GREY:NOBDF - Post by User
Post by
mrnormalon May 05, 2020 6:00pm
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Post# 30990177
Posted 2 hours ago on their FB page, response to a question
Posted 2 hours ago on their FB page, response to a question 
Author Hello Jennifer,
We share your frustrations at this challenging market due to Covid-19.
We closed our two USA transactions seven days prior to our fiscal year-end. We normally would have 6 months to prepare the financial statements. We have had three months to work on the financial statements. California as you well know became one of the first epi-centers of Covid-19 very early in March and we advised the regulator that our financials would not be done in time.
In this case there were two options NORTHBUD could have taken:
1. Halt the stock and not let anyone be able to trade their shares until the statements could be completed; or
2. Apply for an MCTO.
We decided to go with the MCTO.
About a week after the MCTO, the regulator offered blanket extensions due to Covid-19. Had we not been proactive, it would be a mute point as everyone is in the same boat.
We will continue to work hard to close the year-end financials on or before the end of May.
Thank you so much for your understanding.