To remove a ce OTC requires quite an extensive gauntlet,which i didnt think would apply here because the only reason they got a ce was because British Columbia regs are much stricter in requiring reporting of timely info and if WOLV were a USA based Company they would only have been downgraded to ''limited info'' and then ''no info'' when they were late in filing annual report etc
so OTC would probably require what is required of NEW current info companies as specified below-OTC does this w co's that were current info BEFORE the ce -so,under the NEW OTC rules, OTC is probably doing this w co's that were OTCQB prior to the ce.
WOLV IS an SEC reporting co and OTC is not a regulatory body but OTC de facto acts like it in setting OTC rules w the tacit approval of SEC or Finra
if financial reports are audited an attorney certification letter is not required -
and since I believe WOLV's 10K was audited -would have to double check if such was- they shouldnt need an attorney cert letter-but OTC really punishes co's coming off a ce and imposes additional requirements for such co's to do so-
whether OTC would impose those additional requirements in this unique case i dont know-but since OTC lists as limited info I'm guessing this is what might be happening
since this is the first SEC reporting co I've seen get a ce [due to stricter British Columbia BCSC requirements] and attempt to remove the ce this is new territory for me also- and I've studied OTC to no end as they say -so many co's are going to be confused by the new rules,especially in combination w this unusual situation which I've never seen before- a ce imposed by British Columbia for a situation-delayed reporting- which would merely drop WOLV to ''no info'' OTC status under USA law.
FROM OTC markets.com site:
Comply with New OTCQB Requirements
Information for OTC Pink Companies
Upgrade to OTC Pink Current
How to Remove the Stop Sign
All OTC Pink companies are identified on www.otcmarkets.com as providing current information, limited information or no information based upon the availability of recent financial and disclosure information. The Stop Sign indicates companies that are not able or willing to provide disclosure to the public markets. A company may provide disclosure to the OTC Pink marketplace through a selected U.S. regulatory agency (such as the SEC or a Banking regulator), a qualified foreign stock exchange or directly through the OTC Disclosure & News Service, offered by OTC Markets Group.
NOTE: SEC reporting companies should be aware that information published through the OTC Disclosure & News Service will not be considered when determining the placement of the stop sign and the marketplace by which they trade. The marketplace designation for reporting companies is based solely on information filed with the SEC's EDGAR system. Delinquent filers must deregister with the SEC in order to remove the stop sign and upgrade their marketplace using the OTC Disclosure & News Service as described below.
Qualifications for OTC Pink Current Information
Companies that make the information described below publicly available on a timely basis (90 days after fiscal year end for Annual Reports; 45 days after each fiscal quarter end for Quarterly Reports) qualify for OTC Pink Current Information.
Initial Qualification: [ note -due to the ce OTC is probably treating WOLV under this category of initial current certification]
Subscribe to the OTC Disclosure & News Service on www.OTCIQ.com to publish your financial reports and material news.
Create the following documents, save them in PDF format and upload them via www.OTCIQ.com:
Annual Financial statements (Document must include: Balance Sheet, Income Statement, Statement of Cash Flows, Notes to Financial Statements) for the previous two fiscal years. If these reports are audited, please attach the audit letter from the PCAOB registered audit firm. Each year’s Annual Financial statements should be posted separately under the report type “Annual Report” on www.OTCIQ.com
Any subsequent Quarterly Reports since the most recent Annual Report
The most recent fiscal period end report should also include information in accordance with the OTC Pink Basic Disclosure Guidelines
Financial reports must be prepared according to U.S. GAAP, but are not required to be audited to qualify for OTC Pink Current Information
If financial reports are not audited by a PCAOB registered audit firm:
Submit a signed Attorney Letter Agreement (first two pages of the Attorney Letter Guidelines)
After following the appropriate procedures with a qualified attorney, upload an Attorney Letter complying with the Attorney Letter Guidelines through your www.OTCIQ.com account
Ongoing Qualification:
For each Fiscal Quarter End, upload a Quarterly Report via www.OTCIQ.com within 45 days of the quarter end. (A separate quarterly report is not required for the 4th quarter.) The Quarterly Report should include:
Information in accordance with the OTC Pink Basic Disclosure Guidelines
Quarterly financial statements (Balance Sheet, Income Statement, Statement of Cash Flows, Notes to Financial Statements). Financial reports must be prepared according to U.S. GAAP, but are not required to be audited
No Audit Letter or Attorney Letter is required
For each Fiscal Year End, upload an Annual Report within 90 days of the fiscal year end. The Annual Report should include:
Information in accordance with the OTC Pink Basic Disclosure Guidelines
Annual financial statements (Balance Sheet, Income Statement, Statement of Cash Flows, Notes to Financial Statements, and Audit Letter, if the financial statements are audited). Financial reports must be prepared according to U.S. GAAP, but are not required to be audited
If financial reports are not audited by a PCAOB registered audit firm, upload an Attorney Letter via www.OTCIQ.com complying with the Attorney Letter Guidelines within 120 days of the fiscal year end.
