Footnote: Formal reporting deadlines for companies
Post# of 36729
Posted On: 04/28/2014 5:47:23 PM
Footnote: Formal reporting deadlines for companies in "Pink Limited Information" tier differ from those of "Pink Current Information" tier. See Basic Pink Disclosure Requirements.
In the Pink Current Info tier, deadline for Q1 2014 filing is May 15, 2014 or (if late) May 20, 2014.
Limited Information tier, where SKTO now resides, only requires a report six months from the end of a given quarter or a fiscal year, respectively. This can be a blessing disguise if SKTO takes advantage of it.
First, the half-million dollar SKTO promotional campaign, third party or not, requires a legal opinion from an attorney on behalf of SKTO, or OTCM will stop quoting the security (akin to Grey Sheet status) .
"As a matter of policy, OTC Markets Group will not publish quotations for any security on otcmarkets.com when it has come to the attention of OTC Markets Group that such security has been the subject of promotional activities, unless OTC Markets Group has received a legal opinion, in form and substance acceptable to OTC Markets Group, to the effect that adequate current information is available concerning the security and its issuer." (OTCM Attorney Letter Agreement)
Second, the EOY financials and disclosure are deficient, and the deficiencies and omissions must first be rectified. They'll need time. A Q1 2014 in mid May without serious attention to issues already on the table might be like pouring gasoline on a camp fire from a regulatory point of view.
From OTCM Basic Pink Disclosure Requirements
Qualifications for the OTC Pink - Limited Information Tier
Companies that make the information described below publicly available within the prior 6 months qualify for the Limited Information Tier.
1.Subscribe to the OTC Disclosure & News Service on www.OTCIQ.com to publish your financial reports and material news.
2.Create a Quarterly Report or Annual Report for a fiscal period ended within the previous 6 months, save it in PDF format and upload it via www.OTCIQ.com.
The Quarterly Report or Annual Report includes:
Balance Sheet, Income Statement, and Total Number of Issued and Outstanding Shares. Financial statements must be prepared in accordance with US GAAP, but are not required to be audited. (Please note that Cash Flow Statements are not required to qualify for the Limited Information tier; however, unless the financial statements include a Cash Flow Statement, no financial data will be included in the OTC Financials Data Service, which distributes company financial data to online investor portals and makes the data available on your company’s Financials tab on www.otcmarkets.com)
A company in the Limited Information tier, may, but is not required to, include information in accordance with these OTC Pink Basic Disclosure Guidelines using the fillable form beginning on page 3.
In the Pink Current Info tier, deadline for Q1 2014 filing is May 15, 2014 or (if late) May 20, 2014.
Limited Information tier, where SKTO now resides, only requires a report six months from the end of a given quarter or a fiscal year, respectively. This can be a blessing disguise if SKTO takes advantage of it.
First, the half-million dollar SKTO promotional campaign, third party or not, requires a legal opinion from an attorney on behalf of SKTO, or OTCM will stop quoting the security (akin to Grey Sheet status) .
"As a matter of policy, OTC Markets Group will not publish quotations for any security on otcmarkets.com when it has come to the attention of OTC Markets Group that such security has been the subject of promotional activities, unless OTC Markets Group has received a legal opinion, in form and substance acceptable to OTC Markets Group, to the effect that adequate current information is available concerning the security and its issuer." (OTCM Attorney Letter Agreement)
Second, the EOY financials and disclosure are deficient, and the deficiencies and omissions must first be rectified. They'll need time. A Q1 2014 in mid May without serious attention to issues already on the table might be like pouring gasoline on a camp fire from a regulatory point of view.
From OTCM Basic Pink Disclosure Requirements
Qualifications for the OTC Pink - Limited Information Tier
Companies that make the information described below publicly available within the prior 6 months qualify for the Limited Information Tier.
1.Subscribe to the OTC Disclosure & News Service on www.OTCIQ.com to publish your financial reports and material news.
2.Create a Quarterly Report or Annual Report for a fiscal period ended within the previous 6 months, save it in PDF format and upload it via www.OTCIQ.com.
The Quarterly Report or Annual Report includes:
Balance Sheet, Income Statement, and Total Number of Issued and Outstanding Shares. Financial statements must be prepared in accordance with US GAAP, but are not required to be audited. (Please note that Cash Flow Statements are not required to qualify for the Limited Information tier; however, unless the financial statements include a Cash Flow Statement, no financial data will be included in the OTC Financials Data Service, which distributes company financial data to online investor portals and makes the data available on your company’s Financials tab on www.otcmarkets.com)
A company in the Limited Information tier, may, but is not required to, include information in accordance with these OTC Pink Basic Disclosure Guidelines using the fillable form beginning on page 3.
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