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The way these guys run show around here they should of went the private route with crowd funding, because they sure don't understand how a public company is supposed to run. So far it's pretty much been a waste of a stellar SS. Hopefully someday they'll get it figured out.
GLTA
Ferro
I think their new business model is to sink this to the subs again. The backers here are probably feeling pretty good about their investment into Pennexx right now.
GLTA
Ferro
A couple of more bailers and you'll be able to grab those .02 and .03's.
GLTA
Ferro
Agreed, it appears he's done very little to bring shareholders any value around here, all one has to do is look at the pps around here and the timeline it tells the story. Some of that looks to be changing by looking at the last Q, let's see if the next Q shows a continuation.
GLTA
Ferro
Let's say Vince is probably being guided at this point. Imo
GLTA
Ferro
MH if you look at the last Q you'll see where he's no longer being used for the new app and website it's been farmed out. The money here is not in the business to lose money and that bodes well for us eventually.
GLTA
Ferro
MH my guess the money behind this is running the show at this point and Vince is a figurehead and handling the basics around here, we got more solid information out of the last Q than we've gotten out them for the last yr.
GLTA
Ferro
It will be interesting to see the 2nd 10-Q due out on the 17th to see if there's been anymore forward progress on anything with Pennexx.
GLTA
Ferro
My guess is that the otc is making them address any previous shell ownership issues prior to QB uplist. The new otc rules are making these companies more accountable and transparent to any issues prior to uplisting or we wouldn't be seeing this kind of filing otherwise. Imo
GLTA
Ferro
Looks like Pennexx is still after QB status or we wouldn't be seeing this kind of filing made last week. Just the otc keeping them honest to uplist. Now let's see if they can get it done in our lifetime.
https://www.otcmarkets.com/stock/PNNX/disclosure
GLTA
Ferro
Thing's becoming a lot more solid around here, that's a lot different than what it's been in the past. Something has changed. My guess the money behind this project.
GLTA
Ferro
When you see signed agreements and not Loi's that says something accountability.
GLTA
Ferro
Good to see them trying for the QB tier, everything much more transparent, a good first move in building a solid company.
GLTA
Ferro
This is one reason why I say Vince's role has been reduced. RBI looks to be the one responsible for new website and Yso App.
Happy Mermorial Day to all and Remember our Veterans this Memorial Day.
GLTA
Ferro
https://www.otcmarkets.com/otcapi/company/financial-report/370732/content
EXHIBIT A
FOR
WEBSITE, BROWSER, iOS AND ANDROID APPLICATIONS
1. Nature of Project: This Exhibit A is a part of and is specifically incorporated into the
License Agreement between the Parties. Pursuant to this Exhibit A, RBI will design,
develop, and deliver private label versions of: (a) RBI’s web portal, (b) RBI’s browser
shopping assistant, and (c) RBI’s mobile shopping assistant for iOS and Android, as
specifically detailed below:
2. Private Label Features: The private label version will include the following:
a. Custom Branding: Licensee’s logo, copy, and colors (primary and secondary)
will be customizable to fit Licensee’s overall branding. Portal copy will be
customizable up to a maximum of five changes; additional changes will require
a new SOW.
b. Merchant Discovery: Ability for shoppers to discover merchants through
browsing by category, featured, and/or searching by name, with rewards easily
visible. Contextual discovery via location is available through mobile
applications. (Some merchants are only available on specific platforms.)
c. Offer Discovery: Ability for shoppers to discover additional merchant offers such
as coupons and promo codes which can be used in addition to the rewards they
normally receive.
d. Product Search: Ability for shoppers to search products by name and compare
pricing from supported merchants.
e. Favoriting: Ability for shoppers to save merchants, offers, and products of
interest for future use.
f. Sharing/Referrals: Ability for shoppers to share products, merchants, and deals
with co-workers, friends, family, and others.
g. Dashboard: Ability for Licensee to view statistics of shopper activity, such as
shopping volume and click rates, by using an administrator login through the
web portal.
h. API: Ability for Licensee to import/extract information from the RBI system such
as users, purchase history, and payment history of Licensee’s shoppers.
3. Licensee’s Responsibilities: The following items must be provided by Licensee for
launch:
a. Branding: Logos, stock photography, colors, reward phrasing, and copy for the
website and mobile applications. Licensee must also provide a cashback phrase
and symbol.
b. Contact Information: including a contact name, mailing address, phone
number, and email address.
c. SSL Certificate: If a white label domain is requested, DNS must be pointed to
RBI’s name servers. Licensee must also provide an SSL certificate and its
private key.
d. RBI will not be responsible for any delays caused by Licensee’s failure to provide
these items in a timely, complete, and usable manner.
