I'll bet they're waiting...wouldn't you? Think about it...you have all these filings that are going to make your company worth alot more, but you don't need to file them until you make the move to become a reporting company. So you wait and wait because in the meantime you can buyback your shares for dirt cheap. Then, when you have all the shares back that you want, you start doing all the filings in the same time period and watch the price go up. Then, down the road if you need to raise capital you have a much larger PPS to start from.
No problem here.
IMO
"A one that is not cold is scarcely a one at all" --Strongbad