Reconnaissance Energy (Africa) Ltd V.RECO

Warning a huge Red Flag

[Oregonduck]

Oh, Sh*t..,

The CO's independent auditors Deloitte LLP has just resigned as of Nov 22nd. The interim financials for the 9 months ended Sept 30, 2022 were prepared by management. 

The Co is on the verge of insolvency. Cash on hand $77 million and Royalties owing $74 million. Current assets $14 million. Total losses $40.5 million.  Deficits over $300 million. Management remuneration incl. shares $11.5 million.

Walking bankrupt.

[pacer001]

Auditors resigning is never a good sign. Thanks for this info Mr. Duck.

[Oregonduck]

  Yes, Pacer. Management put out their own letter of rebuttal saying there are no issues in attempting to put a positive spin on Deloitte's  resignation. The financials for year-end Dec 31st must be audited or ReconAfrica stock could be halted or delisted. The letter from the former auditors said they were not afforded the review of the interim financials which was a