You too. Correct, new eyes, and apparently some not so new eyes, have to understand why in this case a GAAP audit for a 10-K, takes a long time to produce.
I posted this previously, but it’s worth saying again:
The Q's can be filed much quicker because unlike the K, the Q's do not require confirmations to be sent to and received back from note holders regarding what they held as of June 30, 2020. GAAP audited annual financials require certification from note holders.
What many do not understand is that a lot of the delays are caused by the note holders taking their sweet time returning signed confirmations to the Auditor.
With note holders literally around the globe, it simply takes time to track them all down and to get them to comply with the request for a signed confirmation.
Not to mention that I believe some of the note holders had no incentive to sign the confirmations quickly, as they wanted to keep the pps low so they could convert into more shares. The faster they confirm, the faster the K comes out, the faster pps goes up.
Henry has to rely on the note holders to respond, then he has to reply on the Auditor to jump, when the Auditor has many clients who all expect him to jump.
It's a vicious cycle and Henry is not in control of how long it takes.
The 2020 K will be done as soon as it can be done. While we don’t know the date it will be filed, we do know it will be filed, and that’s fine with me.
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