The 10K has to be approved by the Directors before it can be filed. The Directors can be held liable by the SEC or sued by shareholders if there is misleading or omitted material information.
Material information would be things like the engines don't work and can't be made to work. If the Directors have been doing their jobs they have got to know that. If such a material fact gets disclosed, Cyclone closes. If it doesn't get disclosed, the Directors are personally on the hook.
Some loyal shareholder should ask the Directors what's going on. They are still listed as Directors. If they've resigned, that should be made known.
Lewis Jaffe is the turnaround speciallist and is now a professor at Loyola Marymount University. His email is Lewis.Jaffe@lmu.edu
He'd have enough money to be worth suing.
James E. Hasson owns Hypex Inc in Pennsylvania. His email is james.hasson@hypex.com
Dennis A. Dudzik is a manager at URS Corporation, so he may not be worth suing, but he might be willing to cough up a settlement to avoid being bankrupted at his age. His email is info@iaasp.org
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