Replies to post #93556 on Good Vibrations Shoes Inc (GVSI)

[LCLiving]

Financials have to be verifiable to be audited. Many companies have that issue, it's got nothing to do with how screwed up they were, just that they did not keep detailed enough records. No quality accounting firm is going to sign off on financials unless they are confident they are 100% accurate. In most start up companies, that bar is never met because it is not cost effective, they're using their resources to launch whatever product they're trying to sell.

[surfkast]

A company has to meet the Pink Disclosure guidelines and then submit an attorney letter.

Qualification Process:
1. Subscribe to the OTC Disclosure & News Service by submitting an OTCIQ Order Form (available on www.otciq.com).

2. Upload the following documents through OTCIQ:
• Quarterly Reports for Current Fiscal Year– must include Disclosure Statement and Financial Reports listed below
• Annual Report for Most Recently Completed Fiscal Year– must include Disclosure Statement and Financial Reports listed below
• Annual Report for Prior Completed Fiscal Year – must include Financial Reports listed below

o Disclosure Statements: Disclosure information pursuant to these Guidelines for the applicable period. (see the fillable form staring on Page 4).

o Financial Statements: Financial reports must be prepared according to U.S. GAAP or International Financial Reporting Standards (IFRS) but are not required to be audited. Required financial statements include:
o Balance Sheet
o Statement of Income
o Statement of Cash Flows
o Statement of Retained Earnings (Statement of Changes in Stockholders’ Equity)
o Notes to Financial Statements
o Audit Letter, if audited
.
3. If financial statements are not audited by a PCAOB registered firm, provide the following:
• Attorney Letter Agreement: Submit a signed Attorney Letter Agreement according to the instructions on www.otcmarkets.com.

• Attorney Letter: After following the appropriate procedures with a qualified attorney, upload an “Attorney Letter With Respect to Current Information” in accordance with the Attorney Letter Guidelines through OTCIQ. Attorney Letters must reference all required reports as set forth in Section 2 above.

4. Verified Profile: Verify the Company Profile through OTCIQ. Profile information includes, but is not limited to, a complete list of officers, directors and service providers, outstanding shares, a business description and contact information.

5. Allow OTC Markets Group to process the posted documents (typically three to five business days) and provide any comments.

6. Companies will be only be evaluated for Current Information once all required documentation has been submitted. A new Attorney Letter is required upon amendment of any referenced report.

7. To qualify for Current Information on an ongoing basis, companies must:
• Upload reports through OTCIQ on the following schedule:
o Quarterly Report within 45 days of the quarter end
o Annual Report within 90 days of the fiscal year end
o Attorney Letter within 120 days of the fiscal year end.
• Maintain a Verified Profile. At least once every six months, review and verify the Company’s profile information through OTCIQ.

Pink Limited Information Tier
Companies that make the information described below publicly available through OTCIQ may qualify for the Limited Information Tier.
8. Annual Financial Statements: Companies must upload the below financial statements for a completed Fiscal Year within the past 16 months. Financial reports must be prepared according to U.S. GAAP or International Financial Reporting Standards (IFRS) but are not required to be audited.
• Balance Sheet
• Statement of Income
• Statement of Cash Flows
• Statement of Retained Earnings (Statement of Changes in Stockholders’ Equity)
• Notes to Financial Statements
• Audit Letter, if audited

9. Verified Profile: The Company must verify the Company Profile through OTCIQ, including, but not limited to, a complete list of officers, directors and service providers; outstanding shares; a business description and contact information.

10. To Qualify for Limited Information on an ongoing basis, companies must:
• Upload reports through OTCIQ on the following schedule:
o Annual Report (including the required financial statements outlined in Item 8) within 120 days of the fiscal year end
• Maintain a Verified Profile. At least once every six months, review and verify their the Company’s profile information through OTCIQ.



One can click on the link to the guidelines here.

https://www.otcmarkets.com/corporate-services/information-for-pink-companies