An 8K is to report material events. Mario can submit that form anytime he wants but has no obligation to do so. A 10K is to report financials for an entire year. Those are supposed to be signed off by an approved external auditor before submitting.
Companies are not required to submit regular filings w/ the SEC unless they have $10M+ in assets plus 300+ shareholders. He's now claiming the company has less than $10M in assets.