Parcelpal Logistics Inc - PTNYF STOCK NEWS

ParcelPal Logistics (OTC Pink: PTNYF) has provided an update on its management cease trade order (MCTO) application, initially announced on April 16, 2024. The British Columbia Securities Commission granted the MCTO on May 1, 2024, due to delays in filing audited annual financial statements for the fiscal year ended December 31, 2023, and interim financial statements for the three months ended March 31, 2024. These delays stem from the termination of the company's previous auditor, BF Borgers, by regulatory bodies, necessitating a full two-year audit by new auditors. ParcelPal aims to complete the filings by August 31, 2024. The MCTO restricts trading by the CEO and CFO but does not affect other shareholders.

ParcelPal Logistics has provided an update on the management cease trade order (MCTO) applied for on April 16, 2024, and issued by the British Columbia Securities Commission on May 1, 2024.

The MCTO prohibits trading by the company's CEO and CFO until the delayed audited annual financial statements for the fiscal year ending December 31, 2023, and related documents, are filed.

This delay also affects the timely completion of the interim financial statements for the three months ending March 31, 2024.

The company and its new auditors are working diligently to complete these filings by June 28, 2024. Meanwhile, ParcelPal will issue bi-weekly updates until the filings are completed and the MCTO is lifted.

ParcelPal Logistics has announced a change in its auditor, from BF Borgers CPA to Turner, Stone & Company. This decision was approved by the Board on May 13, 2024. This change occurred without any disagreements on accounting principles between the company and the former auditor. The new auditors will serve for the fiscal year ending December 31, 2023.

The company also provided an update on its Management Cease Trade Order (MCTO) issued by the British Columbia Securities Commission on May 1, 2024. The MCTO restricts trading by the company's CEO and CFO but does not affect other shareholders. The company initially aimed to complete its required filings by June 10, 2024, but has extended this deadline to June 28, 2024, to ensure accurate and complete submissions.

ParcelPal will continue to issue bi-weekly updates on its filing status as required under National Policy 12-203.

ParcelPal Logistics Inc. announces a delay in filing its annual financial statements for the year ended December 31, 2023, due to the termination of its auditor. The company has applied for a management cease trade order (MCTO) with the British Columbia Securities Commission to restrict trading by management until the filings are complete. ParcelPal is working to appoint a new auditor and aims to file the required documents by June 10, 2024.

ParcelPal Logistics Inc. is progressing on securing a large site in the southern U.S. for antmining machines, with a potential processing power of 100 Megawatts. The company plans to enter a letter of intent soon, pending financing terms. The site's electricity will be powered by natural gas, offering more favorable energy rates. Initial projections indicate gross revenue of approximately $3.4 million per month with net profit margins of 15-20%. CEO Rich Wheeless aims to launch the business line in the second fiscal quarter of 2024.

ParcelPal Logistics Inc. announces a consolidation of common shares on a 10:1 basis, with trading to start on April 11, 2024, under the symbol 'PKG'. The Consolidation aims to streamline the share structure and is subject to CSE approval.

ParcelPal Logistics Inc. (PTNYF) reports a 10% increase in volume with its largest customer, accounting for 80% of revenue. The company plans to diversify into hosting data centers and mining equipment, negotiating competitive electricity rates.

ParcelPal Logistics Inc. announces the approval of the first four warehouses from its Asian partners for its intended warehousing expansion plan. The combined processing power potential for these locations is 280 MW. The company aims to have the first site operational within the next 60 days, focusing on securing agreements and negotiating utility costs to maximize revenue potential.

ParcelPal Logistics Inc (PTNYF) progresses in its warehousing expansion plan by identifying potential sites for hosting antimining machines. The company aims to finalize agreements and begin installation within the next 60 days to generate high-margin revenue.