Actually, in some situations a late filing is a sign of a large corporate action. Google reasons for late 10-q and the first reason is a merger or acquisition.
It would be more of a red flag here if it wasn't so out of character or if it was in combination with signs of financial distress but that is not the case.
PCT has only been late like this one other time and that was during negotiations for what equated to a reverse takeover, so definitely out of character for them to be late outside of the allotted extension.
PCT defaulted on notes when negotiations failed last summer with the reverse takeover. This caused a prolonged period of dilution to satisfy the defaulted debt. The dilution stopped around the first of November despite the fact that many notes reached maturity in December and the first of January. Because there have been no conversions to satisfy these notes it appears they have found a financial solution. So no sign of financial distress that would prevent the filing.
That leads me, and many others by the recent movement of the stock, to believe it is tied to a major corporate action. Previous filings also point to this with the designation of C preferred shares that by the terms would require a pay off of existing debt, warrants, and options.
Maybe this gives a little insight as to why most aren't overly concerned.
PCTL!!
News 
Market Data 
Discover 
