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You say: "Iconic is suing them"
Actually Arrayit sued Iconic and then Iconic counter-sued Arrayit.
Jerry, I don't have PM. The 5X is a conservative Price/Sales ratio.
Illumina has 14, EXAS Science 15.
You mean when they release fins?
If so, based in $100M billings for the allergy test and $40M revenue and 5X multiple, market cap could be around $200M (0.20 pps X 1 billion shares)) similar to what it was in March last year when people thought fins would be filed by April 1.
Trial date for the Iconic case is April 17. If they have over $10M as of 12/31/19 they have to file the 2019 10-K by April 30. Coincidence?
IMO If they had more than $10M in assets as of 12/31/19, they would have to file a 10-K for 2019 by April 30. (i.e. "not later than 120 days after the end of such fiscal year."
If the assets were less than $10M, then they are not required to file this year. But it is also possible that they have some sort of agreement with the SEC to file by a given date.
https://www.law.cornell.edu/cfr/text/17/240.12h-3
Next court date for Iconic case 1/30/20
Hearing on motion for Summary Judgment / Summary Adjudication filed by Iconic last year.
otcmarkets page for ARYC says "Transfer Agent Verified"
Restricted 82,713,440 12/17/2019
https://www.otcmarkets.com/stock/ARYC/security
If they sold them in April 2019, how come the restricted shares number did not come down drastically and it's still at 82M similar to before April 2019.
The share structure still has the 72M shares in restricted status as of 12/17/2019; Iconic has not sold them.
Restricted 82,713,440 12/17/2019
https://www.otcmarkets.com/stock/ARYC/security
IMO Arrayit was on its way working with RRBB starting in October 2016 to file the fins.
But then in 2018 Iconic started asking for shares from the transfer agent. They got 72M shares. Arrayit filed the lawsuit in August 2018. Arrayit saw it to their advantage to slow walk the getting current process to make it harder for Iconic.
Until the Iconic case is resolved, the fins won't be filed.
The end of the case may be coming by the end of April.
All IMO
Arrayit wanted a preliminary injunction to prevent Iconic from selling the 72M shares that according to Arrayit iconic had improperly obtained. And also from obtaining any more.
You say that the preliminary injunction was granted, so that is good.
The next court date is 1/30 to hear a motion for Summary Judgment / Summary Adjudication (Civil)
Also on the calendar is a trial date for 4/17. I guess they go to trial if the judge doesn't grant a summary judgment before then or if the parties don't settle.
The minutes of the hearings are available for purchase now. Did you or any one else get to see them?
In that scenario not "in the first quarter" but within 120 days from Jan 1.
i.e. April 30.
https://www.law.cornell.edu/cfr/text/17/240.12h-3
Next court date for Iconic case. 1/10/20
1/10/20
Motion Hearing (Civil) - Motion for Preliminary Injunction filed by ARYC to prevent Iconic from
Read the form 15 ARYC filed. They checked suspension of reporting not de-registration.
Rule 12h-3(b)(1)(ii) X
https://ih.advfn.com/stock-market/USOTC/arrayit-pk-ARYC/stock-news/80561672/termination-of-registration-of-a-class-of-security
IMO If ARYC assets are greater than $10M as of today, then they are required to file the 2019 10-K by April 30.
Rule 240.12h-3 - Suspension of duty to file reports under section 15(d).
...
(b) The classes of securities eligible for the suspension provided in paragraph (a) of this section are:
(1) Any class of securities, other than any class of asset-backed securities, held of record by:
(i) Fewer than 300 persons, or in the case of a bank; a savings and loan holding company, as such term is defined in section 10 of the Home Owners' Loan Act (12 U.S.C. 1461); or a bank holding company, as such term is defined in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841), 1,200 persons; or
(ii) Fewer than 500 persons, where the total assets of the issuer have not exceeded $10 million on the last day of each of the issuer's three most recent fiscal years; and
(2) Any class or securities deregistered pursuant to section 12(d) of the Act if such class would not thereupon be deemed registered under section 12(g) of the Act or the rules thereunder.
...
(e) If the suspension provided by this section is discontinued because a class of securities does not meet the eligibility criteria of paragraph (b) of this section on the first day of an issuer's fiscal year, then the issuer shall resume periodic reporting pursuant to section 15(d) of the Act by filing an annual report on Form 10-K for its preceding fiscal year, not later than 120 days after the end of such fiscal year.
From 15 "suspension of reporting".
They figure not reporting to the SEC means no reporting to anyone else too.
Assisted in 90% drop in market cap.
One year ago today - Rene's letter- Where is this year's letter?:
Arrayit Corporation CEO Letter to Shareholders
Sunnyvale, CA - December 31, 2018
Dear ARYC Shareholders,
Arrayit Corporation, its Board of Directors and CEO would like to express sincere appreciation to all shareholders who made the decision to invest in ARYC. As previously announced via Arrayit’s newsletter, press releases and social media during 2018, the company achieved major milestones, including 25 years in business. Arrayit established a nationwide network of 1,700 allergy sales professionals, signed allergy testing contracts with more than 300 medical clinics, launched the Patient Data Solutions allergy portal for doctors and clinics, and fulfilled a clinical instrumentation contract with the FDA after a face-to-face regulatory meeting, among others. We continue to pursue completion of a multi-year audit to bring ARYC’s public company financial reporting current. The CEO, Board of Directors and our dedicated team of employees, advisors and consultants have created a vibrant, new Arrayit Corporation that is primed for intensive growth as a high volume clinical laboratory.
