It takes over a year for penny co's w tiny staffs (who may have to repeatedly communicate w 3rd parties etc to substantiate spotty etc records for auditors) to audit 2 years of financials in prep for uplisting to OTCBB-audited are NOT required for uggrade to "current" pink class. But that as per emails to tlc2, myself and others it seemed like CWRN had finally completed the auditing of 2 years financials by Thanksgiving 2011.
They have financials on an updated basis for tax purposes, had a Mex audit-at least tax audit and maybe a full audit and our resident former auditor in his posts indicated there would not be much difference between the Mex audit and a U.S. audit and therefore assumed U.S. audit either was done or could be shortly by the same co who did the Mex audit.
This matched other info from Bobs posted emails that (audited) financials would be filed after the Dec 31 2011 qtr. But as I've also explained financials could be delayed because some are asking for more time (specifically those who lost money on previous cwrn attempts) or due to NDA w Bao or because,from an auditing standpoint the revenues from CWRN's sale of 60k tons in Dec cannot be recorded by the auditor until that 60k tons of ore is in the buyers actual physical possession-which hasnt happened yet -because the buyer hasnt gotten a ship to port yet .
As part of the arrangement for the 60k ton sale the shipping responsibility was turmed over to the buyer-presumably Bao-who felt they had better experience /resources re ship tasking probably plus could time shipping as per their needs. Bob expected ship by late March as others posted via emails -I've explained possible reasons for a delay in getting a Panamax to pick up orders 3,4,and 5 which are at the port awaiting shipping.
But as far as we know the auditing should be done already. Auditing is only 1/2 of the uplisting process as I also exhaustingly detailed many times . Other 1/2 is the initial co info statement and lawyer certification letter where an SEC qualified lawyer (w his license on the line) has to personally vouch he has met w the board/officers and accountant and or auditor and has discussed financials w cfo or accountant or auditor and has read the initial co info statement and that these things meet SEC standards-so that may take several rounds w the SEC lawyer also,just as it is not at all unusual for audtitors to ask for more docs and then later ask for more docs and then later ask for more docs-am I not speaking english?
How long does it take these tiny office staffs to do an 10K - about 3 -6 months. An initial co info statement covers history all the way back to the foundation of CWRN in 1995-which is like pulling teeth-and these penny co's often drag their feet re said initial co info statement-which to them can be like beginning a PhD dissertation. And Bob has never mentioned where they are in that part of the process except in the feb or March 2011 PR re meeting w a lawyer to meet otc's requirements.
Then because otc's for profit conflict of interest created imo unnecessary additional gauntlet for ce removal, CWRN's SEC advisor recommended they uplist instead to OTCBB-which requires 2 years audited financials (which should be done). Thus the May 26 2011 PR re uplisting to OTCBB.
When Bob mentions something re 24 months financials that doesnt mean it will take 24 months to do audited -which should already be done. It most likely is a reference to Nasdaq requirement of 24 months audited financials.
CWRN hasnt had the income or market cap to meet Nasdaq requirements -not even the new lowered requirements but its getting closer and especially depending on any funding/investment contemplated by Bao and the possible ipo mentioned by the Nov 2010 PR-this is why I keep saying notice how Zhao personally watches over the drilling and testing and how unusual that is for a top level exec non owner-but I guess I havent spelled it out clearly enough for many to connect the dots. So there is this recent malaise -evidenced here in the last couple days-whereby people wrongfully imo assume any change is ca 24 months off.
When Bob says insiders arent selling their shares for 24 months you have to understand the context and reference-context is repeated basher claims that insiders are selling now (from the shorters handbook). Reference is to the Nasdaq-that they expect to be on the Nasdaq within 24 months. That doesnt mean there wont be an uplisting to OTCBB in the interim and w Bao's involvement-depending on what kind of investment Bao is willing to make Nasdaq could be much sooner than that w the new lower Nasdaq listing standards.
Think about the reasons why I might not spell things out more clearly (dots I have been able to connect myself plus confidences plus rules)-and realize I am counting on the intelligent non bashers to be able to connect the dots without succumbing to the bashers induced melancholy. Given my life experiences growing up in a cult and being the only one able to resist and defeat them (and I have defeated everyone I've run into but the cult leaders continue-I dont kill them though they hired many to kill me) as their number 1 enemy and the resulting running life and death battles w cults that you would not be able to comprehend I should be the most negative person on earth-but the most negative people on earth seem to be penny traders.
The reason why I babysit this stock is not just because of a relatinship w Bob begun w my best friend but because this is the only penny stock I've seen w strong unrecognized extant and coming fundamentals- and I researched thousands of pennystocks reading their financials etc statements to understand the pennygame so I could help my friends (who were not into dd-smart but just not their thing)and myself. I'm not a dreamweaver and theres no point in trying to defend a stock without strong unrecognized fundamentals-I truly believe this is the most undervalued penny-and that it is is purely a coincidence w any relationship w Bob -which started but stopped and then only started again after I'd done my exhuastive dd on thousands of penny stocks. Pps before CWRN had ANY equipment or operations was .0035 to .007-so that gives an idea how undervalued this is.
If you read the info on bashers in Maxs trading tips 101 (see posts 40, 86 and 117 there) you will understand bashers are unified (though there are less experienced independents) singleminded and have a plan and purpose -this reflects the larger pic whereby the bad guys are ALWAYS singleminded- guided by the intelligence and fervor of their spirit guides- whereas good guys are ALWAYS doubleminded and never recognize it (I've written books on the teleological causes and the solution and the process I repioneered to change that) and weak. Thats why when I meet crafters they actually physically jump in fright -why? They-the human-doesnt know me but their spirit guides recognize a singleminded good guy whom they cant defeat for the 1st time in their lives-somebody who has greater power than they do and who can defeat and expose them. (and these things and much more have been prophesied over me by many good guy leaders).
