Agree with most of your points. Sadly however the SEC does not care if the company is in contact with them, they will suspend them anyway. If you've been caught in some of these as I have they are quite merciless and even if you have 90% of your filings done buy are not current (but still begging for an extension) they will still suspend the company anyway.
One company I was in were saying they were about to file their filings too, and the SEC knew they were working on them, yet the SEC suspended anyway. Also, it doesn't matter if the CEO has invested large sums, or that they came out of BK, unfortunately. Those are all good signs, but it won't stop the SEC from suspending the stock if they are not 100% current on their filings at the 3 year mark. It's clear the company is in contact with the SEC, so aren't all these otc's that are working on their filings. Sadly, it's doesn't matter, the SEC will suspend you on their timeline not yours. It's BS because mainly they want their money from the company, they want to get paid. Yet they suspend the stock and wipe investors out under the guise that they are protecting investors. Whatever the reason, the stock will stop trading and you, me, anyone in the stock will be wiped out.
Auditors costs a lot of money and drag out the work so they can get paid more hours. It can be upwards of $100,000 or more to finish delinquent filings. The company doesn't have a lot of cash on hand right now, maybe $500k at this point. Otherwise they would have been current by now. Good OTC companies don't risk losing all of their investor's money and theirt ability to fundraise if they have the money to file.
I'm just sharing my detailed knowledge here of how the SEC operates since I've lived through it, unfortunately several times. I'm close to several OTC CEO's and IR guys and just seen this happen too many times. You've all been alerted, up you all if you want to risk it. Just know that any day now you can wake up and you won't be able to sell your stock.
I've said my peace, GLTA
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