During the second half of 2018, Arrayit expanded its shareholder base, completed multiple VIP shareholder tours, issued bi-weekly press releases and provided more than 1,000 real-time daily shareholder updates via Twitter. We completed a meeting with top officials at the FDA regarding a major product line and received substantial feedback. In our dynamic business-to-business relationship with Pinner USA, we received Pinnertest dietary wellness test endorsement from dozens of celebrity athletes, entertainers, musicians, actors, chefs, authors, bloggers, and health and wellness lifestyle experts. At year end, we implemented a new electronic medical billing solution and we expect to bill $1 million per week for our health and wellness tests. The actual contribution of medical reimbursement to our revenues and earnings will be detailed in financial reports, which we anticipate filing in the coming quarter.
For 2019, Arrayit Corporation sets some ambitious goals, most particularly for finger- stick allergy and lifestyle wellness testing. We will continue regular proficiency testing as we pursue additional laboratory accreditation for even greater access to reimbursement. We will continue to add hundreds of new clinics and doctors to the Patient Data Solutions portal. We will extend promotions with top retailers and add allergy sales professionals. We will solidify reference laboratory relationships with various government agencies. We will explore expansion into testing markets abroad. We will make new hires and refine our future business and financial objectives, including potential up listing.
Arrayit Corporation will continue its mission to bring the advantages of microarray technology to health care. We welcome ARYC shareholders to schedule a visit to Arrayit’s headquarters for a VIP Tour, and we look forward to meeting you.
Best regards,
Rene Schena
Chief Executive Officer Arrayit Corporation
Arrayit Corporation Forward-Looking Statement
This letter contains forward-looking statements including statements about Arrayit’s customer contracts and relationships, future operations, financial results and opportunities for future growth. Each of the forward-looking statements is subject to change based on various important factors, including without limitation, competitive actions in the marketplace and other unforeseen changes and general uncertainties in the marketplace, and adverse actions of governmental and other third-party payers. Actual results could differ materially from those suggested by these forward- looking statements. Arrayit has no obligation to provide any updates to these forward-looking statements even if its expectations change. Further information on potential factors that could affect operating and financial results are included in Arrayit’s Form 10-K for the year ended December 31, 2014, and subsequent Forms 10-Q, included in each case under the heading risk factors, and in Arrayit’s other filings with the SEC.
Kinnerk was brought in by Zalcberg and Taub
Kinnerk was going to work for them at the AM company that they were supposed to fund for the Food safety test commercialization.
I remember reading in one of the documents doemthing to the effect that Kinnerk was a "mole" inside Arrayit giving info to Taub/Zalcberg.
After the lawsuit, on social media someone probably associated with these people used to post inside info about the company
Tax-loss selling for 2019 was OVER on 12/27.
The Food sensitivity test (pinnertest) is a sideshow. The main event is the Allergy test with $2M per week in billings. ( $104M per year billing ...translates into $40-60M a year in revenue.
https://www.zoominfo.com/c/pinnertest-company/357175368
Revenue: 14.8M
But someone spent $63,836 buying the 3,191,800 shares @ 0.02
That was before ARYC filed form 15 to suspend reporting. AVDX never filed a form like that.
The settlement is for part of the case : Standard Registrar Transfer company vs Arrayit.
The Iconic vs Arrayit suit, and the cross complaint Iconic vs Arrayit are not settled.
You say
Settlement? Update on Iconic case after hearing today:
90 days is significant only to filers that select to terminate registration under Rule 12(g). The termination becomes effective 90 days after filing form 15. Arrayit did not check that option on form 15.
Arrayit checked the option to suspend reporting under Rule 12h-3(b)(1)(ii).
End of April is significant for companies (like ARYC) with FY ending 12/31 that suspend reporting under Rule 12h-3(b)(1)(ii) IF the company has over $10M in assets as of the end of the fiscal year. Then the company is required to file a 10-K for the preceding year within 120 from the end of the FY.
120 days after 12/31 is around the end of April.
https://ih.advfn.com/stock-market/USOTC/arrayit-pk-ARYC/stock-news/80561672/termination-of-registration-of-a-class-of-security
It was a quotation without attribution from a suspect article
Exactly:
Alyssa, the 8K says that RRBB and ARYC did not have disagreements about 2017 and 2018 fiscal years or the Q1 for 2019.
The disagreements were for the earlier years 2014, 2015 and 2016. Could it be because of the derivatives regarding the convertible loans taken those years?
In any event, on 8/19/19 ARYC filed form 15 to go dark and it is possible they could re-emerge with the FY 2017-8 10-Ks and 10-Qs for 2019, or if they wait until April the 10-K for 2019.
Sloan, the article penned by "nodummy" a while back
Did anyone verify with the SEC if your 3) and my 2) are compatible?
To terminate registration ARYC would have had to check box 12 (g) and they didn't
The only undisputed facts are that:
1) they filed form 15 on 8/19/19 and
2) they checked box "Rule 12h-3(b)(1)(ii)" on the form which is for suspension of reporting.
Everything else is speculation and hearsay.
Not sure what you are trying to say here.
By the way that OMB number, 3235-0167 expiring 5/31/21 is the generic number for any form 15 filed by any company
https://www.sec.gov/files/form15.pdf
IMO ARYC is still registered with the SEC. They just filed form 15 to suspend reporting under rule 12(h).
But companies that terminate registration using form 15 under Rule 12(g) can still trade on the Pink Sheets.
To be delisted companies have to file form 25.
75M estimate is just for the allergy test.
It they get the ovarian cancer test approved by the FDA, that could add another $100M in yearly revenue