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Can't believe that I'm saying this, but I'm actually looking forward to it. My initial reaction to the proposed changes was trepidation. I mean, I've seen what can happen to a board when the posters collectively discover that the word "bullshit" does not violate the PG-13 rule. It was suddenly like a herd of cows on prunes. My Sister Benedict Mary side had to resist the urge to smack them down with a ruler. (She was my sadistic fifth grade nun, and the initial reason why I was attracted to the life of an IHub mod.) But the more I think about it, the new relaxed rules are going to be kind of like the Vatican 2 reforms of the 1960's. Sure, all hell broke loose, but at least with the Latin gone we finally knew what we'd been saying all those years. Of course in IHub' case it will be what we've not been saying. Somehow I think all this would have appealed to Sister BM's wicked side.
Hey, I have an idea. Something to go along with the more relaxed revised rules on members expressing their opinions of each other. How about creating a virtual shoot-out corral?! Maybe give the mods the ability to transfer all parties in an ongoing argument to the shoot-out corral with the understanding that only one of them will be able to come back? :0D
Ah, thanks, Shelly. Sounds then like the personal attack rules are going to be somewhat relaxed.
Thanks, Meghan. I'm thinking that maybe the proposed rule change language for Violation of Privacy could include something more specific along the lines of your language:
"Unless a poster outright says, “I am [insert name here]” publicly, their identity is to remain wholly understood as whatever their alias is on the boards."
Re: Proposed Rule Changes
I don't see personal attacks such as, "You're an idiot", or "You never know what you're talking about" covered under the proposed rules for either Personal Attack or Off Topic. Such attacks don't fall under the seven categories listed under Personal Attack "on the basis of:". The current language on posts that are about or that focus on others has been omitted. Perhaps deliberately?
Also I encounter a lot of posts which suggest or state outright that another member is secretly the CEO or a company insider. It's not clear to me if that would fit under either the proposed Violation of Privacy or Off Topic categories.
Thanks.
Lol. We'll take what we can get.
Lol. Same here.
I hope so too.
Thanks, Sterling.
Thanks, you too!
Yes.
Hey, I'll take the new "Eleanor of Aquitaine" premium membership icon. Especially the Katharine Hepburn The Lion In Winter version.
"I even made poor Louis take me on Crusade. How's that for blasphemy. I dressed my maids as Amazons and rode bare-breasted halfway to Damascus. Louis had a seizure and I damn near died of windburn... but the troops were dazzled."
The company is now delinquent on the 2022 fourth quarter report as well.
Okay, don't bother reading this post unless you want to get confused for no reason.
Still reading? Are you sure you really want to? Because this is about the dates the SEC chose for our grace period before putting us on the Expert Market. And who cares, really, because we're on it now. What difference does it make?? So don't bother continuing.
Still reading? Okay, well it doesn't make sense. I mean OTCMarkets clearly stated that the last day of the 15-calendar-day grace period was January 16th. So it began on January 2nd. Jan 2 through Jan16 = 15 calendar days. Right? Right.
So why did it start January 2nd?
Why didn't it start December 29th? SEC reporting companies like ours get kicked down to the Expert Market if they haven't complied to the Pink Limited Information tier timeframes. And the Pink Limited Information tier timeframes require reports to be filed within 180 days of the end of the quarter. So, yeah, we didn't file our annual report for the second quarter within 180 days of June 30th. Hell, we didn't file it at all! But we had until December 28th to file and still be within 180 days and not get bumped - or should I say knocked down to Expert. So why didn't the grace period start on December 29th? It wasn't a weekend. It wasn't a market holiday. And it was 181 days after June 30th.
So maybe they just round off and consider all months to be thirty days? Well, maybe.... But then the grace period should have started January 1st. A holiday, you say? New Years Day? Yeah.... but January 2nd was the official holiday too. An SEC holiday. Markets closed. And besides, if the SEC is such a big respecter of holidays, then why did they start the grace period January 2nd and demand that we get the filing to them no later than January 16th?? That was a holiday too! MLK Jr. Day. An SEC holiday. Market closed. Nobody home to receive the filings. Yeah, I know he was born the 15th. But the holiday is the 16th. I don't know if you want to celebrate your birthday on the next day but the SEC clearly thinks you do! Do they, like, count the calendar holidays but not the official holidays? No, that doesn't explain it either. Skip weekends? No. Sick days, maybe? Like a grace period from the grace period if someone's sick?
