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Microcap & Penny Stocks : Rocky Mountain Int'l (OTC:RMIL former OTC:OVIS)
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To: Just My Opinion who wrote (36189)1/12/1998 6:55:00 PM
From: Hawkmoon  Read Replies (1) of 55532
 
Al-len,

My apologies for not being more clear. Sorry.... :0)

NASD requires, at a minimum, that previously reporting companys provide current(up-to-date) financials for the past year, to include the most recent 10K. The opinion of the gentleman at OTC compliance was that NASD would require all delinquent Q's as well as a current 10K, unless there were extenuating circumstances (he didn't elaborate, but I think he was just leaving room for the ever present exception).
And this gentleman stated that he had not seen any cases in recent memory where old and clearly not current filings would suffice.

Hey this is all a learning experience for me as well. I understood the basic concepts of 15c2-11, but I'm receiving an education on the specifics of the process.

So in a nut shell.. reporting companies must have filings for the past year, to include delinquent filings. I believe the K must be fully audited.

Non-reporting companies must submit financial statements for the past two years. (basically what they required when they first were listed for public trading.) But they also must be current, but not necessarily audited. (it would help... :0)

Hope this clarifies the situation. Again, it is how I understand it from what I have been told from NASD.

Regards,

Ron
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