I don't expect uplist attempt before mid-2014
The following theory/scenario occurred to me over the weekend. (If it turns out that someone has discussed this weeks ago, then maybe it was their thoughts that put me on this trail.)
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When most companies want to raise cash by selling shares, the parent company files an S-3 with the SEC to register new securities, then sells them into the open market.
$MJNA hasn't been doing it that way, but has instead been giving shares to its various portfolio companies, who then sell the shares to raise cash for their operations.
I think the reason for this was shown in the way they initially accounted for the Cannavest deal in the "audited" annual report, which was to count the value of the shares as revenue and regular income.
Under this scenario, it's likely that $MJNA saw increasing revenue growth, to $3M in Q3/12, because they were giving the shares to the portfolios, which then sold the shares into the float to raise cash, and then reported that cash as regular old revenue from those portfolios (which implied increasing product sales).
Sometime after filing the Q4/12 (annual) report, they realized that they couldn't report the asset sale to Cannavest as regular revenue, and they also likely were informed that shares given-to, and sold by, the portfolio companies couldn't be counted as revenue either, and that's why we saw the change in language regarding estimated dates for the 24-month audited financials, from (paraphrasing here) "by date X", to "we'll keep the shareholders informed".
I think that, if proper accounting is used for FY11 and FY12, the true revenue and income numbers for MJNA would be much lower than what was initially reported.
Therefore, the company is going to have to show several future quarters of real revenue and income growth before they can go back and accurately audit 2012. (CanChew's sales will aid this, though the fact that MJNA only receives a portion will diminish their impact).
They'll probably want to get a complete, accurately reported 2013 under their belts before showing that 2012 was not all that it was cracked-up to be, and the FY2013 report will not be filed until sometime in Feb or March of 2014.
Therefore, I don't expect an uplist attempt before April, 2014.
Of course, I could be wrong.
