AUSA Anticipating Cease Trade to be Lifted Shortly


Australis Capital Inc., operating as Audacious (CSE: AUSA) (OTC: AUSAF) (“AUSA”, “Audacious”, or the “Company”), today commented on the cease trade order of its shares on the CSE. The cease trade order was issued in response to the Company’s delay in filing its audited results, which is caused by a slight delay in completing the Company’s full year audit. The period under review, fiscal 2021 (the 12 months ended March 31, 2021), predominantly reflects the legacy business prior to the new leadership team taking over during the first quarter of calendar 2021. Since taking over, the AUSA team has accomplished a lot. A large effort was put into dealing with issues related to the legacy business, which included dispute settlements and renegotiations, as reported. These are complex endeavors, which have added to the timeline of the audit. Furthermore, the U.S. market is complex, each state with their own regulations. This is especially true for the cannabis industry. While this is not a novel concept, other larger MSOs have had to deal with similar issues and delays. AUSA is not alone in this, and the delay is not a reflection of the state of the Company. Terry Booth, CEO, commented, “Jon’s team has plowed through a mountain of changes to this corporation that are subject to audit. I commend them on their continued efforts. We look forward to reporting our year-end, and an excellent first quarter.” Jon Paul, CFO, stated, “Despite the delay in completing the audit, we benefit from having the support of our audit team in working through certain complex accounting issues. I would like to stress that the delay is not a reflection of the company’s ability to execute, which it continues doing successfully at a high pace. We are confident that we are close to filing our year-end…

Excerpt only …
Source : AUSA Anticipating Cease Trade to be Lifted Shortly

reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.