Like all other retail investors (=not insiders), I can only guess, but if not filing was originally due to a resource crunch (maybe no accountant; Nixon himself too busy fighting fires on the one hand and bailing water on the other), I think that now it is a conscious choice as a matter of strategy.
When COVID19 first hit, I imagine that Nixon wasn't saying, "It can't get much worse," because it could have; they could have had to shut down all stores and file for bankruptcy (which, again, there seems to have been a threat of, confirmed by a couple of earlier professional observers).
But now, even though the 'storm' isn't over, the Expert Market is, ironically, somewhat of a safe harbor for investors (i.e., no pump and dumps; only real 'experts' are able to buy -- though retail holders can liquidate -- meaning those 'expert traders' must think WCVC has a future to make their bottom-of-the-barrel buys worth it; but 'best' of all, it ISN'T the Grey Market, which is the graveyard for shells and defunct companies).
So, at this point, I speculate that Nixon is holding off filing on purpose -- possibly related to real franchise opportunities soon to be announced -- which, as I posted before, has to be coupled with getting a market maker to file Form 211 to make a market for the stock again.
Am I ready to be TOTALLY disappointed, and see things continue in the present state, dragging out forever? Yes. But the franchise financing suppliers suggest to me that all hope isn't lost. [How long THEY will wait is another matter.]
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