ILUS International Inc. (OTCMKTS:ILUS) has undergone audits of its 2020 and 2021 financials, as announced on August 30, 2022. Once the audits are complete, the company is preparing the filing of its Form 10-12G Registration Statement with the U.S. Securities and Exchange Commission (SEC), for submission in September 2022.
Trading Data
On Tuesday, ILUS stock lost 4.44% to $0.0645 with 6.54 million shares, compared to its average volume of 6.93 million shares. The stock moved within a range of $0.0645 – 0.0700 after opening trade at $0.0654.
ILUS Confirms Completion of Its Two-Year Audit
Following the effective date of Form 10-12G, the company will be subject to the reporting requirements of the SEC. It means ILUS will begin filing annual reports with the SEC on Form 10-K, quarterly reports on Form 10-Q, and periodic reports on Form 8-K, and subject itself to additional reporting obligations related to proxies, shareholder actions, and stock ownership rules.
The Form 10-12G filing provides investors with detailed and audited information about the company’s operations, including an overview of the business strategies, risk factors, and financial statements. The ongoing obligation to file timely reports with the SEC will help the company’s current and potential new investors make more informed and educated investment decisions about ILUS.
ILUS Managing Director, John-Paul Backwell has said that as part of their ongoing commitment towards transparency and accountability, they will be a fully SEC reporting company once the Form 10-12G Registration Statement is filed and effective. After Form 10-12G effectiveness (applicable 60 days after submission to the SEC), company plans to change its registered name and apply to OTC Markets to up list from the OTC Pink Market to the OTCQB.
Key Quote
ILUS CEO, Nick Link, commented: “Since taking over from the previous management in January 2021, we knew it would be an enormous task for ILUS to complete a two-year audit considering that the audit would include a full year during which we did not yet manage the business. The audit also covered five companies in 2021 and therefore it was certainly no small task. Regardless, our team has made an immense effort to supply our auditors with their required information and we are incredibly proud of the progress made as a result. We now look forward to completing the next steps in the process towards ILUS becoming a fully reporting entity at the same time as we work towards completion of our largest acquisition and fulfilment of several important subsidiary milestones.”
Technical Data
ILUS stock is trading below the 20-Day and 50-Day Moving averages of $0.0735 and $0.0840 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1784. The company has a total market capitalization of $80.23 million.
