Monday, July 31, 2017 12:57:14 AM
I trust the process and the people involved.
Oravec is co-author for the book: Seeking Your Fortune: Using IPO Alternatives to Find Wealth in the U.S. Stock Markets
"We wrote this book for U.S. and foreign companies that have tried to find U.S. Broker/Dealers to do an IPO or Pre-IPO but have had no success. The purpose of this book is to show these companies the IPO Alternatives that exist and how to use them to find wealth in the U.S. Capital Markets."
I've almost finished the book and am glad Richard Oravek is the Director of Investor Relations. He knows when and why PRs are released, and why there are quiet periods. He can only relay information that the company is willing and ready to release. We should see a Super 8K or other disclosure statement (PR) once the Reverse merger is finalized after the name and ticker changes.
In the book there is a long chapter discussing SEC rules and regulations and Finra's role. The Chapter was complex and hard to comprehend.
The book also talks about the Role of the Market Maker. Market Makers are registered FINRA broker/dealers and the only ones that can file a form 211 for companies to first obtain a ticker symbol (for the SEC S-1 process). We know our process is a bit different through the Reverse Merger.
There was a good deal on the SEC comment and review process. It stated that they post comments on a company's S-1 registration (when companies use the SEC process to go public). The company then responds and the SEC accepts the company's explanation or makes them change it if the SEC reviewers aren't happy with it. It is basically a dialogue with a company about its disclosure. All the SEC comments have to be cleared before the process can go forward. By what I've read (mentioned in the book and other places), the Finra process is very similar.
I believe as the Security Times article said Finra required a more rigorous and detailed audit. I believe they made their comments and then the company responded and updated their first quarterly filings to meet Finra's expectations. I also believe the July 14 Wy SOS name change and AS increase to 2 billion shares was also required. This dialogue will go back and forth until all the Finra comments/requests for additional information are cleared/fulfilled. I believe they all have been cleared at this point, since we are current on OTC markets and no more Quarterly reports were filed.
From RO's book:
See the July 6 filing. According to the book this page would never fly with Finra or the SEC. Note: the Quarterly has to be compared to the same quarter from the year before, not placed adjacent to the Annual Report numbers. Only the Balance Sheet is reflected against the previous Quarter's numbers by what I understand. The book also says the company has to do their own financial statements. Their CPA should check it though. We may see a Super 8K or other disclosure (PR) once everything is finalized with the Reverse Merger including the name and ticker change.
July 6 Filing not going to work for FINRA or the SEC. We are not SEC reporting but still need to appease FINRA for name and ticker change.
See the July 11 update:
Since we haven't seen any more filings I think the issues were finally resolved. I particularly like that the July 11 updated filing that explicitly listed $1.8 million in "Acquisitions of Patents and Intellectual Property". To me that is a clear example of Finra requiring more Disclosure. It said this in the July 6 filing in regard to the $1.8 million (pretty vague):
Here they are so you don't have to look them up.
July 6 Filing
July 11 updated Filing
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