I've seen the posts where people think it's a waste to file audited financial statements when on the grey market. However, the audited financial statements are filed within Form 10, not separately.
Additionally, Form 10 is filed with the SEC, not OTC Markets, so the fact that he is likely no longer paying the membership fees for OTC Markets doesn't prevent him from moving forward with a Form 10.
Interestingly a stock becomes automatically registered 60 days from the filing of a Form 10 (although the SEC may continue to comment and suggest changes to it for a longer period). After 60 days, the company is then required to file periodic reports with the Commission.
It seems Reid never had any intention of getting the financial statements audited or filing a Form 10.
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