I would have to agree with your statement that the company getting current on filings would be a major positive. I would even venture to say that a bad filing is better than no filing. This seems obvious to most. If we don't have a filing by first of next month, something is very wrong.
However, as far as the section 2 of the 10Q... It is possible that they have not necessarily lied to the SEC. This would be the case if they do not meet the required criteria to file. For example, if they have less than 300 shareholders, I believe, they don't have to file. So, they can check yes in that box if they aren't up to date, but are not required to do so under section 13 of the SEC act of 1934. The box doesn't only say they are up to date. It says they are up to date according to the rules. If the rules say they don't have to file, for whatever reason, then legally, they are up to date.
I haven't done any major research in this area. I don't really play pinkies. This is my only one. The rules are different and it gets complicated with all of the loopholes they use. Most Large cap companies never have to deal with this. With this being said, I believe if there are under 30p shareholders, a filing is not required. This may be their loophole to check yes in that box.
With the TA being gagged, this information is practically unobtainable. I hope I'm wrong. Even if this is the case, I would expect management to do more than the required "minimum".
I still believe Kristul is doing a good job bringing this to market. I just wish he would give these filings some more effort. Everyone else does it. The fact that it could be complicated this quarter and last is not even close to a good excuse.
At the very minimum, there should be a PR with some sort of communication or explanation for the delay, or an approximate estimate for time of completion. It's all about the stakeholders.
If I was him, I'd release the financials and buy a billion shares for 100k the same day. It would set a bottom here and make him instant money. The company is set up for future growth. He needs shares, this would be the perfect time to do it. Buying a billion shares would cost 100k and buy 4 percent of the OS assuming 25 billion shares fully diluted at a 2.5 million valuation. It's very reasonable. I have a feeling that the noteholders and naked shorts slamming this to obtain more shares at a lower price to instantly cover are just as much a thorn in his back as it is ours. Many small caps battle this. It's all very complicated with the financing they have. The noteholders can create a toxic spiral a lot easier than many think, even if it's the last thing the company wanted.
Ask yoga. He seems to be more familiar with the game. I would think with his knowledge on the subject, he would agree the noteholders are more to blame...
