SGE writes "Unless someone can advise as to how PTSC caused this problem, or could have avoided it, the criticism is not justified."

1. How long has PTSC been below the $75M market value (say 18c a share)? That's how long they've had to file for the change and get it done.

2. The BOD has a CFO and a Forensic Accountant as members, plus CJ (whose 'expertise' I do not know but does not appear to be related to making PTSC a success). Isn't it their job to ensure timely filing? No-one should have "made them aware of the lapse - they're supposed to know the rules and abide by them.

And as an aside, given how un-complex PTSC accounting should be based on the minimal income and predictable outgoings (BOD fees, expenses, data systems payroll etc and possible income, etc), why would they even need so long after quarter end (fiscal year end) anyway? There's no penalty for filing early, and any decision re the status change belongs to 2011-2012 year not to the 2010-2011 year.

The status change decision serves to reduce "pressure" to get the books done, but it also implies that the BOD doesn't expect PTSC to get to around 18c a share very soon, if ever. However, a nice side effect for the BOD of the status change, if I remember rightly, is that the BOD does not have to accept external nominees for BOD positions.

So either they were truly surprised by the "mix up" or they were spending their time on the status change to avoid external nominees and took their eyes of the ball for filing. You be the judge.

I'd like to be more positive and "smell the roses" but the stench of manure is overbearing.

So what happens if "majority rules" and all the BOD members are voted out?