Peer To Peer Network Announces Pink Current Status, Submission of Fiscal Year End Financial Reports, & Gives Slight Glimpse of Future Goals to Come
Peer To Peer Network, also known as MobiCard (OTC Pink: PTOP), has achieved the Pink Current Status from the OTC Markets after submitting fiscal year-end 9-30-2021 financial reports. This accomplishment aligns with the SEC's new Rule 15c2-11, requiring ongoing financial disclosures to maintain public quotes. The transition to Pink Current enhances market visibility and trading access, particularly in states like Illinois. CEO Josh Sodaitis emphasized a commitment to timely reporting and aims to eliminate 90% of liabilities by mid-2022, bolstering financial stability and future growth.
- Achieved Pink Current Status, improving market visibility.
- Reduction of debt and stockholder deficit reported.
- Plans to eliminate 90% of liabilities by mid-2022.
- None.
Cambridge, MA, Jan. 19, 2022 (GLOBE NEWSWIRE) -- Peer To Peer Network a.k.a MobiCard Inc. (OTC Pink: PTOP) is proud to announce it has obtained the coveted “Pink Current Status” from the OTC Markets and has also submitted fiscal year-end 9-30-2021 financial reports & disclosure documents to the OTC Markets for review. Those reports can be viewed at www.otcmarkets.com under PTOP’s disclosures tab.
The SEC’s Amendments to Rule 15c2-11 had specific changes that impacted companies and their market designations as the rule went into effect on September 28, 2021.
The OTC Markets Group focused on September 28th, but this rule is going to exist in perpetuity after that. So, there will always be this continued information requirement under the rule. That was the purpose, from the SEC standpoint, of passing the rule. If a company goes delinquent, and no longer has current information at any point after September 28th, they would lose their public quote and go either to the Expert market, or otherwise trade without access to that public market. PTOP has submitted the proper financial reports for 9-30-2021 as required for PTOP’s fiscal year-end, to further comply with these new ongoing rules.
“Shareholders can count on me as CEO to file the proper disclosure documents on time and obtain & submit the proper financial reports along with them. Although there are no guarantees in the markets, I promise shareholders that as long as I am CEO, I will do my best to always keep us up to date, and in compliance with the new SEC 15c2-11 amendment. I also promised shareholders that I would go above and beyond just complying with the new 15c2-11 rule and obtain the more prestige level of “Pink Current Status”. Today I can proudly announce that I have honored that promise. I will make a new pledge to shareholders today that I will do everything in my power so that PTOP will keep & hold its newly achieved “Pink Current Status”. This new designation of “Pink Current Status” is a big accomplishment for the company and I do not intend to ever go back to the lower “Pink Limited Status”, or ever go delinquent in our financial filings like previous CEO’s I was commissioned to replace. I will continue to propel the company higher, and push PTOP in a continued upward trajectory. We may even see yet another up listing in our future, but I will speak on that at a later time,” commented Chairmen & CEO Josh Sodaitis.
A lot of shareholders have asked “what’s Changed About The Pink Current And Pink Limited Guidelines And What Will Those Two Tiers Look Like Moving Forward?”
OTC Markets revised their Pink Current and Pink Limited guidelines on the information that’s required by companies to qualify for each, which are publicly available on the otcmarkets.com website.
According to the OTC Markets Group website: “The Pink Limited tier, and the information required to be qualified as Pink Limited is more basic — what you need under Rule 15c2-11.
Pink Current goes above that. In order to meet those guidelines, you’re going to need to have specific financial information — more than the Pink Limited guidelines. Both will allow a security to be quoted on an ongoing basis, but the Pink Current guidelines are more stringent. And with respect to the impact of being on one tier versus the other, brokers that are quoting those securities may place restrictions on the Pink Limited tier that they do not place on Pink Current.
Companies that trade on our Market are subject to the Blue Sky laws in the 50 states and four territories. That also is impacted depending on whether or not you are Current or Limited. As an example, for companies that come in Current that are making their information available to us, you would gain a state like Illinois. It will have an impact not just on a broker’s potential restrictions on trading Limited versus Current, but also on the Blue Sky status of individual states.” Quote directly from OTC Markets: Rule 15c2-11 Amendments FAQs - OTC Markets Blog .
This new Pink Current Status for PTOP means that entire new states like Illinois (as used in the OTC Markets example above) amongst others, will now have access to buying shares of PTOP in the open market. This is an obvious benefit to shareholders and the company.
If you are curious to see the balance sheet, financial disclosure documents, or other financial reports we encourage you to view them on the OTC Markets group website.
PTOP’s balance sheet for most recent 9-30-2021 fiscal year end shows significant improvement in reducing debt and decreasing stockholder deficit. The liabilities decreased significantly as well. In 2022 we aim to eradicate
“Next week I will be putting out my annual CEO letter to shareholders and like I normally do in every Annual CEO letter to Shareholders, I will review what we accomplished in the year 2021 and lay out my strategic objectives that will be on our agenda to accomplish in the year 2022,” concluded Chairman & CEO Joshua Sodaitis.
Contact Info:
Joshua Sodaitis, Chairman & CEO MobiCard, Inc.
45 Prospect Street Cambridge, MA 02139
Phone: 1-617-651-2460
Email: info@freemobicard.com
ABOUT:
Peer to Peer Network aka MobiCard is the 1st of its kind digital contact/business card. It will greatly facilitate the ability of individuals and businesses to share information and more effectively expand their visibility and brand awareness. Mobicard is a combination of powerful mobile apps and desktop apps with wide ranging capabilities, including linking video's, user websites, all forms of contact information, and all of each user's social media links into one consolidated source. It is more than just a digital business card; it's a "dynamic digital footprint." A subscriber can custom create their business card to include a company logo, profile photo, contact details, website, audio messaging, social media links and multi-media content. The platform sharing and alert system enables users to share their card via text/SMS, e-mail, and global social media sites including Facebook, Twitter, LinkedIn, etc. The system provides the user instant text alerts when their card is opened or shared to third party referrals all while building an invaluable database of contact leads.
Safe Harbor Statement:
This release includes 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. The Company invokes the protections of the Private Securities Litigation Reform Act of 1995. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategies, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our filings at www.sec.gov. The company is no longer a fully reporting SEC filing company. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
FAQ
What is the significance of the Pink Current Status for PTOP?
What improvements were noted in PTOP's financial reports?
How does the SEC's Rule 15c2-11 affect PTOP?
What are PTOP's future plans regarding liabilities?
