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Monday, September 28, 2020 9:11:42 PM
2012
Note 12 Subsequent Events
Pursuant to a Registration Rights Agreement dated April 30, 2012, the Company was to file and have declared effective an S-1 registration statement with the SEC no later than November 11, 2012. The Company has been unable to complete the registration process because it has had to restate certain financial as discussed in Note 1. As a result of not filing the S-1 by November 11, 2012, the Company may have to pay a monthly fee of $5,000, beginning December 11, 2012, said fee not to exceed $30,000 in the aggregate.
https://www.sec.gov/Archives/edgar/data/1402945/000121390012006445/f10q0912_progressivecare.htm
Luckily the SEC capped the fine of $5,000 per month at $30,000 or it would be $465,000 by now.
Good luck.
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