TIME ON OUR HANDSJust listened again to Crossley's Juy 2023 update. so after what seemed a positive outlook (weren't they aways though? i thought I'd take time out to list the history of the CTO and certain items in the 2022 Annual Report which, as we all know, the audirors accepted. Goodness knows where 2023's changed/fell down to make it so much more demanding!!! Perhaps the 2022 one was not, well, completed diligently enough. We have nothing to do but wait, so here goes.
First, the history of the CTO, since Crossley mentioned bringing in the auditors early to speed up the process for the 9 months and hence year in her July speech.:
"The Company expects to file the Annual Filings on or before November 14, 2023 ", so said Crossley in the original notice in October of the late filing and CTO. Quite unrealistic, as it has proven, like almosteveything else Crossley said.
On Nov 14th report they did not predict a new filing date
On Nov 28th report they predicted December 29th., possibly more realistic and overseen by Scott and the 'new' board. Then it became two weeks later...clearly unrealistic.
Now they don't have any 2-week reporting obligation, so we get none. Just what we could expect from the Board, the new three amigos sans Crossley.(and remember that guy Stroseth is the only original one left standing.)
On the matter of the 2022 Annual Report:
Now, to remind everyone, Storseth, the long-standing buddy of Crossley has for years been responsible, I believe, for provison of financial service for RHT ] Now, there have been instances of differences with auditors, one I recall being treatment of hardware inventory, when RHT reverted to former treament of these in unaudited quarterlies.
Anyway, in their Executive roles, Storseth and Crossley had always been directly responsible for:-
" the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards (IFRS), and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the
Entity’s ability to continue as a going concern, disclosing as applicable, matters related
to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Entity or to cease operations, or has no realistic alternative
but to do so. (The Auditors had an unmodified opinion on this possibility and included the following statement in Note 1 for 2022 to explain how they financed their losses, viz: "Although the Company has been successful in the past in obtaining financing largely through the issuance of options to consultants." Now, perhaps you are not aware that employees were said to be also classified as consultants, receiving options and cash payments, but SEDI shows little evidence of the classification of consultants as insiders when it comes to options ins and outs. Looking at Note 6 in the 2022 annuals one might well ask oneself who the devil were these "consultants" being granted the several million of options issued throughout the year. Note 7 says at least 2 employees were classed as consultants and received cash for management and consulting fees of $1/2million - out of a total of such fees of almost $1.5MM...presumably the main part of this was to Scott as listed under USA - but there's those tdarn unnnamed consultants who apparently are not employees!.)
Finally, those charged with governance are responsible for overseeing the Entity’s financial
reporting process." Well, out of the three directors who was responsible for governance?
I can find no "Notice of meeting and record date" , "Management Information Circular" or "Proxy Solicitation Infformation" filed by RHT on SEDAR to confirm the latter or any of the salient data these documents normally convey.