Part of the reason is when someone states the SEC

Part of the reason is when someone states the SEC is looking to shut this down, they don't understand what the SEC does. If the SEC wanted to look into BLTA they simply don't walk in and say the game is up, hands in the air. The SEC for any pink sheet would order a halt which lasts for a specified period of time during which the SEC and the halted company would have a discussion surrounding the issues and the SEC would issue a statement stating why the stock was halted. Once the stock resumes trading they would trade on the grey sheets which is a major hassle for shareholders simply because no quotes are available and only matching trades are executed and you have to call your broker, find a matching trade to buy or sell then execute it. No level 2, no quotes, no bid, ask or volume available. That is the normal course of action for pinks when it comes to the SEC. The trading resumes it is just a lot more work. I can only think of one company, PHOT that was halted, went to the greys but got back on the pinks - that is rare indeed - going to the greys is normally the kiss of death for pinks. I have no idea if the lack of filings would trigger this as the SEC seems hit or miss. Many stocks that get halted are halted because the SEC decides to target specific types of issues like they did with pot stocks when states began to legalize it and every issuer was a pot stock. Lots were shut down - before that it was green energy as solar and wind power became the fad - I don't see the SEC paying particular attention to BLTA unless there is a serious transgression and I only see a lack of filing which is not a big deal since they trade on the pinks. The SEC like any government agency only goes after bigger fish. BLTA is not one of those.