Which means Thomas J. Irvine hasn't been involved with this company in forever. Something that should be noted on the ibox but isn't because certain folks don't want you to know who is involved.
The Default status for Clearlite Holdings is applied after the State notifies them of the delinquency and they fail to pay or respond. I'd have to track back and see what the time period is, but I think it's somewhere between 15 and 30 days.
In Default, they maintain Corporate status for 1 year, but do not have "Good Standing". At the end of 1 year, they automatically dissolve.
They can respond to the deliquency by notifing them of dissolution, which could forego any further legal actions, as they would no longer exist as a legal entity.
Once dissolved, they don't qualify for exchange listing. Technically, a dissolved situation requires notification to SEC/FINRA. FINRA now has authority to Halt trading and pass the dissolution problem to SEC for Suspension and Administrative proceeding to determine remaining on exchange or revoke registration. If you check the status page at OCT Markets for Suspensions/Halts, you find those with status "Revoked" (usually after move to Grey by suspension).
Since the Tag Industries subsidiary was dissolved back in September under Florida law, there is technically no operation (no longer a "Going Concern").
The holding company has little/no assets (mostly debts) and although should have been properly reduced to Shell, it now is damaged by the filing failures and its "unclean" status makes it unusable (IMO). They could have dodged the filing problem by Chapter 11 bankruptcy last summer to avoid periodic report filing, but they missed that opportunity too. I guess they are content to abandon the company, as is.
SEC is now working with OTC Markets to screen those with filing failures and suspend, so that possibility also exists. They have 3 strikes on periodic reports including the annual, and no 8-K or other filings since last May. The six months of no filings is what tripped the STOP downgrade status at OTC Markets in November.
Given the history with the material filing failures and that big-one on the Ault/Corestream oil-well deal back in March, it's possible they are watching for opportunity to suspend under their new guidelines.
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