Only a guess, but most companies don't go back 16 years to start getting caught up with their financials unless they have something very legit that they are bringing into the company to generate lots of revenues with net income and something very legit they are making sure they capture. Doing this is not a requirement, but is done usually for very strong positive reasons.
In my little experience and understanding in reading financials over the years, it appears that they have a huge Tax NOL that they are making sure they capture. Why? I'm guessing because these guys have a plan for generating some significant revenues that is going to make PNNX very profitable in the not too distant future. I believe you must have some Net Income to be able to apply the NOL. Look at the last page of each of the filings (Annual Reports) done thus far which looks to show a $35,000,000 Tax NOL:
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