Whats the big deal, $25k???? ,Is it so much money that it's worth falling into never never land of the pink sheet? I hope they put this into perspective, soon. RT
Elaine Cawley, operations officer at Coconino SMA, a small publicly held Salt Lake City-based oil and gas concern that also has a subsidiary that manufacturers and markets automobile air freshners, said she understands the need for the rule.
''They're worried about the integrity of the Bulletin Board system,'' Cawley says.
But she says the new rule will place a huge burden on small companies such as Coconino, which may have to pay $25,000 or more to hire the legal and accounting expertise necessary to make sure its financial reports meet SEC requirements.
''We were headed in that direction [toward becoming a fully reporting company] anyway,'' she says. ''Still, we are going to be facing an ongoing financial burden because the backup will have to be in place so we can continue to file the necessary reports every quarter.'' |
