According to the releases, the audit will be conducted by an external party, and Triterras has no influence over its schedule.
This is more concerning. While there is certainly internal financial management, audited or at least somewhat reliable figures should be released soon.
That external audit is conducted in Singapore, and apparently, even the audited entity doesnât know the dates until everything is ready. This would support the silence from Triterra regarding this matter.
I agree that the lack of a new auditor is the most concerning issue.
DA published today on the acquisition of Invoice Bazaar:
So, once the audit, share repurchases, and ER are in order, this will be good. At least that DA was another step in the right direction.
Triterras CEOâs thoughts on the acquisition of Invoice Bazaar:
Finally, confirmation has arrived that the share buybacks have been completed. On April 20, 6.6 million shares were finalized at an average price of $7.47, meaning the float has shrunk by approximately 8%.
Damn, if they had done it a little later, they would have gotten well over 10% of the float.
Cash on hand also appears to be 130 million, with no debt at all, so this is starting to look pretty good nowâ
In addition to this, more M&A is expected in the future. Own shares are held, which can be used to pay for acquisitions in addition to cash.
An accountant is being sought, but the process is still in its early stages. 4 months have passed since KPMGâs resignation. The FY2020 report will wait until an accountant is selected and, of course, the accounting is audited.
Potentially more fuel for the next short report 
In addition, several new recruitments have been made. This sounds good, but the same fundamental issues remain unresolved:
Despite these, Iâm tempted to add a small bundle of warrants to the previous ones 
Risk 100% vs. return 200% - there donât seem to be many in-between options 
The fundamentals seem to be in good shape, as long as we get those things @kettunen mentioned finalized.
A significant portion of the float still seems to be favored by short-sellers (Short Percent of Float 31.23%). Of course, shorts eventually expire, and there hasnât been any negative news in a while. The market will force short-sellers back into their caves.
The removal of the interest rate bogeyman from the picture will also boost international trade.
Make TRIT great again!
I donât know what kind of DD (Due Diligence) the auditing firm does before solemnly promising to perform its duties in accordance with laws and regulations, but I guess they have to be shown the accounting records so they can make an offer for their services.
Iâm still far too worried that no one has agreed to the job, despite the fact that cold hard cash would be given for that service. Everyone knows that it is concern number 1 for the share and soon for the Nasdaq listing obligations, but when the job doesnât get done despite that, a creative person would already be able to put together some kind of report!
Now during the dips, it went well below five dollars, I thought Iâd jump back in around three, risks be damned, but it didnât quite get there (at least not yet)
Of course, there is always the alternative that Triterras would now use IBâs auditor, now that the deals are official. This could explain why things have been kicked forward. Hope springs eternal 
Indeed, the ER and external audit are the biggest concerns and no answers have been received yet, although other concerns have slowly started to disappear. Hopefully, everything goes smoothly with these as well, because otherwise, weâll be heading for under $4.
Now, if there is 130 million in cash on May 1, 2021, after share repurchases, and since there was 171.9 million in cash on October 30, 2020, it seems that at least 8.1 million has flowed in during this period (130 - (171.9 - 50) = 8.1). Based on that, there is at least positive cash flow, so there shouldnât be any bad surprises regarding the ER.
By the way, the proportion of shorts in the free float is even larger, meaning the recent share repurchase is not yet accounted for. The free float is now only 23.25 - 6.6 = 16.65 million. So, if, based on the old data and the 31.23% share, 7.27 million shares were shorted, then removing the 6.6 million shares from the equation, the proportion of shorts in the free float rises to a whopping 43.6%. Thereâs definitely potential for a small squeeze
Someone seems to be closing their shorts. The stock price has jumped from $4.93 to $6.53 in a week. Even today, we are up 14%.
I added a few fun shares around $5.5, but I donât dare to put more into this due to the accounting and auditing challenges.
4 million investing in this kind of Indian brokerage platform.
Triterras Signs Letter of Intent with ECAPS for a Strategic Partnership and Acquisition of Minority Interest
Download as PDFMAY 24, 2021 8:00AM EDT
Strategic Investment and Partnership with Leading Open Banking Platform to Establish Presence on the Indian Subcontinent
SINGAPORE, May 24, 2021 (GLOBE NEWSWIRE) â Triterras Inc. (Nasdaq: TRIT, TRITW) (âTriterrasâ or the âCompanyâ), a leading fintech company for trade and trade finance, today announced that it has signed a letter of intent with Singapore headquartered Electronic Cash and Payment Solutions (S) Pte Ltd., (âECAPSâ) which has a strong presence in India, to enter into a strategic partnership and acquire a minority interest. ECAPS is an open banking platform serving Indiaâs emerging Micro, Small and Medium Enterprise (âMSMEâ) marketplace, facilitating greater financial inclusion for the emerging middle class.
Nexia Int appointed as the new auditor. Hmm, it talks about fiscal year 2021, so is there another firm involved for 2020 then
The fiscal year changes at the turn of February and March.
KPMG left in January, so the practical question is how FY2020 will be completed, financial statements, etc.
The main thing is that things are finally moving forward - and as luck would have it, I put a small trade order in pre-market for the first time in a while just before this message. I had to quickly withdraw the sell order 
Yes, Q4 will indeed be open in early next year, with the full yearâs compilation on top of that. Based on this, the bulls could guess that Nexia would then finish Q4. There have been speculations that after a long radio silence, the missing Q4 and the entire 2020 would come in quick succession, with Q1/2021 as a cherry on top, which would also be completed. Will we really get on board the summer rocket hype train next month
https://seekingalpha.com/news/3712917-triterras-receives-not-in-compliance-letter-from-nasdaq
So, they received the notice from the authorities. Could my esteemed forum brothers provide probabilities for potential threats and what happens if the worst-case scenario unfolds? Since the new auditor joined the dance, it would be nice to know if they are working on this NYSE SEC issue or what they are doingâŠ
This was completely expected, and Trit has already announced that it hasnât been taken care of yet. So, nothing new in my opinion.
It was already known that this was coming, and indeed Triterras already announced it first. In practice, Nasdaq gave until August 2nd to announce a plan on how to get the 2020 financial reporting in order and what the dates would be. Based on that, Nasdaq can then grant a 180-day extension. So, if one wants to be a real bear, in the worst case, the 2020 figures could come out only in January next year, if the extension is granted and fully utilized 
This is unlikely to happen, though 
More collaborations for digital commerce to replace paperwork
If only we could get the audits in order and the accounting up to date 
A new announcement came out. At first glance (I read it very quickly), it seemed like there was nothing new, really. So it still says that due to the situation, blah blah, they are still waiting for the audit to be completed and the SEC is being asked for an extension (so a âplanâ is being submitted). I think itâs almost a useless announcement?
The annual report should be ready by the end of September.
