors, and arranging for certain personnel, (as determined by the auditors) to made available for questioning. And simply, the scope of an audit can change as it progresses. Auditors want to issue that gold standard of unqualified. Sheez, anyone been through an annual audit? I'll recap...possibly
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