Hey Finance. Waiting for our film session to begin so I'll answer that one.
My background: Corporate auditor for over 30 years pushing paper for the largest health care provider in the world.
There are what's called "swim lanes" in an audit. A swim lane may be a facility that you are auditing.
Within that large facility swim lane are all of the smaller swim lanes that determine whatever the audit is requested for: viability, loss, gain, etc.
Those smaller lanes may be: revenue streams, expenditures, capital outlays, dead stock, expiring contracts, etc.
Once a swim lane is no longer viable it is no longer relevant to the audit. For instance if I am looking at your share issuance argument I don't find it viable for a number of reasons, but, you only need one to close the swim lane.
You can scroll down the Share Issuance History and see all of the activity. It is relevant until 10/09/2020. It states, "No new issuances after this date". If you recall the Bioclonics/ENZC merger was 12/01/2020. That means, in my opinion, that the swim lane prior to the merger closed 10/09/2020 and has no relevance.
Beginning an audit of the new company from 12/01/2020 you can see "no dilution" posted 5 consecutive times in chronological order. Pretty clean.
That doesn't mean that there aren't skeletons in the closet and audits can be completed and shelved for any number of reasons.
I do find something interesting about this disclosure. Audits are requested for a reason, maybe in this case to become fully reporting.
Audits are an absolute thing and, if this information has been available for some time, why disclose it now? In my opinion there has to be a reason. It could possibly be the new auditing company requested it before submitting their findings. It could also be for a different reason. In any case it's out there and doesn't change my investment strategy. I hope this helps. Hey MAGA, Jim46, Timing101 and all the longs. I'll try to chime in again when I can.
Cheers,
Coach
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