Looking back on 2016, we managed to complete an implementation of our software at a large international bank, and that alone makes the year a success in spite of any set backs we encountered. This is our first step into a major market opportunity, we will now expand rapidly with growing the user base, adding service enhancements and launching in new countries.
Our new financing is shareholder friendly, will repay a large portion of our convertible debt, and will fund the growth of our development team enabling us to continue developing the platform and handle more bank implementations.
I deeply regret that our filing status with the OTC and SEC has devolved over the year due to our lack of timely reporting. We take the matter very seriously and are working hard to resolve the problem. My expectation is that we will be caught up with our quarterly reports before the end of January and will file the audited annual report for 2016 on time. We hope to resolve our status with the OTC much sooner. Once these issued are resolved, I don't expect future cash flow issues to impact our timely filings.
Our focus for the first half of 2017 will be almost exclusively in Africa. With the partnership developed with Centric Gateway and their clients, we have a lot of opportunity and we want to execute well there.
We will have some PR announcements regarding the GreenPay sale, funding deals, and updates about Africa as soon as we can release the information within the next few weeks. We are committed to increasing shareholder value in 2017.
MEC, Incorporated Kenya and Tanzania are next
The company has received $400,000 in cash funding and additional investment restructuring $1.3 million of convertible debt.
