Post by
OneTime123 on May 01, 2021 12:00pm
Financial Delays - My input
Lets take emotion part out of this. Steve can be nicest, smarterst and most trasparent leader in the world, but let's judge the company based on their action.
1) They have delayed annual audited financials, not 1, not 2 but 3 years in a row. This is not something new. I am not sure if we have incompetent accounting team oo not, but this is not concidence.
2) They hired CFO end of last year to relieve the duty from Steve, so he does not have as much pressure.
3) Steve waited until end of the deadline to inform us on things that he likely knew from a while ago based on description in NR.
4) Using covid excuse is lame. It is not something new. There is a reason why regulatory did not provide extension to public companies this year like prior year. You had 4 months to complete this as there are way to fly in US when required. Just look at our peers in DOC, WELL, SHG who have business operation in US and have way more acqusition that us, were fine with financials.
5) If the acqusition had no private experience in audit, shouldn't you be proactive in this approach. What was CFO doing? What will happen when CBDT continue to acquire more private companies in future?
6) This will affect the stock price (assuming no significant news in near future). For those that were here throughout last year knows it. Will this affect long-term? Likely not (maybe). But this should have been avoided. For example, I would rather stock to be stuck at $0.60 for a while than dip down to $0.40 for a while while short having control, then reach to $0.60 after couple months.It is overall bad look for company and turn off many investors.
7) If you want to a leader in this sector, you can't do this consistently. Unlike prior years, now the standard and market cap has increased significantally. More eyes on this than prior 2 years where they delayed fianncials. You want to compete against big dogs? Nasdaq in future? Must avoid this.
8) "Who cares? Look into Q1 2021 and Q4 2020 numbers won't be that great anyways" is narrow minded outlook. Your company is judged as whole. There are many competitiors out in market and "small" things like this could turn off investors.
9) On positive note, the stock price could be stable or even appreciated, if Steve is able to land those material contracts and all "pipelines" that he is referring to in near future.