Dan,
in your 3643, you brought out some important points that I didn't. To reimphasize, MRPS is not a company that presently reports to the SEC. And, it is a micro-cap "penny" stock. Part of my thought on the financials was because many posters on here have stated that they thought that MRPS would try to get listed on the NASDAQ.
The penny stocks, as many of you know better than I, are for stocks that: (1) have revenues of 6M$ for 3 yrs., (2)have under 5M$ in tangible assets and under 3 years in business or, (3)have under 2M$ in tangible assets and over 3 years in business. Now, where does MRPS fit here? Is it number 1, number 2, or number 3?
More importantly, how can it change from a penny stock into a NASDAQ-listed stock? You tell me please.
Dan also mentioned something that I perhaps may have inadvertently not stated as clearly as I should have. Since MRPS does not report financials to the SEC, this does not mean that they don't have good financial accounting or tight controls over costs. They may have good controls or they may not. They may or may not have good accounting. We just don't know. Why? Because we haven't seen any financial statements, have we?
And, as Dan said, many, if not all, micro-cap companies do not want to pay the costs to reach the level of SEC-compliant reporting necessary to get "listed". Hence, if MRPS doesn't want to get listed, they don't have to do the extra accounting and meet the requirements. That would be a very reasonable thing to do, if they are not interested in the stock going over $5 a share. Schedule 15g-2 applies to those stocks which: (1) are under $5 per share, (2) are not on the NASDAQ, and (3) are either traded under (a) the "pink" sheets or (b) the OTC BB market.
Now, I know nothing about the potential requirement by the SEC that all OTC BB or "pink" sheet-traded stocks need to file financial statements on or before July 1999. Maybe some others on the thread do know the specifics about this and, if so, I would like to be directed to where this is specified.
So, Dan has helped all of us, I believe. Thanks, Dan.
Vic |
