Replies to post #58144 on Movement Industries Corp (MVNT)

[chemist72]

OTC administration is CRAP. Definitely different from SEC. LOL

[chemist72]

Here's a case study on OTCM's donwgrade timetable.

The company in this example is Samtrade FX (will call them SFX without specifying their ticker symbol). Without going thru their whole history, here are the highlights:

1) SFX became Pink Current in Sept. 2021.
2) SFX downgraded to Pink Limited on 2/23/22. Financials were more than 5 weeks late at that point.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=167978445
3) SFX was downgraded from Pink Limited to EM on 07/14/2022. That was ~16.5 months after their last filed Annual Report for FY 2021 which ended on 2/28/2021. That annual report was filed on 8/29/2021 which was itself 3 months late (due date for Annual was 5/30/2021).

Conclusion: SFX wasn't downgraded to EM until ~16.5 months after its last Annual report for FY 2021 which ended 2/28/2021.

Based on this example, I believe MVNT should not be downgraded until mid-Nov. 2022. That would be 16.5 months after their last filed Annual report which was for FY 2021 which ended on June 30, 2021. (End of October 2022 would be 16 months.)

PS. MVNT filed their 2021 Annual ~1 month EARLY in August 2021 last year.

[chemist72]

Really think MVNT taking so long because they are preparing for an SEC-type audit of their financials.

This would be in preparation for an upgrade to the OTCQB market tier.

Unfortunately, they will not qualify for this upgrade until they also have 30 consecutive days with a closing bid price ABOVE $.01.

They will also need to add at least 2 independent persons to their board of directors.

Therefore, once MVNT files their 2022 Annual I would expect a lot of announcements in regard to their application for an upgrade to the OTCQB tier.