They are partially reporting which I think meets the first criteria, now we need some type of business as having just a shell could be a problem in time. We know as 3/31 they have zero revenue and zero profit, indicating no business!
Here is the thing. Ben paid that SEC attorney to make sure that they filed "the required disclosures" and they did that in my opinion. Now, what you are talking about is also true. They are going to hav to keep them current and have a business. It's the same rule for all pink tickers. There is a lot of talk on the boards because $ will flow into tickers like MCIC that have filed the "required disclosures" and basically saved our ass in time.
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