GREY:CNTTQ - Post by User
Comment by
wizzard89on Sep 08, 2020 10:29pm
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Post# 31524960
RE:Lose license
RE:Lose license very simple--they were not up to date on financials . When HC pulled their licence because of "illegal rooms" the Auditor decided to pull their audit as they could not determine if the sales they made were from "illegal rooms" and they would have to pull that inventory back and also HC confiscated about $70 Million in inventory from those rooms, so the auditor said they could not certify that the audit was 100% correct.
They will have to have new "audited" financials done for 2018 , 2019 and 2020 (not 100% sure if 2018 were pulled) and deliver them to satisfy TSX and then could be re-listed. The "Approx" cost of an audit is about $250,000 for each year.
I do not see this happening for another 6 months or longer for 2 reasons
1- would give "ammunition" to those going after them in class action if audited statments show "X" in cash and "Y" in sales
2- they will be starting to sell again in the next 2-6 weeks and I am sure they would like to make sure the sales are there and making money again before spending close to $1 million to have the audits done
The NYSE is different as they have a "minimum" value of a stock to be listed---that will not happen for a bit longer as it is higher (think $3.50 a share) and in American money--$3.50 American is about $5 Million canadian LOL