Post by
desrosl on Mar 03, 2022 10:03am
From Clint on FB
From Clint on FB just now: All, here is the basic overview of what is going on: 1) In mid-February, our auditors informed us that due to the higher than anticipated amount of work on our file, that they would not be able to complete the audit on time. 2) Heritage applied for a Management Cease Trade Order (MCTO), which many companies in the same situation are awarded. This would allow the stock to continue trading, although management couldn't buy or sell. 3) On Feb 25, we were informed by the OSC that we would not be granted the MCTO, and instead would receive a full halt. They felt that we had enough time to get this completed, and it doesn't warrant a MCTO. 4) We issued news on Monday afternoon, expecting a halt on Tuesday morning (as we were told), however we didn't hear anything from the OSC until Wednesday afternoon (not sure why), and they implemented our halt this morning. Our auditors are working hard to get this done. We are turning around audit requests quickly, and getting this complete is our #1 priority. The company continues to operate unaffected during this time. We continue to grow, we continue to work toward achieving positive EBITDA, and we continue to strive to create a company that we feel investors will want to buy. The current situation is unfortunate, and we are disappointed that we weren't awarded the MCTO (we have never missed a filing prior to this), however there is no appeal process that looks to be effective. So we are dealing with this. We don't have a timeline at this point for the halt to be lifted, however we expect it will be a few weeks.
Comment by
bmeister2 on Mar 03, 2022 10:18am
How the fock does this sh2t happen? The auditors have a year to get this stuff done so what happened? Is there info not told to us? This is how conspiracy theories start. Weeks not days is what he said on facebook. What the fock state are the books in. A GD mess.
Comment by
lscfa on Mar 03, 2022 1:00pm
Acquistions require extra auditing.....
Comment by
bober2 on Mar 03, 2022 3:19pm
Iscfa, it's not the auditors fault its Heritage who has to provide the info. Everytime they have to provide info for financials it's always a scramble to get this iinfo out to the public..
Comment by
lscfa on Mar 04, 2022 2:58pm
Auditors have to physically visit sites of acquisitions. COVID protocols don't help.