beer$$money
8 hours ago
$ASII I always go to #12 β SUBSEQUENT EVENTS section first!! New important information there & last FORM 10-Q
For the quarterly period ended June 30, 2024 it was loaded with βSubsequent Events,β (shares for conversions, Designation of Series B Preferred Stock & Lender Group exchanged a total of $1,100,000 of debt for a total of 1,217 shares of Series B Preferred Stock.)
NOTE 12 β SUBSEQUENT EVENTS
Management has evaluated subsequent events, in accordance with FASB ASC Topic 855, βSubsequent Events,β through the date which the financial statements were available to be issued and there are no material subsequent events, except as noted below.
https://www.otcmarkets.com/filing/html?id=17782251&guid=0TY-kFrrYvEJh3h
BigBadWolf
13 hours ago
Youβre absolutely correct that filing an NT 10-Q keeps a company SEC-compliant for the 5-day extension period, and the immediate consequence of missing deadlines beyond that would often result in a "Filing Delinquency" badge on the OTC Markets website rather than an automatic tier downgrade.
Key Details on OTC Compliance and Delinquency:
"Filing Delinquency" Badge:
If an OTC company misses its extended deadline after filing an NT 10-Q, OTC Markets typically flags the company with a Filing Delinquency badge to alert investors. This indicates the company is not up-to-date with SEC reporting obligations.
Tier Downgrade Risk:
Downgrades (e.g., from OTCQB to OTC Pink) occur only if the delinquency persists for an extended period.
OTCQB standards, for example, allow some leeway, but a company must regain compliance or face removal.
A company's tier won't change instantly upon a missed deadline unless it's part of a broader compliance failure or repeated delays.
BigBadWolf
14 hours ago
NO it's 5 calendar days When a company files a Form NT 10-Q with the SEC, it is notifying the regulator and the public that it will not be able to file its quarterly report (Form 10-Q) on time. Hereβs what happens next regarding the delay timeline:
1. Automatic Extension Period
Regulation: Under Rule 12b-25, filing an NT 10-Q grants the company an automatic 5-calendar-day extension to file the Form 10-Q.
New Deadline: The company must file the delayed 10-Q within this 5-day period to remain compliant.
For OTC (Over-the-Counter) companies, filing a Form NT 10-Q grants the same 5-calendar-day extension to file their quarterly report (Form 10-Q), as specified by SEC Rule 12b-25. This applies regardless of whether the company is listed on a major exchange or traded OTC, as SEC rules are uniform for all public companies.
Key Points for OTC Companies
Extension Period:
Filing the NT 10-Q gives the company 5 extra calendar days from the original due date to file the Form 10-Q.
For example:
If the original filing deadline is November 15, the new deadline after filing NT 10-Q is November 20..
$ASII 10Q is Due today by 5:30pm EST