Solar Integrated Roofing Corp (SIRC)

[AgeOfReason]

I have noticed some statements by SIRC which to me are unsettling since they seem to keep delaying the up listing to the QB and later to the NASDAQ. I wonder what others think about the comments.

Some time ago we were told that in a video interview that SIRC would inform us about the status of the audit of the financials and of listing to QB. That gave me the impression that video would say the audit is done or nearly done and that they would say the up list is very very soon. Then when the video came they said the audit is not quite yet done. Then later they said the audit is done and I got the impression that the up listing would take place within a week or two. Then a few days after the audit was announced as done they said that before the up listing can take place the SEC must audit/review the audited financials and approve them and that the process takes (or can take up to) 30 days and that as a result the company is now in their quiet period. Later they said they are now out of their quiet period but now in the article at https://www.marketwatch.com/press-release/david-massey-ceo-of-solar-integrated-roofing-corp-otc-pink-sirc-tells-microcap-conference-investors-that-company-will-eventually-expand-into-texas-and-discusses-his-up-list-strategy-for-sirc-2021-04-22?mod=mw_quote_news_seemore they give a further delay for the up listing. There they say the following:

"Reinforcing his up list plans, he said SIRC was currently looking to name a new "NASDAQ-type CFO" in the future. See SIRC's presentation at Planet MicroCap Showcase.

NASDAQ By Late Summer, Early Fall?

Additionally, he said he sees an up list happening to the NASDAQ "by late summer, early fall" and said he has been advised by legal that SIRC's initial up list to the (OTC) QB exchange is about 30-60 days away. First, he said, SIRC needs to add more 'independent' directors on its Board and get an audit committee together."

Notice the company is now saying we have to wait another 30-60 days for the up list to the OTC QB exchange, stating that "... SIRC needs to add more 'independent' directors on its Board and get an audit committee together." I certainly was not expecting such a further delay to up listing to the OTC QB. Were you? [By "you" I am anyone on this message board.] [Perhaps he means for up listing to the NASDAQ when he says more 'independent' directors are needed for the board, but the context of the article links it to the OTC QB up listing instead.] Earlier (before the company completed their audit) the company had said they already meet the all of the requirements for up listing to the OTC QB other than completing their audit. As time goes by they keep on saying further things need to be done before the up listing to the OTC QB takes place. Why? I wish they told us months ago each of the steps needed for them to up list to the OTC QB rather than gradually telling us the details over time.

In May 2020 the company replaced their CFO with one who has "... a background in merger sand acquisitions, auditing, corporate finance, and accounting management", but now they say (in the above reference article) that the new CFO is not qualified enough (not a "NASDAQ-type CFO") for the company to be up listed later to the NASDAQ.

Another thing which concerns me is that the above mentioned article says: 'He expects SIRC stock to rise after the company documents in filings more of its fiscal performance. "I have not sold any of the 6.5 million preferred shares I own," ...'. The SIRC stock that trades in the market is common stock not preferred stock. The preferred stock the CEO owns does not trade on the market. Though the CEO owns a lot of the preferred stocks (6.5 million shares of the Preferred B and 2.5 million shares of the Preferred A, according to the filing) he owns relatively little (in terms of percentage ownership of the shares, for a CEO) of the common stock (though the preferred stock might be convertible to the common stock). Notice that https://backend.otcmarkets.com/otcapi/company/financial-report/268825/content on page 10 that David Massey has 2.95% (5,000,000 shares) of the outstanding shares of the common stock. He and Brian Milholland however are listed as each having 50% of the Preferred A and 50% of the Preferred B stock. 5,000,000 shares of SIRC common stock would be a lot for me to own (considering my finances and the current price of the stock) but since it is less than 3% of the outstanding shares of the company, to to me it is not a lot shares for the CEO and founder of the company to own.