First: The OTCQX has not been denied.
Read from the 10Q which is rather clear in it's wording:
" but more importantly the company’s sponsoring brokerage unexpectedly and without notice
voluntarily shut down as of May 31, 2015. Thus, we are seeking a new sponsoring relationship. Prior to the
shutdown of this brokerage, the company did secure the approval of its Designated Advisor for Disclosure (DAD), a
mandated part of the process."
It is obvious that when your Sponsoring brokerage goes out of Business you have to move with your files elsewhere and this is exactly what they have been doing.
Further: When you write why did they not communicate? They communicate and for this reason reporting companies are issuing every 3 months a filing Report - 3 unaudited and 1 (the 10K) audited and under the Terms: Management Discussion & Analysis such subjects are being discussed. Is not different from any other companies.
Last but not least: A Company seeking for upgrading would not even have to Report it because it is of no material effect until and unless it is granted. That they reported in the past their Intention to do so was on a voluntary Basis and as they did so, then it is as well clear, that they Report a follow up, as they did in their last filing.
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