If you are what you represent yourself to be, and is and individual investor, you should probably tone down your comments if you want your observations, positive or negative, to be taken seriously. This is the second time you have mentioned this SEC nonsense in the first line of your message so that it cannot be missed by anyone looking at the thread even in a cursory manner. At best this is pointless speculation, and at worst; well, I won't get into that because it has already been addressed by others on the thread.
I have been through enough audits, both as an auditor and "auditee" to know that drawn out, delayed audits are not unusual; particularly when the audit firm is new and/or there have been major organizational changes prior and/or just subsequent to the audit date. The latter are called "subsequent events" and MUST be taken into account by the audit, even though they did not transpire during the period being covered. As all these points apply here, I am not overly concerned about the delayed audit results. I learned the hard way, a long time ago, NEVER to comment to anyone as to an expected date for audit termination. There are too many variables and you cannot predict them. I think FAMH is learning that now, no dates ever should have been stated, promised or otherwise indicated. This probably comes from inexperience, and perhaps over-exuberance, but not fraud. These guys are exposed to too much legal liability to play deliberate games.
I did a great deal of due diligence on this one, took a fairly large position, and actually use Firamada; the business is very real and they have too much to lose. Be that as it may, and I do believe this will turn out well for all, good judgement would suggest that I be neither a buyer nor a seller until these issues are resolved. |
