Future doc stated: "So you are saying that they knew they weren't supposed to file an S3 but they did it anyway? What is the benefit of that? Could you explain further?"
The abreviated registration form S3 they just filed is 31 pages in length.
The full registration form S1 they filed in May 2010 and never obtained SEC approval for was 111 pages in length. That is a huge difference.
You can see that a lot more detail on the company, their products, and relationships with other companies is required to be disclosed in an S1 filing. It is information you will not see in the S3 and it is a lot more detail to be examined by the SEC. I doubt the SEC will even notice the fact they the company was in default on loans and that is what the company probably wishes to happen.
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