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Microcap & Penny Stocks : Rocky Mountain Int'l (OTC:RMIL former OTC:OVIS) -- Ignore unavailable to you. Want to Upgrade?

To: DJ Byrne who wrote (47346)	5/25/1998 2:52:00 AM
From: Kurt N	Read Replies (1) \| Respond to of 55532

You're missing a key point. It doesn't matter if the rule requiring BB's to be reporting and current in financials (if already reporting) within 6-12 months after SEC approval applies to RMIL. After a trading halt and for RMIL to be able to trade again the OTC-BB each MM is responsible (currently after 30 days, other MM's can piggy-back on another MM's 15c2-11) for ensuring that the requirements of Rule 15c2-11 are met. The form to file is trivial and can be found at otcbb.com (Adobe pdf file. free viewer can be downloaded at adobe.com) ,but one of the requirements is reviewing/including audited financials (for non-reporting companies) and reviewing/listing the relevant SEC Edgar filings for reporting companies. If RMIL were not halted then the new rule would affect RMIL. On the bright side (assuming if the financials 10-k + 10-q's get filed) RMIL will then be in compliance with both Rule 15c2-11 and it's status fully reporting. Kurt

To: DJ Byrne who wrote (47346)	5/25/1998 9:59:00 PM
From: Arcane Lore	Read Replies (4) \| Respond to of 55532

Is RMIL a reporting or non-reporting company? In the SEC regulatory sense - it is a reporting company (AFAIK). However, as we all know, it hasn't done any actual financial reporting to SEC for quite some time. One should be aware that, as a result, there may be a deadline approaching. It is an unwritten deadline, the SEC may not apply it to RMIL and its being missed ironically could result in something that many want anyway. It concerns the now long overdue financial 10-K and 10-Q filings. Here are the official requirements for these two types of filing: 10-K: "This is the annual report that most reporting companies file with the Commission. It provides a comprehensive overview of the registrant's business. The report must be filed within 90 days after the end of the company's fiscal year." 10-Q: "The Form 10-Q is a report filed quarterly by most reporting companies. It includes unaudited financial statements and provides a continuing view of the company's financial position during the year. The report must be filed for each of the first three fiscal quarters of the company's fiscal year and is due within 45 days of the close of the quarter." From: fe.freeedgar.com ===== RMIL's last filing of financials was a 10-Q for the period ended 3/31/97: sec.gov Its fiscal year ended on 6/30/97. Thus the following filings appear to be delinquent: 10-K for the fiscal year ended 6/30/97 10-Q for the quarter ended 9/30/97 10-Q for the quarter ended 12/31/97 10-Q for the quarter ended 3/31/98 It has also not filed any notification of late filings: NT 10-K or NT 10-Q. Note that these filings (on a Form 12b-25) only provide temporary respite from the filing deadlines (however, it would have been very interesting to read the explanation for late filing in the narrative portion of that form): Form 12b-25 "This form is used as a notification of late filing by a reporting company that determines that is unable to file a required periodic report when first due without unreasonable effort or expense. If a company files a Form 12b-25, it is entitled to relief, but must file the required report within five calendar days (for a Form 10-Q or 10-QSB) or within fifteen calendar days (for a Form 10-K, 10-KSB, 20-F, 11-K, or N-SAR). Interpretive Responsibility: Division of Corporation Finance - Office of Chief Counsel" sec.gov For further details see: law.uc.edu (For some reason the link on that page to the actual form is broken.) ===== Delinquent filings can lead to SEC regulatory action (in theory). In such cases, SEC usually waits well beyond the nominal regulatory deadlines given above before taking action. How long?: Sometimes it takes years (and probably sometimes it never happens), but there are instances where it has been as little as about 11 months after the end of the reporting period for the first in the delinquent series of financial filings. Here are some examples where they initiated court actions to compel filing approximately 11 months after the end of the first reporting period in question: sec.gov sec.gov sec.gov Note that the typical 'penalty' (when late filing is the sole reason for SEC action) is for the company to be forced to file the delinquent reports and to admit they were late in filing.