Replies to post #39025 on Effective Control Transport Inc. (fka EFFC)

[jermart]

If Im not mistaken now he wont be able to file AF because there filing arent up to date.

[TheBullTwit]

I'm not sure they need to disclose the share purchaser.

In doing some research, I came across the following detail related to scaled disclosure requirements for smaller reporting companies. I am unsure if this applies directly to transactions such as 5M share purchase, or if this only applies to the financial statement(s) disclosures, but it's interesting nonetheless. I believe item #3 in the below URL applies to EFFC.

http://www.whitecase.com/Publications/Detail.aspx?publication=1568


3. Scaled Disclosure Requirements for Smaller Reporting Companies
The final rules adopted by the SEC: (i) replace the current "small business issuer" category with a new expanded category of "smaller reporting companies" having less than $75 million in public equity float or, if a company does not have a calculable public equity float, revenues of less than $50 million in the last fiscal year; (ii) expand eligibility for the SEC's scaled disclosure and reporting requirements for smaller companies by allowing the newly defined category of smaller reporting companies to use the scaled disclosure requirements; (iii) move 12 non-financial scaled disclosure item requirements from Regulation S-B into Regulation S-K (the scaled disclosure requirements will only be available to smaller reporting companies); (iv) move the scaled financial statement requirements in Item 310 of Regulation S-B into new Article 8 of Regulation S-X, and amend these requirements to provide a scaled disclosure option for smaller reporting companies, requiring two years of balance sheet data instead of one year; (v) permit smaller reporting companies to elect to comply with scaled financial disclosure and non-financial disclosure on an item-by-item or "a la carte" basis; (vi) eliminate the SEC's current "SB" forms, but allow a phase-out period for current small business issuers transitioning to smaller reporting company status and (vii) permit foreign companies to qualify as smaller reporting companies if they choose to file on domestic company forms and provide financial statements prepared in accordance with US GAAP. The effective date for these rules will be 30 days after their publication in the Federal Register. The text of the final rule release is not yet available.