I'll say it again since it's so important to understand. For the years ended 2018, 2019, 2020 and 2021 audits, the auditor DID NOT record any 'Allowance for Doubtful Accounts' on the Balance Sheet. That means a minimum of 323M in Accounts Receivables will be collected and recorded as revenue in the future. End of story.
You can "CLAIM" whatever you want about the $323M in Accounts Receivables as of 12/31/21, but you have not performed the audit yourself... a Certified Public Account has! They have included their Audit Opinion with the financial statements and can be sued by unintended third parties (that includes banks, you and me).
LASTLY, and this is HUGE.
The auditor DID NOT include a 'Going Concern' explanatory paragraph with their Audit Opinion F/Y/E 2020 and 2021 (but it was included in the 2018 & 2019 audit opinions).
WHAT DOES IT MEAN WHEN THE 'GOING CONCERN' PARAGRAPH IS TAKEN OUT BY THE AUDITOR?
The short answer is: To use a metaphor.. it's like winning the entire Mega Millions Lottery of $790M next week.
But seriously here's the longer answer: The Going Concern paragraph is viewed by layman as a 'Black Eye'. Nevertheless, it's inclusion is common place because we live in a litigious society and lawyers sue everyone involved if their client loses money in an investment.
For example, if anyone loses money in $NUVG because the Accounts Receivable balance is not collectible, then we can file a class action lawsuit against the auditor for negligence and malpractice. Why? Because we relied on the financial statements and disclosures to make an investment decision. So, auditors DO NOT just casually drop the 'Going Concern' paragraph unless they have verified the accuracy and collectability of the Accounts Receivable balance of $323M as of 12/31/21. But in Pro Music Rights audit for 2020 & 2021 that's exactly what the auditor did. POOF! Going Concern paragraph was taken out.
JMO
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