FIRST LIBERTY POWER RESTRUCTURING OPERATION UPDATE
January 9, 2018
In the summer of 2017, First Liberty Power Corporation (FLPC) engaged Heaton & Company, PLLC as a new, independent auditor to help advance the final stages of the of the Company’s restructuring. The reason for the hiring was the Security and Exchange Commission’s (SEC) suspension of FLPC’s previous auditors, De Joya Griffith, LLC.
At the direction of the newly hired auditor, the Company began investigating the impact of the suspension on the previously filed financial statements for 2013 (as part of the 10-K filing), audited by De Joya Griffith. The primary question was whether The Company would be able to utilize the 2013 audit report in the 2014 filing, given the suspension and subsequent dissolution of De Joya Griffith. The intent was to avoid the need for this major extra step in getting the Company’s filings updated.
To be clear, all audits performed by De Joya Griffith, LLC for FLPC were accurate and not in any way connected to their SEC sanctions. However, the First Liberty Power Management Team recently concluded that it would be in the best interest of the Company and its shareholders to have the newly hired auditor re-audit the 2013 financial statements, to ensure full compliance with all SEC regulations.
During this time, the new auditor and FLPC’s accountant have been in constant communication regarding the exchange of financial information and documentation required to complete the independent audit of the company’s 2014 financial statements as part of the 10-K filing with the SEC.
As with all financial filings of this nature, it is a multipart process involving lenders, former companies and operational items. All information must be verified and, in some cases, individually certified by the people or organizations involved in the transactions. Additionally, the process requires funding that the FLPC Management Team has to supply before the process can move forward. Despite the rigorous and time-consuming methodology, the Company is working diligently to bring the filings up-to-date as quickly as possible.
Once FLPC’s 2014 filings are complete, the company expects to do one additional consolidated filing to finalize the remaining years through July 31, 2017, and certain subsequent quarterly filings, which is expected to be filed by the second quarter of 2018.
FLPC Management has identified the updating and completion of all filings as one of the final key steps in the Company’s restructuring operation. Other key steps already completed include the buyout of Stockpile Reserves LLC (SRL) in 2015-16, the updating of all FLPC business plans, property ownership, and environmental issues (including the issuance of a water pollution control permit for the Fencemaker Mine operation in late 2016) and the relocation of mined antimony ore from Lovelock to storage on a mill site in Northern Nevada.
It is important to note that funding for these actions, as well as daily business demands, have been provided by the FLPC Management. Additionally, the Company continues to review and follow potential investment prospects for new sources of financial support.
The FLPC Management Team appreciates the patience and understanding of shareholders and previous investors throughout this arduous restructuring operation. They recognize the shareholders’ weariness relative to the length of time involved and are moving through all aspects of the restructuring as strategically and efficiently as possible.
FLPC Management will continue to post updates to this website when appropriate and as progress continues.
For further information contact FLPC at email@example.com