Not that any of this matters. Not at all! I mean, here it is the 19th, and still no filings! So we obviously didn't need that extra day! And if it had started on the 29th like it should have, we'd be in even worse shape! So never mind. Disregard all of the above! I warned you. Just pay no mind.
Oh, wow. I finally found the part of that pdf to which you are referring. LOL. And yes, you are right that our grace period started 180 days after the second quarter ended - the first-of-two quarters for which we failed to file. So thank you for explaining that to me. And you're right. If the company files that missing annual report, the next missing report would be for the quarter ending 9/30/22. And 180 days from 9/30/22 would be around 3/30/23. Or 3/29/23 to be precise, because October, December, January and March have 31 days, but February only has 28. Lol. I think I've got it!
So then the only remaining question is whether or not they actually will lift us out of the expert market if the company files that annual report. And you make a strong case that they will. Thank you!
I'm in agreement that the company is responsible for filing its reports in timely fashion. That's a given. Whatever the reason for a delay, the company is still responsible.
Oh, you're right. Thanks. I was quoting the Gray market portion. I should have quoted the following:
Thanks for posting that pdf. We know that the company filed its quarterly report for the first quarter of 2022 in May and was current. For the second quarter when the annual report was due it filed the NT 10-K to get a 15-day extension, but then never filed the annual report and went delinquent on October 13th of last year. It then also failed to file the quarterly report for the third quarter which was due on November 14th, without even filing for an extension. So both are overdue. And the quarterly report for the fourth quarter of 2022 will be due on February 14th.
And the pdf states:
You said it!
Yeah, assuming that the SEC applies the usual rule about holiday filings, then we have until tomorrow at 5:30 ET. Fingers crossed.
Yeah, we'll know soon enough. The SEC will accept filings all the way until 10 PM Eastern, but for it to be dated tomorrow it will have to have arrived before 5:30 PM. Later than that and it gets dated the next day.
Today is an SEC holiday. I think that may make a difference. The grace period is 15 calendar days, and that ends today. But with other filings, if the deadline falls on an SEC holiday, it is extended to the following market day.
For example, when a quarterly report or an annual report is due, if the due date falls on a weekend or an SEC holiday, the due date is adjusted to the next market day. If they file for an extension of 5 or 15 calendar days and it falls on a weekend or an SEC holiday, same thing. It's adjusted to the next market day.
I'm just assuming that they will apply the same rule here.
Notice in the following SEC schedule that nothing is due on Jan 16th. Instead some filings are due on the 17th.
SEC Holidays & Deadlines
Though I suppose it might have begun on January 3rd, since the 1st was New Years and the market was closed for the holiday on the 2nd.
I notice that the first mention here on the board of the grace period was on January 3rd. Does anyone know on which date it began? I was thinking possibly January 1, but I don't know.
Not sure if we should start compressions, or just call TOD.
No trades.
I agree.
With the fifteen-day extension the annual report was due on October 14th. But they didn't file it. And the third-quarter report was due on November 14th. If they had filed for an extension it would have been due yesterday. But they didn't file for the extension. So we're now delinquent on two reports.
The 10-Q is out.
Tweet today -- Insurance review is finally completed:
Insurance review is finally completed. Waiting for our rating from the insurance carrier , thanks to our team who helped with building our dataroom $snpw #solar #manufacturing https://t.co/JCMRcr5Ezj
— Sun Pacific Holding Corp (@SunPacificPower) November 10, 2022
Oh, hey, I didn't mean to correct anyone. There have been so many filings it's hard to keep track. It's all good.
It was filed on 4/11/2022, so it should expire 4/10/2023. Unless they cancel it beforehand like they did the last one. It was filed 8/25/2020 and cancelled with the 8-K of 2/17/2021.
Thanks. Previously the company gave itself the same one-year r/s option in the DEF 14C filed on 8/26/2019, and again in the 8-K filed on 8/25/2020. But no reverse split was enacted.
