Replies to post #1131 on Value Microcaps Free-For-All

[jtomm]

Re: GFCI

I totally agree that every public company can always at least post their financials on their own website. I suppose GFCI can be cut just a little slack since they've only recently done the reverse merger and it may take awhile to have a public audit done and they don't want to put anything out until then.

But a statement was made that I'm not sure it correct. At any rate, I'd like to know if it's correct.

This statement was made:

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But, you will have to agree with me that the EPS is impossible to obtain without doing complete financials. Now, they may not be audited, but so what? Virtually no pink sheet financials are audited, are they? In fact, lots and lots of BB financials are not audited. That can't be used as an excuse.

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It was my impression that under the Eligibility Rule of the otcbb, companies on the otcbb must file with the SEC. And part of the filing requirement is a 10-K, which I think by definition must inclue audited financials. Some slack is given to foreign filers, but not much.

So my question is, has anyone really seen a bulletin board company that doesn't have audited financials? (I realize this used to be the case, but the Eligibility Rule was supposed to have changed that and there were losts of delistings when it was implemented.)

Not trying to be a smart-aleck here, I'm serious. I want to know for my own investing safety.