Packer Fan, you are quite correct as most people know on this board that there is no requirement for BTDG to file SEC reports. It is a bit odd BTDG uses an 8k form to file information with Pink Sheets. Perhaps misleading to some as maybe some people see the 8k form and assume the reports are filed with SEC. Wonder if there is any other company that files with Pink Sheets this way.
To trade on the OTC market it is an absolute requirement that a 15c211 be prepared and available to market makers etc. In fact the phase itself "15c211" is taken right from the regulations. It requires certain financial statements but yes of course they need not be audited.
Pink Sheets requires for current information status certain disclosures which are available on their website. I would agree it is perhaps subjective whether BTDG follows those guidelines.
You are correct that the stock can keep trading on the OTC for some time even if it doesn't file the required reports. Doesn't mean it should be trading nor if that is fair to investors. Especially in the case of BTDG which is on a course of rapid and signficant deals and acquisitions one would expect regular communication about the material impact on the company of such events.
Of course BTDG now discsloses in their footnotes that they are preparing financial statements according to US GAAP. So it is not unfair for investors to assume that the statements are in accordance with US GAAP, nor scratch their heads when material items, such as accruals for salary expense, do not appear.
Maybe someone with an accounting background could comment on the financial statements.
To some degree this may be a tempest in a teapot for some of these issues. This is a sub-penny stock and of course highly speculative. Some of people complaining wouldn't invest anyway regardless of financials. There are those that perhaps haven't decided yet. The CEO does seem to try very hard to make fairly lengthy disclosures. Since he doesn't appear to have the business or legal or financial background to understand financial statements or what is material disclosure, he must be relying on the CFO to to prepare the financial statements. CEO has been around for a while, so he obviously must understand what an accrual is.
CEO probably just too busy with all the businesses BTDG has and not double-checking CFO's work. I would expect that BTDG would let the CFO go very soon.
More important where are the 1.5 million ounces of gold reserves ? What is status of "definitive merger" with sinocan ? How many shares are outstanding now ? Any update on HIP HOP and mortgage/lead generation business ?
