GGTOOR, Inc., (OTCMKTS:GTOR) Announces Management Report for the Week Ended October 1, 2022

Rhea-AI Summary

GGTOOR, Inc. (OTCMKTS:GTOR) announced an extension for funding regarding its significant deal with Nerdland, expecting to finalize it by October 10, 2022. Despite delays in the audit process from Accell Audit and Compliance, GGTOOR is in discussions with several audit firms following SEC guidance on a $102.3 million virtual land asset. The company reported a 35% increase in player registrations and hosted 24 gaming events in September, alongside the successful 'Victory Road World Cup of Pokemon VGC'. CEO John V Whitman Jr. maintains significant share ownership and reinforces a commitment to the company and its investors.

Positive

• Completed a successful 'Victory Road World Cup of Pokemon VGC' with over 664 participants and significant web activity.
• Achieved a 35% increase in player registrations month-over-month.
• Hosted 24 gaming events in September, demonstrating active community engagement.

Negative

• Delays in funding the Nerdland deal, pushing the expected completion date to October 10, 2022.
• The audit process is delayed, with the SEC requiring guidance before approving the $102.3 million virtual land asset.

THOMASVILLE, GA, Oct. 04, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – GGTOOR, Inc., (OTCMKTS:GTOR) (“GGTOOR, Inc.,”, “GTOR”, or the “Company”), an emerging leader in the eSports markets, announces management has communicated directly with Nerdlands funding partner and has worked closely with Nerdland management team over the past several weeks. The Company had expectations the Nerdland deal would be successfully funded by September 30, 2022. The Company can confirm that it has given Nerdland ten additional days and after talking directly with Nerdland’s funding partner, has complete confidence Nerdland will be a premiere and featured business in GGTOORCITY. Nerdland purchase is a HUGE transaction and although the funding process has taken longer than we would all like, it has been a marvelous test case on solving the complex financing issues funding sources will require for future deals. The Company has learned from this experience and will be in a position to streamline funding of future sales as a result of the lessons learned.

Shareholders who follow these weekly management reports know that Accell Audit and Compliance disappointed the Company by delaying the audit and raising prices at the last second. As a result, GGToor management has spent the past couple of weeks interviewing audit firms. Management had hoped BDO would accept us as a client, but they passed due to our early stage of development. The Company has found three firms willing to provide audit services, but each has suggested the Company request the SEC review the TCGWorld virtual land purchase and offer guidance. Their feedback was unified suggesting they would not sign off booking the purchase as an asset until the SEC provided guidance. The Company made the decision to remove the $102,300,000 asset from its balance sheet temporarily until it receives guidance from the SEC. Management has sent the following correspondence to the SEC and they have responded with a request for additional information, but they will review the transaction and provide their guidance.

From: John V Whitman Jr <john@ggtoorcorp.com>

Sent: Sunday, October 02, 2022 1:25 PM

To: OCARequest@sec.gov

Cc: dcaoletters@sec.gov; Tom Bellante <Tom.Bellante@outlook.com>;

jackson.morris@rule144solution.com

Subject: GGTOOR Virtual Land Purchase

SEC,

Attached please find two attachments that make up a virtual land purchase GGToor Inc., (OTC:Pink GTOR) made with TCG.World.  The purchase was made using Preferred Stock. Initially, we received guidance from A-Frame Accounting, Tampa, Florida, Accell Audit and Compliance, Tampa, Florida and our CFO, Mr. Thomas J. Bellante CPA PA, that this purchase could be added to our balance sheet as an asset since the preferred stock has no redemptive rights, no conversion rights and the par value is per share is the price we have agreed to pay. When GGToor sells a parcel, we pay TCG.World the agreed upon purchase price and the preferred share is canceled and returned to treasury. 

We added this purchase to our May 31, 2022, balance sheet which increased assets by $102,300,000, but since we have received three opinions from PCAOB CPA firms who we have been interviewing to become our independent auditors, that they will not sign off on this purchase being an asset until GGToor receives guidance from the SEC. Their biggest concern is to our collective knowledge and after initial investigation, none of us can find a similar transaction and we collectively believe GGToor is the first to ever structure a transaction in this way. We just filed our August 31, 2022, (see Attached) whereby we removed this purchase from our balance sheet until we receive further guidance. GGToor believes it acted appropriately when it filed its annual financial disclosure for the period ended May 31, 2022, but since has learned this transaction warrants further guidance from a regulatory agency.

GGToor would respectfully request you provide us with your guidance as to how this purchase should be treated. Your timely response would be appreciated.  GGToor's only concern is we treat this purchase correctly from an accounting standpoint and that whatever treatment we give this purchase is a fair representation so shareholders or potential shareholders can have accurate and dependable information.  

GGToor co-sponsored its biggest event to date the “Victory Road World Cup of Pokemon VGC.” 25,000 This event was comprised of ten weeks of online competition. It had competitors from fifty six countries and a total of 664 players involved. Web activity totaled +120,000 page views and +25,000 web users. Twitter activity was +400,000 tweets, +6,000,000 impressions, +400,000 profile visits and +5,000 mentions. Twitch activity totaled +100 hours, +300 average viewership, +150,000 live views and +120,000 deferred views. YouTube activity totaled +200 uploaded videos and +200,000 views. This was a record setting event for GGToor. Shareholders can expect more of these type events in the future. To view the information provided please hit the following link;  https://ggtoor.com/GGtoor_WCPokemon_2022.pdf

September was another solid month for The Company, posting a 35% increase to player registrations compared to the month before, alongside Discord membership growing by more than 1,000 people - helping us break the 26,000 member mark on Discord this weekend!

