The filing is a TSX requirement. CUU will likely be fined if they don't file in time and don't apply and recieve an extension (especially if shareholders make a complaint).

We have to send notice to them of the completed BFS before the clock starts. Even though we may be done, we haven't sent them the formal notice.

It's like we're done an assignment in school but we haven't handed it in so we can't get a grade (even if the teacher has seen the paper and helped edit it). If we don't hand the paper in on time, the university has a 10% late penalty and we'll get hit with that regardless of it being done or the teacher having seen it.