Item 2.06. Material Impairments.
Effective March 16, 2021, Utilicraft Aerospace Industries, Inc. is working on
updating the filings and moving towards a U.S. Reporting: SEC Reporting current
information status, and OTCBB "Current Status". The company's management were in
contact with the SEC attorneys to explore various options and pathways that are
available for a "fully reporting filer" who is "delinquent" in their filings.
The management now has a plan and a resolution as to what steps need to be taken
to return the company back to a "SEC fully reporting filer". The company's new
management and their CEO decided on one of several possible solutions available
to a "delinquent filer". Recently, the SEC with an additional help from the
"Jobs Act", created a "Delinquent filer Program". This program was design to
assist "SEC Filers" who are currently delinquent and may be in jeopardy of
losing their registration. The management decided to use this program to get the
company back to "SEC Filer Current". The "Delinquent Filer program "consists of
several steps: 1. The company will file a combined report in a Form 10K. This
will be a "multiyear combined report titled: "Comprehensive Filing Report Form
SUPER 10K and 10Q". 2. The company will have a newly hired PCAOB CPA firm to
perform an audit and upon submission through EDGAR to SEC the company's attorney
will provide an "Attorney opinion letter as to the Current status. 3. Once
accepted by the SEC, the company will then continue to file its reports and
disclosure obligations on a timely matter. At this point the company will also
complete and file all the past 10Q and Q's, to leave no "missing" filing
periods.
2
© Edgar Online, source Glimpses