Typically when a Company doesn't report they are usually on the Pinksheets. If a Penny is trading on the OTCBB exchange it is mandatory to report. Sometimes it is cheaper for a company to be on a lower exchange as far as fees etc..... That could be one reason. Sometimes as you will read on Boards it is because the company might be somewhat "Shady" and do not want to release financials etc.... No real answer as to why come don't report but everyone will always have a different answer as you see on the Boards :)
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