imo, its likely that the sec's objection would most likely be the financial claims being made in thr pr's, thus the directive to provide audited financials..., the sec i gather is never/ hardly ever wrong,.. but would there have been an opposing force that would have complained about KMAG to the SEC, this would have taken time and dd, something a competitor would try, in order to blacken KMAG, just a thought and imo.