I did file a complaint to the SEC once, and I'll start doing so again. SEC oversight is a manually intensive job...therefore detecting this type of non-filing requires man hours (it's also why they have a complaint link on their website).
You seem to think that filing perhaps isn't required? It is, but let's set that aside. Let's say that it's not required. Shouldn't Phil "don't challenge my credibility" Verges tell investors anyway? Really - the guy gives himself a loan at unusual terms, converts the loan, and along the way he can't inform investors of the terms or the actions?
Reality is, he did the opposite. He lied about it. He also hid disclosure in the 10k, hoping that no one would find out about it. When we did, he said it was a great deal for the company, despite the fact that he lied about it and tried to hide it.
The lack of a filing, required or not, says a lot about Phil, and this situation.
