As a follow up to your post. This was posted on fo
Post# of 2009
Posted On: 05/10/2015 11:55:16 AM
As a follow up to your post. This was posted on forum this morning.
Question #2: Should having a valid business license be more important than anything at this point, besides generating new revenue?
Response #2: The valid business license relates to the parent company, Xun Energy, Inc. and does not impact or impede the ability of its subsidiaries, which are incorporated in other jurisdictions, to operate. The Company does not discount the importance of being current with its annual filing with the State of Nevada. However, on a scale of importance and limited funds, the Company believes it is in the best interests of its shareholders, employees, and creditors, including the CPN holders, that priority must be given to completing its quarterly reports. All of the CPN Notes have default provisions in the CPN’s if the Company is not current with its quarterly filings. The importance of filing quarterly reports and being current outweigh the importance of being current with the State of Nevada. The Company has until December 31, 2015 to become current or risk having its organization revoked by the State of Nevada. After one year, all default entities go into revoked status. In order to reinstate an entity, all back fees and penalties, including the business license fee, must be paid to the State of Nevada.
Question #2: Should having a valid business license be more important than anything at this point, besides generating new revenue?
Response #2: The valid business license relates to the parent company, Xun Energy, Inc. and does not impact or impede the ability of its subsidiaries, which are incorporated in other jurisdictions, to operate. The Company does not discount the importance of being current with its annual filing with the State of Nevada. However, on a scale of importance and limited funds, the Company believes it is in the best interests of its shareholders, employees, and creditors, including the CPN holders, that priority must be given to completing its quarterly reports. All of the CPN Notes have default provisions in the CPN’s if the Company is not current with its quarterly filings. The importance of filing quarterly reports and being current outweigh the importance of being current with the State of Nevada. The Company has until December 31, 2015 to become current or risk having its organization revoked by the State of Nevada. After one year, all default entities go into revoked status. In order to reinstate an entity, all back fees and penalties, including the business license fee, must be paid to the State of Nevada.
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