PSYC Engages Auditing Firm for Audit of 2020 Financials

Rhea-AI Summary

Global Trac Solutions, Inc. (OTCPink: PSYC) has engaged M&K CPAS PLLC to audit its financials through December 31, 2020. The audit aims to bring PSYC's financial statements current, following previously filed audits for 2017, 2018, and 2019. CEO David Flores emphasized the importance of this audit for enhancing transparency and positioning the company as a reporting entity under the Securities Exchange Act of 1934. The company will keep shareholders updated on the audit's progress as it seeks to capitalize on opportunities in the medicinal psychedelics sector.

Positive

• Engagement with M&K CPAS for auditing financials, enhancing transparency.
• Previous audits for 2017, 2018, and 2019 provide a favorable position.
• Commitment to becoming a reporting company under the Securities Exchange Act.

Negative

• None.

LAKE OSWEGO,OR, June 21, 2021 (GLOBE NEWSWIRE) -- Global Trac Solutions, Inc. (OTCPink: PSYC) (“Global” “PSYC” or the “Company”) a leading publicly traded digital media company within the emerging sector of medicinal psychedelics, is pleased to announce that it has engaged the services of M&K CPAS PLLC (“M&K”), a full service CPA firm based in Houston, TX, with the intent of bringing the Company’s audited financials current up through December 31, 2020.

Over the next several weeks, the Company plans to work in collaboration with M&K and the Company’s accounting firm, SGT Enterprises, Inc., to conduct a full audit of its 2020 financials. Previously, the Company filed 2017, 2018, and 2019 audited annual financials as well as its quarterly reports, in addition to unaudited 2020 annual financials as well as the initial quarterly report for 2021.

“Ensuring that PSYC is primed and ready to capitalize on every potential value-driven opportunity we may encounter as we continue to immerse ourselves further within the medicinal psychedelics industry is, without question, a top priority of mine,” Said Global Trac Solutions, Inc. CEO, David Flores. “And though nothing at this time is definitive and there can be no assurances of the completion of any filing, I recognize the importance in keeping ourselves as prepared as possible to file our Form 10 registration statement which will make us a reporting company pursuant to the Securities Exchange Act of 1934, a core focus of our business strategy.”

“In my opinion, having our 2017, 2018 and 2019 financials already audited places us in a rather advantageous position and one that I believe is especially unique for a Pink Sheet company,” Flores continued. “My intent in providing our audited annual financials (in place of the current unaudited annual financials) for the year ended 2020 is to enhance the full and fair disclosure of information regarding our Company as well as proceed with the implementation of our strategy of becoming a reporting company while simultaneously continuing to strengthen our position as a public company in what I believe is becoming one of the most exciting and opportunity-filled industries today.”

The Company intends to keep its shareholders apprised of its progress with the audit of its year end 2020 annual financials.

About Global Trac Solutions, Inc. (OTCPink: PSYC)

At Global Trac Solutions we are integrating media, creativity, and technology to develop and deploy thought-provoking ideas and solutions that are fostering and transforming the approach to some of society’s most pressing matters.

PSYC has expressed its intent and commitment to positioning itself at the forefront of the psychedelic revolution and as a resource center for discovering and understanding the latest research and business opportunities surrounding psychedelic inspired medicines. In conjunction with the FDA’s more open-minded approach to psychedelic medicines, and as several major U.S. cities continue to approve the decriminalization of psilocybin, investors are speculating that the psychedelic boom could be bigger than that of cannabis. PSYC is your source for current investment related news specific to psychedelic medicines and cutting-edge research improving overall health, moving this sector into the mainstream.

We believe in a forward-thinking approach that embraces groundbreaking new technology and innovations and through the vision of business development we intend to continue to evolve into these unchartered territories as the industry leaders of the future. We truly are the right TRAC to follow.

Forward-Looking Statements Disclaimer:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors, including the effect of COVID-19 and the success of the current vaccine distribution, that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are disclosed on the OTC Markets.com website.

Disclaimer: Global Trac Solutions, Inc. does not in any way encourage or condone the use, purchase, sale or transfer of any illegal substances, nor do we encourage or condone partaking in any unlawful activities. We support a harm reduction approach for the purpose of education and promoting individual and public safety. If you are choosing to use psychedelic substances, please do so responsibly.

Corporate Contact:

Global Trac Solutions, Inc. (PSYC)
www.globaltracsolutions.com
(702) 239-1919
psyc@globaltracsolutions.com
OTCPINK: PSYC

FAQ

What is the recent news about Global Trac Solutions, Inc. (PSYC)?

Global Trac Solutions, Inc. has engaged M&K CPAS PLLC to conduct an audit of its financials through December 31, 2020.

Why is the financial audit important for PSYC?

The audit is crucial for ensuring transparency and preparing to file as a reporting company under the Securities Exchange Act of 1934.

When is PSYC expected to complete its financial audit?

The company plans to work on the audit over the next several weeks; specific completion dates have not been provided.

How does PSYC's previous audited financials impact its current position?

Having audited financials for 2017, 2018, and 2019 places PSYC in a strong position compared to other Pink Sheet companies.

What is the focus of Global Trac Solutions, Inc. in the market?

PSYC aims to position itself at the forefront of the medicinal psychedelics industry, providing news and research opportunities.