ktran.. actually it isn't even implied.. keep in mind that there are basically two separate requirements for a company to declare their financials audited and file them with the SEC..
1) They must be prepared with the corresponding footnotes and disclosures in accordance with all SEC rules and regulations.
2) They must be audited by an independent third party.
IMO very few pinksheet companies that choose to undertake this process have #1 even close to being properly addressed prior to moving on to #2. And that is what typically takes up so much time. Inevitably the auditors will bring up numerous issues and require the company to either address or correct them prior to signing off. And the filing could go through several drafts during this process.
What Drew is saying is that they don't want to give the auditors garbage.. They are trying to get things done right the first time.. thus shortening the amount of time required to complete the third party audit.
After speaking with Scott Moore, of CFO prof, I believe he is quite capable of taking care of #1.. and once the fins are complete to his satisfaction, my expectation is that the company will release these as Unaudited financials. Then hopefully within the next month or two, the third party audit can be performed so that they can be filed with the SEC.
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