LET LEARN THE RULE AND REGULATION. THAT IS A PURE FACT!!! LET STICK WITH THAT. ANYTHING ELSE IS SMOKE AND MIRROR, B/S BACK END NOISE-NONESENCE.
A failure to file a required Form 10-K or Form 10-Q will result in the failure to satisfy the “current public information” requirement of Rule 144 and the inability of directors, officers and other affiliated persons or entities to rely on the Rule 144 safe harbor until the late filing is actually made (at which time Rule 144 will become available immediately). However it does not prevent conversion of notes and liquidation of corresponding shares by non-affiliates such as toxic lenders. So dilution can occur during a 10-Q or 10-K delinquency period as long as the shares come from a non-affiliate.