Now I get it. Now I see why you don't believe as you do. You are trying to hold BLDV to a standard that they are not required to be held to. BLDV is not a fully reporting company that is required to file with the SEC. They never were. BLDV do understand and deal with SEC and FINRA regulations as per their requirements. They do have a grip on the securities laws.
They have elected to remain under the Alternative reporting Requirements under OTC Markets like thousands of other companies. They were never required to file a Form 15-12g to deregister their shares because BLDV was never an SEC Registrant. The company's shares were never registered with the SEC.
Thousands of companies do what is called "going dark" to trade at the status that BLDV is trading for many positive reasons. This is an outstanding article below justifying why a company would choose the Alternative Reporting Standard reporting requirement like what BLDV has done: http://www.reversemergers101.com/going-dark-reverse-mergers/
Most pink sheet stocks that many investors trade/invest in are already deregistered with the SEC and … investors just don’t know or realize it. It just means that they will not be "required" to file 10-Qs, 10-Ks, 8-Ks, and/or any other reports per SEC requirements; primarily, audited financials won’t be required to file with the SEC or have to be completed by a Certified Public Accountant (CPA) to meet transparency qualifications as long as the financials are Consolidated Financials that are presented in Generally Accepted Accounting Principles (GAAP) format.
This is a huge savings for the company to where they are saving themselves lots of money that they can now allocate those funds more towards operational growth instead. Before financials are released, the CEOs or someone within the management of the company will always review the financials before they are submitted so they usually understand how things are to be logged. This means that now under this Alternative Reporting Standard requirement, they can sign off on their own financials as long as they are Consolidated Financials in GAAP format.
The key thing about being deregistered is the fear that this will create a lack of transparency. To fix the lack of transparency issue, this is why companies elect to trade on the pink sheets within the OTC Markets realm as this is also recognized as a now respected market arena for transparency. The OTC Market requirements come in to offer a cheaper form of transparency. Instead of filing a 10-Q the company will file a Quarterly Report. All 10-Qs and Quarterly Reports are “unaudited” regardless of the exchange. Instead of filing an ”audited” 10-K the company will file an ”unaudited” Annual Report.
So in summary… ALL financial reports can now be unaudited and will be fine for meeting transparency standards.
Understand, transparency is one of the main reasons why a stock generally files with the SEC that trades, but now with the emergence of the OTC Markets being respected by the SEC, FINRA, and many investors throughout for delivering transparency, many companies have chosen this route, especially since it is a much cheaper transparency standard to adhere to. Many companies have accepted this throughout as another means of existing to prove its legitimacy without having to file costly audited financials until being able to afford filing such or if such ever becomes desired. By all means, I’m not trying to downplay audited financials, but until a company is either significantly operational or near being operational to where huge revenues/profits are generated, then money should be saved by taking the OTC Markets route for transparency until such time. Even still after generating millions of dollars, some companies still elect to remain on the OTC Markets within the US Markets such as explained in the examples of what some more popular companies have chosen to do such as Nestle Chocolate (NSRGF), Rolls-Royce Holdings PLC (RYCEY), Swisscom AG (SCMWY), and a variety of other stocks indicated within the post below that were trading at such time between $11.00 to $95.00 per share ranges at such time of this post below:
Again, this is really not such a big deal as it positions the company to not be required to SEC filing requirements and to not be subjected to the cost and time constraints involved until they are financially ready to do so in the future if ever deciding to do so. Some companies have decided to always remain within the OTC Markets within the US Markets which often proves to be fine too. Important to understand, any news of substance will be recognized just the same by investors with or without this deregistration. Big news will be recognized as big news regardless. This move is basically a norm that many companies are now implementing.
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