Service Team Inc (SVTE)

[Inves_tor]

A lot of traders bashed me each time I mentioned ADGO. Because their hasn't been a single filing in 16months. Than BOOM on Monday ADGO files a 10-K for FYE 2019! Now just needs 2020 and 2021 annual reports to go pink Current!

These new reporting requirements for revenue recognition is what is causing much of the delay for SEC filings for OTC companies.

SVTE did not deregister voluntarily. They had to untill they met the requirements of ASC 808 or 606(It ASC something) you'll find it in SVTE most recent filing under subsequent events and it mentions why the event, filing for delist, had to be done. It a brief two sentences

But basically they have to have a more detailed report of how the record the sale of goods and/or services. The SEC started requiring this recently. And if a publicly traded company wasn't reporting/recording according to those new guidelines than they will be automatically deregistered untill they submit filings correcting it, including for the previous years.

https://www.fasb.org/Page/PageContent?PageId=/standards/accounting-standards-updateseffective-dates.html

https://www.nowcfo.com/articles/asc-606-everything-you-need-to-know-about-the-new-revenue-recognition-standards/