"If that is the case and Ehrlich intends to get back on the OTC, why did he let it drop to the Pinks in the first place? Yet another blunder by the CEO?"
He seems to have a preference for the long blunder (like the long con...it takes a while). This one didn't take as long as the lease blunder when he knew four and a half years in advance that he had to make a decision and communicate it.
This time he knew that he had to file a simple report with Nevada called the Annual List. It's a simple list of Officers and Directors, it's due by the same date every year and he has filed it a number of times....it's neither new nor special and the Secretary of State sends out courtesy reminders to help you meet your filing deadline.The latest version was due on 8/31/21 and he failed to file it. As a result the Company's status was designated as in Default. He also knew that by Nevada law he had a full year to cure that Default or the Company's status would be changed to Revoked and the Company would no longer be in good standing and its charter and right to transact business terminated. This CEO let that year go by without making the filing and as a result its charter was Revoked about two weeks ago. OTCMarkets, which includes amongst its eligibility standards for OTCQB a requirement that the Company be in good standing in the State in which it was organized (the Company has to confirm that annually), immediately dropped IPIX from its OTCQB ranks.
It's hard to believe, given the fact that the CEO had to know that his inaction would have its inevitable result, leaving the question of whether maybe he did so intentionally. Some might have you believe that this was done because there''s some kind of deal in the works but that in no way justifies the failure to file the Annual List. If there is ANY CONCEIVABLE REASON to fail to file intentionally no clear explanation for doing so has been provided here. The CEO has not been "out of town" for the last year plus and "too busy" isn't an acceptable explanation to the State of Nevada. (Maybe he has a dog and the dog ate it?)
The idea that the Company could be in a better position to do some kind of deal without being in good standing in its home State is laughable and false.
"Yet another blunder by the CEO?"
What else could you possibly call it?
Even now it's an easy fix, yet a year and 2 weeks since the Company went into Default and 2 weeks after it was revoked it hasn't been fixed. If this CEO has a reason for letting this happen I can't imagine what it is. Apart from the relatively minor if humiliating OTCMarkets action, this is what has been triggered:
From Chapter 78 of the Nevada Revised Statutes:
"If the charter of a corporation is revoked and the right to transact business is forfeited as provided in subsection 2, all the property and assets of the defaulting domestic corporation must be held in trust by the directors of the corporation as for insolvent corporations, and the same proceedings may be had with respect thereto as are applicable to insolvent corporations."
If I'm wrong about any of this I have yet to hear a cogent argument against it.
“I have had a wonderful time but this wasn't it.”
..........Groucho
