Tuesday, November 16, 2010 7:24:22 AM
1. Audited financial statements for the last two years
2. Form 10 Registration Statement
3. Select qualified Market Maker and file Form 211 to Uplist
First and foremost we are ahead of most pink sheet stocks since we have audited financial statements for the last two years. Now we await the form 10 registration statement. Once this statement is accepted and deemed effective by the SEC, IGSM will be a full reporting company. After that a qualified market maker is selected and a form 211 is filed to uplist.
I read up last night on the process and reviewed several examples. If a quarterly was due while waiting for step 2 to complete (registration deemed effective by the SEC), it did not have to be audited.
You still want to file quarterlies on time so you do not disrupt the SEC review. If a quarterly is due right after the form 10 is accepted by the SEC it must be audited.
We are now waiting for the form 10 registration statement therefore it was not necessary to audit the third quarter financial statement posted yesterday.
Hope this helps everyone. Feel free to add if I missed something.
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