The Company supported 24 events in September for a range of different games. From long time hits such as Super Smash Brothers Ultimate, Hearthstone, and both Pokemon VGC and Pokemon TCG, as well as mobile games like Garena Free Fire, Clash of Clans, Brawl Stars, and Cross Duel, to more recent smash hits like Multiversus, along with games that have established very loyal communities over time like Duel Links, Pokemon Unite, Blood Bowl and others.

The Company is proud to announce it has promoted from within and is excited that Sterling Butler has been promoted from Chairman of the Advisory Board to Vice President of Sales and Marketing. Sterling has been with GGToor from the very beginning only serving on demand and part time in an advisory capacity. Sterling has proven his understanding of the gaming community is extensive and his leadership, drive and results have been exemplary. Sterling’s presence and production at the Metaverse Expo in Las Vegas earlier this summer cemented his value to be elevated to a full-time management role with the Company. Sterling remains active in the Army Reserves where he serves as an E4 military police officer. The Company is honored to have a man of his integrity, talent, and work ethic as a critical member of the GGToor management team.

Management reports as of today, October 4, 2022, our CEO, John V Whitman Jr., holds 96,306,288 total shares of common stock with 532,792 of those shares held in street name at E*TRADE in his personal account. At August 31, 2022, Mr. Whitman held, 96,306,288 total shares of common stock with 532,792 of those shares held in street name at E*TRADE in his personal account. At fiscal year end, May 31, 2022, Mr. Whitman held a total of 96,306,288 total shares of common stock with 532,792 of those shares held in street name at E*TRADE in his personal account. Management is sharing this information due to several individuals on various chat rooms claiming Mr. Whitman is a fraud, crook and is trading stock at $0.01 and selling at higher prices based on market conditions. It is inevitable people will vent their frustrations with stock price, volume, overall market conditions on open forums but to make claims Mr. Whitman is trading stock nefariously at the expense of shareholders or is a fraud are simply false. Management encourages all interested persons invest the time to read the reports filed by the Company and consult a licensed financial advisor before making an investment decision.

Mr. Whitman had this to say, “I gave birth to GGToor, and I am in this for the long haul. I have never indicated GGToor was a get rich quick investment nor have I ever commented on stock price. The market will take the stock where it believes the Company’s value is. I cannot control share price, volume, or public perception except when I am falsely accused of nefarious trading or I am outright called a fraud, I will provide evidence to the contrary. I love GGToor. I believe in our business model, and I will do everything in my power to protect this Company and its shareholders of which I am the majority. I will further state the Company does not have a trading account and other than my personal E*TRADE account mentioned above, no other trading account exists in my name, my wife’s name or any other name under which I have control or shared control.”

Want to participate? If you want to bring your team or friends to GGToor.com or be a Tournament Organizer, we can support you and help you grow; you can reach a worldwide audience of similar-minded individuals that like to compete and have fun! You can be sure that GGToor.com is here to grow with you. Just follow the link to sign up as an organizer https://GGToor.com/organizerlogin.php If you have any questions about our events visit our socials; Discord https://discord.gg/GUhyZxFH8Q, Twitter https://twitter.com/GGToor/, twitch https://www.twitch.tv/GGToor, Facebook: https://www.facebook.com/gaming/eShadowGaming and Youtube: https://www.youtube.com/channel/UCTcWVwGhX2XnjB6bn5_3jnw

About GTOR

GGTOOR, Inc., is engaged in the business of eSports. The Company is aggressively entering the Metaverse by having purchased enough virtual land, 4,144 parcels,  to form its own virtual city that will be called GGTOORCITY. The Company has held over two hundred sixty video game tournaments and has given away over $100,000 in cash and prizes. GGToor.com is continually being customized and upgraded, with the goal of becoming one of the most comprehensive gaming portals in the world. The Company is now accepting subscriptions from players, gamers, and tournament organizers. To register logon to https://GGToor.com/home.php .

Forward-Looking Statements. This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “likely,” “seek,” “project,” “model,” “ongoing,” “will,” “should,” “forecast,” “outlook” or similar terminology. These statements are based on and reflect our current expectations, estimates, assumptions and/ or projections as well as our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements. There can be no assurance that our expectations, estimates, assumptions and/or projections, including with respect to the future earnings and performance or capital structure of GGTOOR, Inc.

For Additional Information Contact:
John V Whitman Jr.,
John@GGToorcorp.com
https://GGToorcorp.com/
https://GGToor.com/home.php

FAQ

What is GGTOOR's recent funding situation regarding Nerdland?

GGTOOR has extended the funding deadline for its deal with Nerdland to October 10, 2022, after facing delays.

What financial decision did GGTOOR make regarding a $102.3 million asset?

The company temporarily removed the $102.3 million virtual land asset from its balance sheet pending SEC guidance.

How did GGTOOR perform in player registrations recently?

GGTOOR reported a 35% increase in player registrations in September compared to August.

What was the outcome of the 'Victory Road World Cup of Pokemon VGC' event?

The event successfully involved 664 players and generated significant online engagement.

Who is the CEO of GGTOOR and what is his shareholding status?

CEO John V Whitman Jr. holds 96,306,288 shares of common stock, reaffirming his commitment to the company.