PTOP IS IN COMPLIANCE WITH THE NEW AMENDMENT TO SEC RULE 15C-211
Peer To Peer Network (PTOP) is on track to achieve “Pink Current” status with the OTC Markets, removing its “stop sign” for non-compliance. CEO Joshua Sodaitis has worked extensively to prepare the necessary financial reports dating back to 2015. The company recently complied with SEC rule 15c2-11, addressing previous reporting issues, and has begun filing amendments. Achieving “Pink Current” status is expected to enhance share trading opportunities and attract new investors. PTOP also plans to file for DWAC eligibility and is finalizing app tests for submission.
- PTOP achieved compliance with SEC rule 15c2-11, removing its ‘stop sign’.
- CEO Joshua Sodaitis spearheaded the recovery of financial reporting, potentially increasing investor confidence.
- Expectations for ‘Pink Current’ status may lead to enhanced trading opportunities and attract new investors.
- The company stopped reporting financials in 2015, indicating a history of non-compliance.
- Previous management turnover could raise concerns over operational stability.
PTOP IS WORKING WITH OTC MARKETS TO OBTAIN “PINK CURRENT” STATUS
Cambridge, MA, Oct. 14, 2021 (GLOBE NEWSWIRE) -- Peer To Peer Network a.k.a MobiCard, Inc. (OTC Pink: PTOP) - September 28th marked the date that the SEC had set for companies to be in compliance with the new amendment to rule 15c2-11 or else be delisted to the Expert Market. Peer To Peer Network (PTOP) is proud to have rose to the occasion and is now in compliance with the new amended rule. PTOP’s OTC “stop sign” has been removed and replaced with a “yield sign” signaling “Limited Information” status.
OTC has requested a few minor changes to PTOP’s disclosure reports and PTOP is in the process of complying. PTOP CEO Joshua Sodaitis expects to be in a position to have all of these amendments completed and ready to turn in next week. PTOP is pursuing “Pink Current” status.
“No one really understands what went on behind the scenes to be in compliance with the SEC amendment so that we would not be delisted. It was a lot of work. PTOP had stopped reporting financials in 2015 and had a lot of management turnover prior to my arrival so creating financial statements for this time period was a huge effort. Prior to now I had assumed our accountant would handle it all, but I quickly learned it was up to me. It gave me the opportunity to really understand our financial statements, and this has been a very helpful outcome. Our securities attorney was fantastic, at one point we spent 2 hours+ on the phone on a Sunday afternoon figuring out the finalization of the supporting documentation for the financials and the correct disclosure document information. I personally was waking up at 6am and was working until after 1:30am for 2 weeks in order to complete the disclosure documents for 9/30/2019& 9/30/2020 joint annual report, 12/31/2020 quarterly report, 3/31/2021 quarterly report and 6/30/2021 quarterly report. My wife was literally bringing me Macaroni & Cheese in my home office for a week straight because I wasn’t even breaking for dinner. Figuring out the financials from the delinquent history, length of time, multiple former CEO’s & CFO’s lack of supporting documentation during their time was a daunting task. We should all feel a sigh of relief this goal of complying with the new regulations was accomplished. I will continue to rise to the occasion to complete strategic objectives, add value to the company, and perform for shareholders. I am focused on gaining us the coveted “Pink Current” status among other goals” commented CEO Mr. Sodaitis.
“If you want something done right, you have to do it yourself. 2 CEO’s & 2 CFO’s later I got it done” joked CEO Mr. Sodaitis. “We anticipate being “Pink Current” very soon, Mr. Sodaitis continued.
“Pink Current” status has more benefits than being “Pink Limited Information” status. For starters gaining “Pink Current” status will enable more brokerage firms that will deposit your shares and allow you to trade them. One shareholder commented that he had recently unrestricted his shares but was told he could not deposit them with his brokerage firm until PTOP has “Pink Current” status. With “Pink Current” status we can speculate that it will also bring in more new buyers to the stock in the open market, as trading would be allowed in varying blue sky law states that otherwise wouldn’t allow buyers of the stock. PTOP would expect higher volume for the stock and more interested buyers with a “Pink Current” Status. You can see a list of the benefits of being “Pink Current” status here: Over-the-Counter (OTC) Stocks - What They Are & Why You Should Invest (moneycrashers.com)
PTOP plans to file for DWAC eligibility as soon as the “Pink Current” status is effected and will then look to file a Reg A offering with the SEC to add even more value to the company.
PTOP is also in the final testing phase of the apps to resubmit to their respective stores and will announce soon when we submit the apps. PTOP plans to have the new improved apps listed in both the Google Play Store & Apple Store soon. This coming weekend will wrap up the final testing before submission to their respective stores.
“I am super excited for PTOP. For the past few years, I have been cleaning up the company and building intellectual property and assets. If you look at our balance sheet we have some impressive technology assets, an increasing intellectual property portfolio, including our domain names, trademarks, and patents. I am excited to get the financial standing of this company in order to reflect the value we always knew we should have, and then rise to newer highs. I made a promise when I first joined the board of the company to shareholders, and I was committed to see it through to the end. I am extremely proud to announce that I am keeping my promises. The expansion phase will be super exciting, and I consider that the fun part of the job. I can’t wait until we are making announcements on growing our user base and then monetizing our apps. This might be the best opportunity for investors to get involved in our stock as the hardest work has been completed, and the new phase of the company (GROWTH PHASE) is coming soon” concluded Mr. 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
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