LarryBear40
2 weeks ago
Actually, they were audited back in the beginning through the year ended 5/31/13. Then, although they were not audited after that, they did have operations until the current team took over, hence the changes in the capital accounts from then until 5/31/24. The problem is that when financial statements are audited, you have to start with audited numbers or your audit for the current year is not completely audited. In order to properly audit the current year, you have to go back and audit the prior years that haven't been audited. Just say'in.
If the plan is to go public or is to have audited financial statements, it's always easier to start auditing from the start with clean financials than to have to go back and try to audit messy financials (if the records can even be found).
LarryBear40
2 weeks ago
Looks like they were audited from inception until 5/31/2013. Next, they terminated or suspended their duty to file reports with the SEC on 5/21/2018. Then there were no reports until the unaudited financial statements for the year ending 5/31/22, which showed that that year was apparently their beginning year. At least, according to the Statement of Cash Flows for the year ending 5/31/22, it shows that all the assets and stock were acquired that year. So, I am guessing that the current audit would have to include the years ending 5/31/22, 5/31/23 and 5/31/24 (subject to the information below).
It seems that the current insider shareholders supposedly acquired a shell corporation, although it's funny that they acquired a fully amortized leasehold interest. Now, when looking at the Statement of Stockholders' Equity, it shows retained earnings and stock from 12/31/2016 forward. Bet the auditors are going to have fun with this one.