That's for Standard 2. For Standard 1 they just have to show an after tax income of $750,000, a $3mm market value of public float, $4 mm in shareholder equity, and a $3 pps. They also have to have at least 500,000 shares outstanding it looks like with an average daily volume of at least 2,000 shares. There are more requirements, which they aren't going to be able to meet. They aren't going to have $4 million in shareholder equity or keep their price up to $3 a share even after a massive reverse split. And even if they did make it to the NYSE, they wouldn't last up there. They don't keep up with their reporting requirements on the OTC and everything is more strict on the NYSE. This company isn't worth millions of dollars and will likely never keep up with the ongoing requirements to remain listed on the NYSE even if they could squeak in using creative accounting to meet standards along with effective pumping to get their share price up and keep it up long enough.
They have to know this. They just want to say they're heading for the NYSE to get people buying their stock in hopes of getting rich. It's only a matter of time before the pumpers come back talking about how grossly undervalued this ten bagger of a company is and how people better get in quick so they can retire early. At that point you might be able to get in and get out quick and make a few bucks.
But who is going to want to buy this company now? They're going to have to do another massive reverse split, super massive to get up over $3 a share. Then they'd have to dilute a bunch to have the minimum shares outstanding. They're probably going to dilute like crazy anyway because it appears that they are still involved with these companies that loan them money in exchange for discounted shares, toxic financiers, and they probably still owe a bunch of shares on the settlement they've entered into with IBC and probably will on this other lawsuit they reported from Delaware. Macallan is probably a toxic financier too and it may be that behind the scenes they've already agreed on a settlement that involves issuing them a bunch of shares over the course of many months or even more than a year or two. I'm not sure, but I think there may be a loophole that keeps companies from having to file every time they issue a bunch of shares to a third party if it's court ordered. This stuff is all over my head though. These guys get involved in some very convoluted arrangements that pretty much always result in shareholders getting screwed. That's my opinion anyway based on their history. Sometimes it's hard to guess what their angle is, but the outcome is pretty much always the same.
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