Consolidation of $850K+ in Convertible Notes
This month, the Company executed a convertible note with its long-standing investment partners,
The new consolidated note includes a fixed conversion price of
Between the fixed conversion price of
Last July, the Company and
Since 2017,
Audit of 2022 Financials
The Company would also like to announce that earlier this month it kicked off the audit of its 2022 financials alongside its Accountant,
In addition to upholding the Company’s commitment to enhanced transparency, completing the audit of its 2022 financials will provide the Company with fully audited financial statements for each of the last 3 years.
Maintaining current and fully audited financials is also a necessary corporate requirement for any company with plans to up list from the OTC Pink Market to the OTCQB. And while not a requirement to maintain fully reporting status on the OTC Pink Markets, the Company has continued to demonstrate a proactive approach by keeping each of its most recent fiscal years fully audited.
“In my opinion, we have continued to make significant progress with strengthening the core fundamentals that make up the foundation of PSYC,” said
“We believe this progress reasonably demonstrates our commitment to following through with the many different, and very specific set of objectives we laid out in recent years, all of which are aimed at maximizing value for our shareholders.
From the very beginning, we understood that the path from the Pink Market to the OTCQB would be a lengthy one that requires an ability to execute on a variety of different objectives.
We recognize that restructuring our debt with
The faith, patience, and belief that
Over the last 2 ½ years we have been adamant on strategically utilizing their investments to build and develop, piece-by-piece and step-by-step, Psychedelic Spotlight into what has now become one of the top 3 ranking psychedelic-focused multimedia platforms in the world.
We have also been keen on deploying resources focused specifically on improving our ability to follow through with an up listing to the OTCQB, reflected by having fully audited financials for 2020, 2021 and soon-to-be, 2022. In addition to this, the Company has also made strides in recent months with developing a more efficient revenue model.
RB Capital’s continued faith and support in PSYC’s long-term value potential is something that I believe can be demonstrated through their willingness to work with us on restructuring their debt. Our intent is to make strategic use of this opportunity to help further the Company’s objectives and as we continue to develop
As we continue down this path of an intended up list to the OTCQB, we will be providing regular updates to shareholders and markets regarding audience growth, revenue, acquisition integration, and additional platforms under development to provide the psychedelic space with a sound, comprehensive, and inclusive digital ecosystem.
We hope you’ll follow along with us on our unprecedented journey as the first publicly traded psychedelic media company. It’s truly an exciting time for TeamPSYC!”
About
At
We are dedicated to 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.
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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, the adverse effect of the Omicron variant, 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 and is not incorporated by reference into such reports.
Disclaimer:
Corporate Contact:
www.psyccorporation.com
www.spotlightmediacorp.com
(702) 239-1919
info@psyccorporation.com
OTC PINK MARKET:
Source:
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