The unfortunate delay in filing the 10-K is two-fold. In the final preparation and audit process a number of transactions in 2010, 2011 and into the first quarter of 2012 had to be carefully reviewed again by our consultants preparing the 10-K. Those issues have been resolved and additional issues (which contributed to the delay) have also been answered. We are standing by to address any additional issues that our auditors may identify. If additional questions/issues are forthcoming, we will handle them as we have throughout this entire process.
Secondly, we are working, through our attorney, with the SEC to effectively bypass the Form 10/S-1 registration process. We will save months in getting onto the Over the Counter Bulletin Board (OTCBB) if we can, in fact move forward with this expected process. If, and there are no guarantees, we are able to file with the SEC in a way that enables us to go straight to the OTCBB, all we will have to do is file the 15c211 via our market maker with FINRA to get quoted on the OTCBB.
It was my mistake to provide timelines on the 10-K filing. The assembly through to the completion of the 10K became very complex as a result of the Company filing of a Form 15-G12 to effectively drop out as a fully reporting Company with the SEC on 23 July 2007.
It is my sincere desire to get this process done and move this Company to fully reporting status with the SEC as quickly as possible and remains as my top priority on a daily basis.
If we can definitively file with the SEC and be deemed fully reporting and only need to file the 15c211 to get on the OTCBB, I will let you know as soon as we know.
Category: Rapid Fire Marketing Corporate News