A main reason why I wrote the wake up posts folowing NNLX's June 2021 update is because -from the June update NNLX apparently was not aware of the requirements and procedures under the new 15c211 rule -and without that awareness and compliance with 15c211 NNLX would disappear as a public company, hoping somebody would pass said posts on to NNLX for their edification, as I assume happened.
https://www.otcmarkets.com/stock/NNLX/disclosure says "The company has not provided financial reports or other disclosures to OTC Markets Group."
The expert market does not supply filing info in general to the public -so as long as NNLX is on the expert or grey market those filings would NOT be displayed on otcmarkets.com
Once otcmarkets - following the new 15c211 rule- has determined NNLX's filings satisfy the new requirements- then NNLX will become Current class and publish NNLX's filings as per the otc "news and disclosure" service.
But as noted by the pronouncements of the powers that be, said powers would work with the co's to provide the necessary level and kind of info-which is a PROCESS.
Thus it could easily take months to provide the required financials-and if in December NNLX finally understood filing "voluntary" reports w the SEC would not substitute for the requirements of the 15c211 necessary to be on the otcmotherboard- which IS the EXCHANGE and thus the LIFE for over the counter stocks, it could take months- especially if 2 years financials in the proper format and extent are required. For companies which are current w their reporting requirements they are given 90 days to file their 10k and 45 days for 10Q's.
That is not surprising at this point. NNLX like any other company files taxes -but the filings for the otcmarkets.com board are different.
Unless they become SEC reporting- which is unlikely and unnecessary at this point- they dont need 8k's but last I knew - for companies who were not compliant with the new sec 15c211 rule the powers that be were requiring 2 years financials to get on board the new train. The Current info class requires quarterly financials with the last quarter of the companies fiscal year being a 10k-which does not have to be audited unless the company is SEC reporting.
Before otcmarkets required a min bid test of 1c and a 10000k surcharge in 2014-2015(depending on a companies fiscal year) for OTCQB classification only a small % of current info co's had audited 10k's.
Ca 1000 OTCQB co's couldnt meet the min bid test or chose not to pay the then new 10,000 OTCQB annual surcharge in 2014-2015 so those co's dropped to Current Info classification. Since OTCQB co's were SEC reporting a large % of current info co's then had audited 10k's-those 2014/2105 changes created a LOT of confusion as have the new changes.
Since most no info co's had no inhouse accounting department it can easily take months with limited personnel to transition to the new onboard requirements, which is one of the reasons why companies presumably were given many months notice of the coming changes. Anyone who was following these things-like myself-was aware of what was coming down the pike for 2 years. Companies were given from June to Sept 28 to work with the powers that be to make sure their attempted filings would meet the new requirements - a PROCESS which NNLX would only currently be participating in.
https://www.otcmarkets.com/stock/NNLX/disclosure says "The company has not provided financial reports or other disclosures to OTC Markets Group."
The expert market does not supply filing info in general to the public -so as long as NNLX is on the expert or grey market those filings would NOT be displayed on otcmarkets.com
Once otcmarkets - following the new 15c211 rule- has determined NNLX's filings satisfy the new requirements- then NNLX will become Current class and publish NNLX's filings as per the otc "news and disclosure" service.
But as noted by the pronouncements of the powers that be, said powers would work with the co's to provide the necessary level and kind of info-which is a PROCESS.
Thus it could easily take months to provide the required financials-and if in December NNLX finally understood filing "voluntary" reports w the SEC would not substitute for the requirements of the 15c211 necessary to be on the otcmotherboard- which IS the EXCHANGE and thus the LIFE for over the counter stocks, it could take months- especially if 2 years financials in the proper format and extent are required. For companies which are current w their reporting requirements they are given 90 days to file their 10k and 45 days for 10Q's.
That is not surprising at this point. NNLX like any other company files taxes -but the filings for the otcmarkets.com board are different.
Unless they become SEC reporting- which is unlikely and unnecessary at this point- they dont need 8k's but last I knew - for companies who were not compliant with the new sec 15c211 rule the powers that be were requiring 2 years financials to get on board the new train. The Current info class requires quarterly financials with the last quarter of the companies fiscal year being a 10k-which does not have to be audited unless the company is SEC reporting.
Before otcmarkets required a min bid test of 1c and a 10000k surcharge in 2014-2015(depending on a companies fiscal year) for OTCQB classification only a small % of current info co's had audited 10k's.
Ca 1000 OTCQB co's couldnt meet the min bid test or chose not to pay the then new 10,000 OTCQB annual surcharge in 2014-2015 so those co's dropped to Current Info classification. Since OTCQB co's were SEC reporting a large % of current info co's then had audited 10k's-those 2014/2105 changes created a LOT of confusion as have the new changes.
Since most no info co's had no inhouse accounting department it can easily take months with limited personnel to transition to the new onboard requirements, which is one of the reasons why companies presumably were given many months notice of the coming changes. Anyone who was following these things-like myself-was aware of what was coming down the pike for 2 years. Companies were given from June to Sept 28 to work with the powers that be to make sure their attempted filings would meet the new requirements - a PROCESS which NNLX would only currently be participating in.
