It is not bullshit per se, but it is two big mistakes. Whoever prepared that 10-K not only is not qualified to do so, they didn't even catch both their original mistake AND their omission of required disclosure. And whatever they are paying the EDGAR filer agent is too much - they should have also caught it BEFORE they converted and filed the document.
SEC registrants are required to compute the aggregate market value of equity held by non-affilates as of the end of the registrants most recent second quarter. The reason is that the registrant is required to use that computation to determine their filer status classification (Large accelerated filer, accelerated filer, non-accelerated filer, or smaller reporting company) for that fiscal year. Their reference to such value as of May 17, 2017 is wrong, although the stated method of computation is correct. It must be as of the end of the 2nd quarter. The way the disclosure is written is also wrong. The SEC is VERY strict about the cover page of all their documents being in the exact wording required. Verbatim. They added details and wording which is non-compliant to the Cover Page requirements. They are just asking for an SEC comment letter on that.
And, since they also omitted the required data of the number of shares outstanding (in this case, the May 17 reference is correct, as the SEC requires that data "as of the latest practicable date).
I didn't bother to review the filing and see what other obvious and glaring mistakes they are, but those 2 alone will almost certainly result in a full SEC review and ultimately an amended filing.
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