Yates filed the extension because I would bet he felt he would get the money from the Toxic funders. It gave him 15 extra days of breathing room. When the extension was filed it allowed extra days to convert and sell under rule 144. Now that exemption is gone. As a pinkie, they don't have to file and can fabricate stories and hope gullible people buy into the story. I've seen it happen plenty. Soon I would venture to say they stop answering the phones and file BK or at a minimum go to a skeleton staff. Their credit cards and lines with Toxic I would bet are maxed out! At this price they don't even need a business to trade. In addition, by not filing the public can not see how many shares are actually OS.
“So why did he waste the money to file a NT 10-K?”
Filing a NT10K costs a few hundred bucks at most! Filing a 10K with full audited financials (especially with All those TOXIC derivatives on the books) can cost north of $30,000!!! For a company like PLSB, that has virtually run out of money or options, the choice wasn’t too difficult for Yates!
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