Rogue One Provides Corporate Update
Friday, 15 December 2023 01:00 PM
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Rogue One, Inc.
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Company Update
WASHINGTON, DC / ACCESSWIRE / December 15, 2023 / As many are aware, Rogue One, Inc. ("Company") has not submitted any financial statements subsequent to the Quarterly Report dated September 30, 2021. It is imperative to note that the recent action undertaken by the Securities and Exchange Commission on December 5, 2023, was not involuntary, but a result of a negotiated ‘Stipulation Letter' with the SEC which leads to revoking our 12G securities registration status. Consequently, Rogue One, Inc is no longer a mandatory SEC filer. The most recent financial statement submitted was the Third Quarter 2021 Form 10-Q, covering the three-month period concluding on September 30, 2021, which incorporated our initial consolidated financial statements post the acquisition of Human Brands International, Inc ("Human Brands").
The Company has encountered challenges in compiling financial statements subsequent to the report dated September 30, 2021. This issue arose due to the reluctance of two subsidiaries of Human Brands to provide the necessary books and records, in a timely manner, following the acquisition of Human Brands on June 30, 2021. Consequently, Rogue One, Inc., as the parent company, has faced impediments in filing any financial statements beyond that date. Despite repeated assurances from the aforementioned subsidiaries that they would fulfill this obligation, the Company and its shareholders have been adversely affected by the ongoing inability to do so.
Rogue One, Inc., via its wholly owned subsidiary, Human Brands, holds a 51% ownership stake in Agave Webber and a 51% interest in Turasu S de PR de RL. Per SEC filing requirements, Rogue One was required to include these entities in its financial statements. The company encountered a challenge in advancing its financial reporting, and from October 1, 2021, faced an impediment: the inability to proceed with financial reports and the inability to retroactively divest the two non-compliant entities. This impasse presented a significant obstacle for the company.
In light of the apparent challenges in meeting our reporting obligations to the SEC, the Company engaged the services of an additional specialist attorney. Collaborating with our in-house legal counsel, they formulated a strategic approach to address the issue. The devised plan to rectify the problem includes the following steps:
Initiate discussions with the SEC to voluntarily revoke our 12G filing status.
Commence the divestment process of the two non-compliant subsidiaries, effective October 1, 2021.
Conduct an internal audit of our financial records, excluding the two subsidiaries (already completed through December 2022).
Subject the internal audit findings to a thorough review by our external auditors.
With the two non-compliant subsidiaries being divested from Rogue One, the Company will make its best efforts to finalize its audits and proceed with the necessary filings to regulators to restore our trading status.
