Yes the SEC could shut them down as a publicly traded company until they update their financials in a certain time period. If they don't meet the time frame, they could be shut down from trading. I've been through this with another position. Not fun at all... Since then I've become hyper aware of filings when look at a new position.
Basically I took a risk the second time around. This lack of filing has become my concern for investing a third time around. But then again, this is how they have been running and no SEC threats that I have openly seen.
I have no idea why they would not file in a timely manner. What I do know is, they do not speak to the investors.
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