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BAHAMAS DEVELOPMENT (OTCMKTS:BDCI) Asks Counsel To Stay To Assist With Filing A Form 10



BAHAMAS DEVELOPMENT (OTCMKTS:BDCI) needs to accomplish quite much in a pretty short while, but at the top of its priorities is the filing if a Form 10 with the SEC. It is the reason it has resolved to retain counsel since it needs the approval of SEC before it can continue with its operations.

Counsel’s perspective

The newly retained counsel appreciates the fact that the company needs to get back to its feet in the shortest time possible. It is for that reason that it is embarking on the drafting of a legal opinion for the auditors, a move they believe will help the audit of the Company resume.

It was in January the previous year when the audit process was halted and that followed the discovery of a transaction which according to reports closed way back in 2009.One member of the audit team in making a statement in one of the interviews revealed that they had done their part terming the roll out of the financials forward from January 1, 2014 to 2016 a done deal.

The audit process and an outlook into the future

If matters play out according to plan, the audit process will most probably resume shortly and it is worth noting that the company is collaborating with the legal team under a common course that will see them draft the Form 10 filing. BDCI is engaging a contract CFO and one of the company insiders says it will help the business guru complete the audit process within a short time frame.

A lot of changes are being witnessed lately but the best part according to a company official is that all the new moves are for the best. He has praised the move to withdraw the pending name change with FINRA terming it a timely move. Reaching such a consensus had its basis on the progress that was being made in making entry into the MJ sector.

It was sometime back that the Bahamas Development Corporation resolved to buy a 2,700 square foot building Northern California, a move that was commended by most of its investors who said that the future looked bright.

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