New press release at xlitech.com. Going to be current by Oct 31
"Las Vegas, Oct 12, 2018 - Chairman & CEO of XLIT, James Schramm States, 'We are finishing up the 2016 and 2017 audit and planning on XLIT to be in current reporting status on OTCQB no later than Oct. 31, 2018, with a new corporate address."
Does it ever stop? It looks like the investors have been treated to another James Schramm lie!
Considering there is a healthy price tag associated with preparing an SEC Form 10-K, i.e. an audited financial statement, there was little to no chance that Schramm would actually deliver on his commitment to the investment community!
I am speculating the SEC is probably all over Schramm's fat butt and Jimmy-Boy is scrambling to avoid the consequences!
Since Schramm became the CEO of XLIT, the Company has NEVER filed a fiscal year-end audited financial report. The last one filed was for fiscal 2015 and covered the period ended May 31, 2015. This suggests XLIT is THREE YEARS IN ARREARS IN PRODUCING ITS AUDITED FINANCIAL STATEMENTS! The fiscal 2018 10-K was due no later than September 15, 2018 and this assumes an NT 10-K filing, which of course did not occur! Actually, there has NEVER been an NT filing since the last Q was filed in April 2016! The SEC has got to be just a little pissed off!
IMO...IT IS VERY POSSIBLE THAT XLIT WILL BE DE-LISTED BY THE SEC, WHICH WILL BE THE "KISS 'O DEATH" FOR THE SHAREHOLDERS/BAGHOLDERS! A DE-LISTING SAYS THE SHARES CAN NO LONGER BE TRADED! WITH A DE-LISTING POST BY THE SEC, THE XLIT SHARES WOULD EFFECTIVELY BECOME WORTHLESS!
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