No Edgar required..BS.. this is Edgar vs OTC guidelines...edgar doesnt take A YEAR or 2 to complete either if it was required LOL
What exactly does EDGARization mean?
EDGARization is the process of converting parent documents - MS Word, MS Excel, PDF, Word Perfect, etc - into acceptable SEC EDGAR ASCII or HTML format. Once EDGARized, the documents can be submitted to the SEC via the EDGAR system.
How long will it take to EDGARize a document?
As an approximation of the time required use a conversion rate of 15 pages per hour. For example, a Form 10-Q consisting of approximately 25 pages will take anywhere from 2-3 hours to prepare in an acceptable format.
Updated Pink Basic Disclosure Guidelines and the Attorney Letter Guidelines
Qualification Process:
1. Subscribe to the OTC Disclosure & News Service by submitting an OTCIQ Order Form (available on www.otciq.com).
2. Upload the following documents through OTCIQ:
• Quarterly Reports for Current Fiscal Year– must include Disclosure Statement and Financial Reports listed below
• Annual Report for Most Recently Completed Fiscal Year– must include Disclosure Statement and Financial Reports listed below
• Annual Report for Prior Completed Fiscal Year – must include Financial Reports listed below
o Disclosure Statements: Disclosure information pursuant to these Guidelines for the applicable period. (see the fillable form staring on Page 4).
o Financial Statements: Financial reports must be prepared according to U.S. GAAP or International Financial Reporting Standards (IFRS) but are not required to be audited. Required financial statements include:
o Balance Sheet
o Statement of Income
o Statement of Cash Flows
o Statement of Retained Earnings (Statement of Changes in Stockholders’ Equity)
o Notes to Financial Statements
o Audit Letter, if audited
3. If financial statements are not audited by a PCAOB registered firm, provide the following:
• Attorney Letter Agreement: Submit a signed Attorney Letter Agreement according to the instructions on www.otcmarkets.com.
• Attorney Letter: After following the appropriate procedures with a qualified attorney, upload an “Attorney Letter With Respect to Current Information” in accordance with the Attorney Letter Guidelines through OTCIQ. Attorney Letters must reference all required reports as set forth in Section 2 above.
4. Verified Profile: Verify the Company Profile through OTCIQ. Profile information includes, but is not limited to, a complete list of officers, directors and service providers, outstanding shares, a business description and contact information.
5. Allow OTC Markets Group to process the posted documents (typically three to five business days) and provide any comments.
6. Companies will be only be evaluated for Current Information once all required documentation has been submitted. A new Attorney Letter is required upon amendment of any referenced report.
7. To qualify for Current Information on an ongoing basis, companies must upload reports through OTCIQ on the following schedule:
o Quarterly Report within 45 days of the quarter end
o Annual Report within 90 days of the fiscal year end
o Attorney Letter within 120 days of the fiscal year end.