It's fair to say that the company filed a form 14C giving itself a one-year option to enact a reverse split anywhere in the range of 100:1 to 1000:1. It's an option. It's also fair to say that they have given themselves that same one-year option in previous years. But in all that time no reverse split has actually happened. And it's worth mentioning again that our CEO tweeted two months ago, "14C not happening anytime soon or even a possibility at this time." And just three days ago he tweeted, "14C Still not happening anytime soon". One doesn't have to believe the CEO if they don't want to, but the fact remains that in all these years when the same option was available there has been no reverse split enacted.
Tweet - November 1, 2022
"14C Still not happening anytime soon $SNPW Waiting on our investment grade review from Lloyds "A" or better"
14C Still not happening anytime soon $SNPW Waiting on our investment grade review from Lloyds "A" or better
— Sun Pacific Holding Corp (@SunPacificPower) November 1, 2022
Form 8-K - SNPW Subsidiary Sun Pacific Power Corp has engaged the services of Invictus Risk Solutions to Provide Insurance Wrap for $50 Million Funding of its Solar Manufacturing Plant
https://www.otcmarkets.com/filing/html?id=16137777&guid=bhR-k6dk9qi-B3h
MANALAPAN, N.J., October 17, 2022 – Sun Pacific Holding Corp. (Other OTC: SNPW) announces that its wholly owned subsidiary, Sun Pacific Power (“SPP”) has engaged the services of Invictus Risk Solutions to assess the opportunity of providing an insurance wrap for a $50 million-dollar funding of the company’s planned US based solar manufacturing plant through Lloyds of London, London corporate, and other supporting insurance markets. The financing is commencing at this time and underwriting analysis of the project will determine feasibility, testing, and other market considerations.
Nicholas Campanella, CEO of Sun Pacific Holding Corp, stated, “As part of our renewable energy platform we move through our underwriting, analysis and feasibility study. We have identified property that will add high value to our platform of becoming a key solution in the solar industry while producing over 1GW of solar panels per year to our customers. This project should make an important contribution for the emerging solar industry in its fast-growing market.”
Mr. Campanella further added, “We are excited to be working with a strong team of advisors and underwriters who will provide our insurance wrap in cooperation with the State officials. The state’s team is providing a strong access to a labor force as well classifying our proposed property as a foreign trade zone designation.”
Paul Rowland, Senior Partner of Invictus Risk Solutions, stated:
“I was very impressed with Nick’s experience and strengths and by the detail and positivity of the Sun Pacific business plan. Accordingly, I am certain that we can find a way to provide a “best in class” and “best in market” service and solution. This will support the risk transfer structure that the Sun Pacific business model and funding require in the short term. In the long term, we hope to establish a strategic friendship and partnership going forward with Nick and his panel of other valued advisors.
The purpose of our engagement is to offer a bespoke suite of insurance products that “wrap” around the proposed investment and project.
Our singular goal is to protect all parties by advancing, amongst others, account receivable, construction, financial, liability, management, and operational elements to enhance and support the security of the proposed project.
By offsetting the risk, we seek to drive the enthusiasm and positivity of the proposed key funders to engage.”
About Sun Pacific Holding Corp.
Sun Pacific Holding Corp. (Other OTC: SNPW) uses management’s knowledge and experience to serve its customers and now its shareholders through quality service and equipment, working to keep customers satisfied, and by doing our part in protecting the environment with smart green technology. For more information, visit www.sunpacificholding.com.
About Invictus Risk Solutions
Invictus is an award-winning Client Advocate insurance, risk management, and securitization consultancy. The company continues to stand out above its competitors through a long-term strategy which is to provide the correct risk transfer solutions to evidence an attentive, knowledgeable, proactive, and professional service.
Created in February 2015, Invictus has received several industry and peer awards. The most recent awards were presented during the COVID years of 2020 – 2022. These recognize the consistently high level of bespoke, knowledgeable, and skillful solutions offered as a trusted advisor by Invictus to its Clients during a very difficult financial, humanitarian and geo-political environment and experience.
snort snort .... Is this the party to whom I am speaking? snort...