Dear Shareholders of Oriens,
As a further update to our “Long Form” endeavor (2nd Update (see first update here)), we have come across some good learning experiences as we hit a slight hiccup where it pertains our “Financial Notes.”
Some shareholders have commented that this process of becoming a ‘Current’ filer should be compete by now as it’s only a “few forms to fill out,” (paraphrasing). This is far from the truth and/or reality – especially for a company or shareholder who has not committed to the process before.
Initially, we anticipated our only bottleneck to completing the filing of the Long Form with the OTC Markets to gain the “Current Status” designation, would be our physically meeting with the particular counsel we engaged. However, once we got to that point it became apparent that there were a few mechanics that required adjustments from how we used to do things – as a ‘Limited Status’ company – to how we must conduct the preparations of our disclosures today.
In the past, financial notes were not a requirement for our disclosures. As we prepared to have our most recent disclosures reviewed by counsel last week, it was determined that our financial notes were lacking; causing us a significant delay; especially running into this holiday week. We have engaged the appropriate consultancy group to help us wrap this up quickly. Given this week’s Thanks Giving holiday, unfortunately we are looking at another week before the completion of the Long Form.
The great thing is, once we complete this process, our disclosure template and new filing procedures will be fully updated. We could then return to filing our disclosures in a more timely fashion. Also, we’d have an even better sense of what’s required of us during the audit as well as cleaner/more appropriately disclosed financials which should help to expedite the auditing process.
As already mentioned, although Oriens is not required to file today in order to maintain its present “Limited Status” designation, OTHM is ready and able to file its disclosures right now without the Log Form. However, management feels that would be defeatist. Therefore the Company will continue the path; filing its disclosures once a submission of the Long Form can be made for the expressed purpose of achieving ‘Current Status’ and hitting another corporate benchmark that both management and OTHM shareholders would like to see met.
With that said, the ‘pecking order’ of our corporate clean-up will be slightly rearranged in the meantime. To that end, the company will look to take care of the Nevada matter within the next 72 hours as the Long Form endeavor diligently continues.
Also, as a recap to the reduction of the Authorized Shares, the company has determined that an appropriate reduction is possible. Management has excitedly indicated there seems to be a legitimate means of deferring the convertibility of its current debt obligation which should stave off dilution. There is more on this to come within the next couple of weeks.
Lastly, we’d like our shareholders’ input to the following:
Would you like to see the Company’s President deliver a “Statement of Progress” on a monthly basis or quarterly?
Please advise. Thank you.
Sincerely, Team Oriens