Easy peasy to stay on pink if they needed to dilute/fund activities longer; especially when they got the goods. Logically they are likely going for much bigger funding deal.
Then why didn't they just simply file the 10Q and 10K? Stock would still be trading 003 to 0045 maybe even higher. This was obviously a management decision and a poor one at best.
No otc is forced to remain SEC reporting and can at anytime very easily drop to non sec reporting and simply file directly with otcmarkets to remain trading on the pink current otc tier.