Financial Report Timeline for Maintaining Current Information (FY 12/31 Filers)
Fiscal Period End Date Report Type - Due Date
12/31/2013 Annual Report - 4/1/2014
Attorney Letter - 5/1/2014
3/31/2014 Quarterly Report - 5/15/2014
6/30/2014 Quarterly Report - 8/14/2014
9/30/2014 Quarterly Report - 11/14/2014
12/31/2014 Annual Report - 3/31/2015
Attorney Letter - 5/1/2015
*Companies following the Alternative Reporting Standard to maintain Current Information can file a Notification of Late Filing for an extension of 5 calendar days to file a Quarterly Report and 15 calendar days to file an Annual Report.
Qualifications for OTC Pink Limited Information
Companies that make the information described below publicly available within the prior 6 months qualify for the OTC Pink Limited Information.
Subscribe to the OTC Disclosure & News Service on www.OTCIQ.com to publish your financial reports and material news.
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
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 OTC Pink Limited Information; however, unless the financial statements include a Cash Flow Statement, no financial data will be included in the OTC Financials Data Service via EDGAR Online, which distributes company financial data to online investor portals and makes the data available on the Financials tab on your company’s quote page on www.otcmarkets.com.
A company on OTC Pink Limited Information, may, but is not required to, include information in accordance with the OTC Pink Basic Disclosure Guidelines.
so OTC would probably require what is required of NEW current info companies as specified below-OTC does this w co's that were current info BEFORE the ce -so,under the NEW OTC rules, OTC is probably doing this w co's that were OTCQB prior to the ce.
WOLV IS an SEC reporting co and OTC is not a regulatory body but OTC de facto acts like it in setting OTC rules w the tacit approval of SEC or Finra
if financial reports are audited an attorney certification letter is not required -
and since I believe WOLV's 10K was audited -would have to double check if such was- they shouldnt need an attorney cert letter-but OTC really punishes co's coming off a ce and imposes additional requirements for such co's to do so-
whether OTC would impose those additional requirements in this unique case i dont know-but since OTC lists as limited info I'm guessing this is what might be happening
since this is the first SEC reporting co I've seen get a ce [due to stricter British Columbia BCSC requirements] and attempt to remove the ce this is new territory for me also- and I've studied OTC to no end as they say -so many co's are going to be confused by the new rules,especially in combination w this unusual situation which I've never seen before- a ce imposed by British Columbia for a situation-delayed reporting- which would merely drop WOLV to ''no info'' OTC status under USA law.
FROM OTC markets.com site:
Comply with New OTCQB Requirements
Information for OTC Pink Companies
Upgrade to OTC Pink Current
How to Remove the Stop Sign
All OTC Pink companies are identified on www.otcmarkets.com as providing current information, limited information or no information based upon the availability of recent financial and disclosure information. The Stop Sign indicates companies that are not able or willing to provide disclosure to the public markets. A company may provide disclosure to the OTC Pink marketplace through a selected U.S. regulatory agency (such as the SEC or a Banking regulator), a qualified foreign stock exchange or directly through the OTC Disclosure & News Service, offered by OTC Markets Group.
