I completely agree with ‘armyseals’ post on the other
I completely agree with ‘armyseals’ post on the other board.
Yes - Dalton went Pink Current - Dalton really had no choice if he wanted UNVC to continue trading, after all, if it had remained ‘dark’ under the new regulations it would have been relegated to the Expert Market and very few would be able to buy shares, the majority of street name accounts would be ‘exit only’.
But - regardless of Pink Current status, Univec IS still essentially a shell - it does negligible business and generates laughable levels of income, continually submits essentially blank filings - and even worse, still manages to rack up millions in losses due to deferred salaries and expenses… and at this point nobody even knows what Univec actually does for this derisory income (or what Dalton does for that insane salary).
Dalton has done the absolute bare minimum in order for UNVC to remain trading on the exchange - if he genuinely intended to do something with it he would at least have had the accounts audited, and re-registered with the SEC - which are pre-requisites for an uplist to a major exchange. Doing so would have given him credibility, but also would have held him to a higher standard of public reporting - which based on his disclosures to date I would suggest he is very keen to avoid.
As it is, the level of business activity is still indicative of a typical shell, and the share structure and debts would make the value of the shell itself very low on the merger / resale market.
I don’t believe for one minute that Dalton has not been selling shares over the years, and due to the extensive errors I’d also speculate that it is he who prepares the accounts and filing submissions. The Pink Current status, the omission of audited accounts, and the lack of SEC reporting allow him to continue with little to no accountability - for want of a better term, a fox in the henhouse.
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