I see no reason why a company that fails to meet a 10-K or 10-Q filing deadline shouldn't have their stock halted... with trading to resume ONLY after the filings have been brought current.
However, I wouldn't count on a transfer agent's report to give you a meaningful look into the dilution taking place with a company's shares. It wouldn't account for warrants nor would it track the options being dole out to management or other insiders.
"The penny stock investor may be the most dangerous creature in the investment world, at least to himself.[...]His hypocrisy becomes most apparent when he then blames his losses on the greed of others." Robert C. Dugan, Director - JRM Capital