Identa Corp (IDTA)

[rocky301]

woody,

higher exchange translates to being a reporting company. Before becoming reporting a registration statement must be filed, in most cases a SB-1 or SB-2. This would include reporting everything about the company as well as 2-3 years audited financials, depending on whether they use SB-1 or SB-2. The SEC will declare the registration statement "effective" if they feel the statement provides complete disclosure of the company. Many items must be addressed in the statement, a few examples below. FWIW, it takes time and has substantial costs.
It won't happen quickly unless Identa has had the ball rolling for some time, which I highly doubt.

its business;
its properties;
its competition;
the identity of its officers and directors and their compensation;
material transactions between the company and its officers and directors;
material legal proceedings involving the company or its officers and directors;
the plan for distributing the securities; and the intended use of the proceeds of the offering.