Here are the OTC Market Statuses. It looks like if PHIL is current up to six months back they will get Pink Limited and most brokers should allow buys on the stock.
The Pink Open Market provides brokers a platform for transparent trading and best execution in any security. There are no financial standards or disclosure requirements. A wide spectrum of companies are traded on this market, including foreign companies that limit their disclosure in the U.S., penny stocks and shells, as well as distressed, delinquent, and dark companies not willing or able to provide information to investors.
OTC Markets Group segments Pink companies based on the information they provide to investors into Current, Limited or No Information. Companies can make disclosure available pursuant to one of the following Reporting Standards:
Filing required reports with the SEC, U.S. Bank Regulatory Authority, or home country if listed on a Qualified Foreign Exchange
Companies that do not meet one of the above standards can provide disclosure to investors directly to www.otcmarkets.com via the Alternative Reporting Standard
The Pink Market is for professional and sophisticated investors with a high risk-tolerance for trading companies with limited information available and limited regulatory oversight. Investors are strongly advised to proceed with caution and thoroughly research companies before making any investment decisions.
CURRENT INFORMATION
To qualify for Current Information, a non-reporting Pink company may subscribe to the OTC Disclosure & News Service and publish current information pursuant to OTC Markets’ Pink Basic Disclosure Guidelines. All current information will be made publicly available on www.otcmarkets.com. More information on each of these steps is available as noted below:
Companies will be processed for Current Information once all required documentation has been submitted:
Financial Statements: Two most recent Annual reports and any subsequent Quarterly Report
Disclosure Statement: Most recent Annual and any subsequent Quarterly Reports
Attorney Letter covering all relevant information for non-audited companies
The Company Profile has been verified through OTCIQ
LIMITED INFORMATION
Designed for companies with financial reporting problems, economic distress, or in bankruptcy, that make the limited information they have publicly available. Companies in this category have limited financial information not older than six months available on www.otcmarkets.com, on the SEC's EDGAR system or, for companies in bankruptcy, through publicly available information filed with a United States Bankruptcy Court.
Companies who provide adequate information within six months of the current date may qualify for Limited Information.
The Company Profile must be verified through OTCIQ in order to qualify for this tier.
NO INFORMATION
Indicates companies that may not be able or willing to provide current disclosure to the public markets - either to a regulator, an exchange or OTC Markets Group. This category includes companies that may have ceased operations as well as 'dark' companies that may have questionable management and market disclosure practices.
How to remove the “Stop Sign”
A company may provide disclosure through a selected U.S. regulatory agency (such as the SEC or a Banking regulator), a qualified foreign stock exchange, or through the Alternative Reporting Standard pursuant to the Pink Basic Disclosure Guidelines.
Complete the OTCIQ Order Form, select the OTC Disclosure & News Service on page 1.
Once the form is processed, OTC Markets will send the authorized user login credentials
Publish all required disclosure and financial reports through www.otciq.com.
Financial Statements: two most recent Annual reports and any subsequent Quarterly Report
Disclosure Statement: most recent Annual and any subsequent Quarterly Reports
Non-Audited Companies: file an Attorney Letter with Respect to Current Information
OTC Markets will process the company’s disclosure and assign a tier designation based on the information provided.
Publicly traded companies that are not willing to provide information to the public market should be treated with suspicion and their securities should be considered highly risky.
FILING DEADLINES To remain qualified for the Pink Current Information tier, reports must be posted in accordance with the below deadlines.
Quarterly Report: 45 days from Period End Date
Annual Report: 90 days from Period End Date
Attorney Letter: 120 days from Fiscal Year End Date
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