That makes no sense whatsoever.
First, FINRA does NOT "approve" financial statements of any company, and certainly not those of non-reporting one. MGRN "voluntarily" reports to Pink OTC, who is NOT a regulator. Instead, their role is essentially that of a paid promoter who simply posts, without comment, whatever a company sends them, regardless of accuracy. Any Financial Statements posted there by a non-reporting company should not be relied upon by anyone, as the vast majority of them are non-GAAP compliant and far from complete. They are usually much more misleading than informative.
And, from an SEC prospective, what do you mean the SEC has "looked at them"? MGRN is non-reporting, so the only time the SEC would "look at them" would be in relationship to a fraud investigation. And, those are confidential. No one, including the Company, would know an SEC investigation is underway unless subpoena's have been issued or charges have been filed. Many SEC investigations take years, so it is impossible to say there is or is not one going on with any company. Otherwise, the only time a Company would know is if the SEC investigation made it to the most serious stage and was then closed. That very rarely happens, and when it does, the Company almost always announces the fact. Unless I am missing something in the past that says they were once under formal SEC investigation but no longer are, I don't see where your claim the SEC "has already looked at them" has any basis of fact.
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