Amfil Technologies Inc (OTCMKTS:AMFE) has started the process of getting quotes from PCAOB approved auditing firms so as to gain SEC fully reported status. Since the latest acquisition of Snakes & Lagers Inc. and its impact on the financial report, the firm plans to up-list to OTCQX platform from the OTC Pink tier.
Last year in May, Amfil submitted audited financial report completed by MNP LLC. for FY2013 and FY2014. Since inception in 1985, the company had remained an SEC reporting issuer until its switch to alternative reporting in last year. The FY2015, FY2016 and the quarterly financial report thus far into FY2017 were submitted unaudited via OTC Markets as per the alternative reporting process.
In the coming period, the firm plans to have year ends FY2015, FY2016 and FY2017 audited along with the submission of Form 10 to regain SEC fully reporting status. The company would like to complete this process if possible in FY2017, being June 30, 2017 or shortly thereafter.
Amfil reported that the impact of this would be an up-listing to the OTCQB tier from OTC Pink. The up-listing has remained on company’s agenda for quite some time. The existing plans to up list to the OTCQB tier will offer the investment community with transparency and enable the stock to be traded by increased number of brokerages, eliminating many of the concerns the company face as an OTC Pink Current firm. They will have more to talk about up-list process in the coming weeks.
The OTCQB platform is for development and entrepreneurial stage firms that fail to qualify for OTCQX. These firms must be current in reporting and must complete yearly verification and management certification course. It is the firm’s intention to opt for a further up-listing to the OTCQX exchange. Amfil consider that it fulfills all set guidelines to make the change, aside from the minimum bid price of $0.25 per share.