NOTE: SEC reporting companies should be aware that information published through the OTC Disclosure & News Service will not be considered when determining the placement of the stop sign and the marketplace by which they trade. The marketplace designation for reporting companies is based solely on information filed with the SEC's EDGAR system. Delinquent filers must deregister with the SEC in order to remove the stop sign and upgrade their marketplace using the OTC Disclosure & News Service as described below.
Qualifications for OTC Pink Current Information
Companies that make the information described below publicly available on a timely basis (90 days after fiscal year end for Annual Reports; 45 days after each fiscal quarter end for Quarterly Reports) qualify for OTC Pink Current Information.
Initial Qualification: [ note -due to the ce OTC is probably treating WOLV under this category of initial current certification]
Subscribe to the OTC Disclosure & News Service on www.OTCIQ.com to publish your financial reports and material news.
Create the following documents, save them in PDF format and upload them via www.OTCIQ.com:
Annual Financial statements (Document must include: Balance Sheet, Income Statement, Statement of Cash Flows, Notes to Financial Statements) for the previous two fiscal years. If these reports are audited, please attach the audit letter from the PCAOB registered audit firm. Each year’s Annual Financial statements should be posted separately under the report type “Annual Report” on www.OTCIQ.com
Any subsequent Quarterly Reports since the most recent Annual Report
The most recent fiscal period end report should also include information in accordance with the OTC Pink Basic Disclosure Guidelines
Financial reports must be prepared according to U.S. GAAP, but are not required to be audited to qualify for OTC Pink Current Information
If financial reports are not audited by a PCAOB registered audit firm:
Submit a signed Attorney Letter Agreement (first two pages of the Attorney Letter Guidelines)
After following the appropriate procedures with a qualified attorney, upload an Attorney Letter complying with the Attorney Letter Guidelines through your www.OTCIQ.com account
Ongoing Qualification:
For each Fiscal Quarter End, upload a Quarterly Report via www.OTCIQ.com within 45 days of the quarter end. (A separate quarterly report is not required for the 4th quarter.) The Quarterly Report should include:
Information in accordance with the OTC Pink Basic Disclosure Guidelines
Quarterly financial statements (Balance Sheet, Income Statement, Statement of Cash Flows, Notes to Financial Statements). Financial reports must be prepared according to U.S. GAAP, but are not required to be audited
No Audit Letter or Attorney Letter is required
For each Fiscal Year End, upload an Annual Report within 90 days of the fiscal year end. The Annual Report should include:
Information in accordance with the OTC Pink Basic Disclosure Guidelines
Annual financial statements (Balance Sheet, Income Statement, Statement of Cash Flows, Notes to Financial Statements, and Audit Letter, if the financial statements are audited). Financial reports must be prepared according to U.S. GAAP, but are not required to be audited
If financial reports are not audited by a PCAOB registered audit firm, upload an Attorney Letter via www.OTCIQ.com complying with the Attorney Letter Guidelines within 120 days of the fiscal year end.
Financial Report Timeline for Maintaining Current Information (FY 12/31 Filers)
Fiscal Period End Date Report Type - Due Date
12/31/2013 Annual Report - 4/1/2014
Attorney Letter - 5/1/2014
3/31/2014 Quarterly Report - 5/15/2014
6/30/2014 Quarterly Report - 8/14/2014
9/30/2014 Quarterly Report - 11/14/2014
12/31/2014 Annual Report - 3/31/2015
Attorney Letter - 5/1/2015
*Companies following the Alternative Reporting Standard to maintain Current Information can file a Notification of Late Filing for an extension of 5 calendar days to file a Quarterly Report and 15 calendar days to file an Annual Report.
Qualifications for OTC Pink Limited Information
Companies that make the information described below publicly available within the prior 6 months qualify for the OTC Pink Limited Information.
Subscribe to the OTC Disclosure & News Service on www.OTCIQ.com to publish your financial reports and material news.
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
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 OTC Pink Limited Information; however, unless the financial statements include a Cash Flow Statement, no financial data will be included in the OTC Financials Data Service via EDGAR Online, which distributes company financial data to online investor portals and makes the data available on the Financials tab on your company’s quote page on www.otcmarkets.com.
A company on OTC Pink Limited Information, may, but is not required to, include information in accordance with the OTC Pink Basic Disclosure Guidelines.
