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I am not sure if "the company obviously knows that share price will be impacted if the audit is not completed and mentioned in this next 10Q...."
is correct. Again, I am not sure what the audit requirements are given how they handled the acquisition as a business combination.
Since I don't know the audit requirements specifically, I am not going to assume what actions are required by the company and the accounts.
I do not know if your statement is correct that "the CE cannot come off until and unless the KB/Careclix deal has been audited and released to the public.".
In the last Q SOLI stated, "In the accompanying financial statements, the acquisition has been treated as a business combination under ASC 805. See Business Combination."
Normally, the K ( annual filing ) would be audited. I am not sure the impact on getting audited given how it treated as a business combination.
Also, I am not sure how complex the audit would be given that they didn't acquire accounts receivables, liabilities, etc. based on what they acquired, (from the last Q:
"Under the terms of the acquisition agreement, the Company formed a new, wholly-owned subsidiary CareClix, Inc., to acquire the CareClixâ„¢ operating software and pending patent and commenced a new operating business with the assets following the acquisition. The Company did not acquire cash, accounts receivables, or any other assets, any liabilities of KB Medical, and no customer lists, although certain customers of KB Medical continued working with the Company after the acquisition because they were already using the CareClixâ„¢ operating software acquired by the Company."
I am sure that the company and their accounts know what needs to take place and are taking care of it. To date, management has done everything by the book and has accomplished what needs to get done.
To add to your nice post:
Phase 1B will be getting the CE removed. They are working on it and I think we are close. I am not expecting the PR blitz until it is off.
Either in or Q or shortly after it when the CE is off, I think we hear of contacts signed.
We have so much to look forward to.
Exciting times ahead.
And I wonder what Greg Arms has been up to? I can't wait to find out but I will wait here and watch.
I think some people have expected so much to happen upon uplist. Uplist is just one event to take place in a long list of events.
Some of those events are: remove the CE, get the next Q out, uplist to the OTCQB, grow the revenue, complete the next acquisition, spread the word about CareClix being a publicly traded company, spread the word about other items SOLI/CareClix is working on via more PRs.
I believe that SOLI management is working on all of these items. They have already completed so much in the last 10 months and I have faith that they will continue to work hard to make SOLI/CareClix a huge, global telemedicine company.
Little by little as we move up.
Well those $.208s are in good hands now.
Say good by to those 15k at $.208 LOL
I'm not worried about it. Could be soon.
SOLI still needs to get the CE removed, which I know they are working on.
I am looking forward to more PRs/communication from the company.
I know it is early but SOLI showing .21 x .22 now.
Slow and steady will win the SOLI race.
Could be. We have yet to locate a clearing house/broker to handle the stock with a CE on it.
Yes it is nice to see their first PR. Lets hope for some nice information in the Q.
I don't believe that SOLI can move to the OTCQB until the CE comes off. I did a search of all OTCQB stocks and non have a CE on them.
I agree. It did look arranged.
SOLI management has completed tasks one after another. I have no doubt they will get the CE removed as soon as they can.
But saying "don't expect the CE removal anytime soon" is setting expectations.
I certainly don't want to set unrealistic expectations....I haven't set any expectations. But the company has been aware of this for months (they took action a few weeks as go to get the verified profile up to date, so they as leads me to believe you are working on it).
I have studied the process and spoken to the OTC Compliance Group many times.
We know that SOLI has new management, is current on filings, is fully audited and has a verified Profile on OTC Markets. All of items work in SOLI's favor.
We don't know if SOLI has already requested a CE review and received feedback (OTC usually gets back around 1 to 2 weeks when a CE review is requested). Or they just submitted a request. Or they haven't yet submitted a request.
But Josh Flood is aware of what is required because I have emailed him a number of times.
So I would think it is in the works already.
Why do say "don't expect the Caveat Emptor to be removed anytime soon."?
What experience do you have with CE removal ( process, requirements, etc)?
The numbers posted today are from the TA.
I believe that PP people who converted are in the OS, since the TA was involved in giving them the shares. But not in the DTC (yet). They have not turned the shares over to a clearing house/broker yet. Just my thoughts.
The share structure was updated today on OTC Markets page for SOLI.
The OS is the same as I was given via email from the TA on 11/6/19:
Dedra Harrell (dharrell@stctransfer.com)
To:you Details
Dear Mr XXXX:
The total outstanding for Solei Systems is 113,352,819 shares, as of this email. For more detailed share structure information, please check the company's filings or contact them directly.
Is this the first time you have read a Q or K and saw wording regarding "Liquidity" or "On Going Concern"?
Almost all filings I read contain similar statements.
HOD $.175
IMO between yesterday and this morning we have weeded out some short timers, some who thought we would rocket after uplist, some flippers, some who have been around for a time and just wanted out, and some MM positioning ( maybe building inventory since we are off the greys).
I am very encouraged by how we are trading now.
We are on our way.
Too funny!
Management is getting things done. Putting all of the pieces of the puzzle together to build a great telemedicine company.
Yes it is great to have L2.
No more monkey knife fighting in the dark?
Thanks sooo much for your kind words! It is a great feeling to be called grandpa.
Thanks Drifter!
Thanks Bego2. It feels great to be called a "Grandpa". Who would have thought?
LOL
You didn't answer my question?
BTW the CE was put on the stock years ago by the old management. The new management paid to get the company fully SEC audited, acquired CareClix and got a MM to file the form 211 and get it accepted by FINRA.
You mean the PP shares?
No worries. I look forward to it being removed.
Congrats! It is looking great!
It sure is looking great!
No that wasn't me. I never asked them about it. MWM posted that Kevin asked glendale because they won't sell his PP shares until the CE is off. And Kevin said that.