Technically, iTalk can hold its teleconference hearing with the SEC and the ALJ. They can propose they can file, with audited financial statements. The issuer can propose a date, within reason, however, the issuer will have to compel the SEC and the ALJ they can file ALL required documents.
The SEC and or the ALJ can accept or deny the request.
Trust me, the SEC will not accept, "we will comply in 12 months". But if they fail to comply the order will be instituted and the registrant will be revoked forthwith.