That alone is not cause for Skull&Bones. Val has been late many times. Never resulted in CE status before.
Who did you talk to? I will call and ask for the same person. [Update: it's apparently after hours and went to voicemail. left message and will email as well. here is number: 212.896.4420]
Here is the definition from OTCMarkets.com…
Nowhere does it refer to late filings. Not saying you weren't told that, but that would be unusual to get skulled just for being late.
Caveat Emptor
Buyer Beware. There is a public interest concern associated with the company, which may include a spam campaign, questionable stock promotion, known investigation of fraudulent activity committed by the company or insiders, regulatory suspensions, or disruptive corporate actions. During the time it is labeled Caveat Emptor, any stock that is not in the Current Information category will also have its quotes blocked on www.otcmarkets.com.