4. Support Phase: RBI will provide support as follows:
Page 7
a. Priority 1 Bugs (“P1”) are defined as bugs that prevent the application from
operating or cause it to crash. RBI will address all P1 bugs during the Support
Phase of the project, without charge. Bugs as a result of any change in
Licensee’s services or requirements are not included. P1 bugs relate solely to
the design and functionality of the features specified in the Exhibit A. Any
additional design, functionality, or features requested by Licensee, and any P1
bugs related to such requests, will be charged at the rate of $200 per hour or,
if significant in scope, will at RBI’s option be the subject of a separate SOW.
b. The Support Phase will last until RBI delivers a private label version that has
the features specified in this Exhibit A and that is free of P1 bugs.
c. RBI will have the right to discontinue support for any operating systems or
browsers that are no longer supported by their vendors.
5. Payment Schedule:
a. Licensee will pay a one-time setup fee of $20,000.00. This payment of $
20,000.00 will be paid over three months with three payments of $ 6,667.00
per month. This setup fee is due upon execution of this Agreement unless other
payment arrangements are made by the Parties by a written, signed
amendment to this Agreement. Licensee understands that in order to provide
it with the services agreed to in this Exhibit A, RBI will be required upfront to
devote significant time and resources. Because of this, the entire setup fee is
neither refundable nor subject to cancelation under any circumstances.
Licensee agrees that it will be liable for any portion of this setup fee that may
remain unpaid at the termination of this Agreement.
b. Licensee will also pay a monthly fee of $2,000.00 or the 20 % of the licensor’s
part of the commission as noted in Exhibit A, section 6 d, whichever is higher.
Monthly fees will begin as of the 1st day of the forth month following the
integration, the month in which RBI delivers to Licensee a product that complies
with the requirements of this Exhibit A. In the event the 20% commission due
the licensor is less than $ 2,000.00, the balance of the monthly fees are due
by the 1st of the month and must be received by RBI no later than the 15th of
the month and will be deducted for fees .
c. All payments must be made by wire to the following account:
Name of Bank: Bank of America
City and State: Waxhaw, NC
ABA Routing Number: xxxxxxxx
Account Number: xxxxxxxxxxxx
Beneficiary: Retail Benefits Inc.
6. Commissions:
a. Based upon the shopping activity of Licensee’s enrolled shoppers, cashback
may be offered by an internet merchant.
b. The Parties are not responsible for the availability, continuity, or rate of
cashback set by any internet merchant.
c. The availability of the cashback is set by the internet merchants, which includes
rules regarding returns, adjustments, and timeframes to qualify and process
same.
d. Based upon the rate of rebate set by the internet merchant, as reported to RBI,
and as actually funded by the internet merchant to RBI, Licensee will be paid a
commission equal to 80% of the cashback payable to its enrolled shoppers.
Page 8
e. The commission period begins at 12:00:00 am on the first day of the month
and ends on the last day of the month at 11:59:59 pm. Commissions earned
in a given month will be paid by the 10th of the following month.
f. Licensee will have the right to audit its shopping, cash back, and commission
data upon reasonable notice and during normal business hours at RBI’s office
or such other place as the Parties may agree upon. Any such audit will be at
the sole expense of Consultant. The auditor and scope of audit will be agreed
upon by the Parties in advance.
7. Locations for Performance of Services: The services required under this Exhibit A will
be performed at RBI’s offices or at such other place as RBI in its sole discretion may
determine.
8. RBI Will Report Directly To:
Name of Licensee Contact: Joseph Candito
Email Address of Licensee Contact: j.candito@pennexx.net
Phone Number of Licensee Contact: (239) 398-8349
46er I think we can all agree Pennexx has taken far longer to develop than any of us would of guessed but with that said there's two major things that have happened to change the direction of the company, one being the investment behind Pennexx and two being the agreement between Pennexx and ITouch both will help put Pennexx on the map. Generally speaking when larger investment shows up they're seeing something that we haven't seen to make them lay down their money. Agreed, there was a lot unfulfilled promises before, but most of that was prior to the investment coming around here. Things are being run a little more professionally these days Imo. Time will tell as always.
GLTA
Ferro
Let's see if they can turn it around finally.
GLTA
Ferro
Boom, I would say that when they inked this deal with ITouch that it changed the direction of what the original plan was for YSO, and now the extra time being spent is for blending the two platforms together to work as one. Imo And agreed it has taken a lot longer than most expected here. But if it takes off and is accepted by the consumer it will all of been worth the wait Imo.
GLTA
Ferro
Those shares insiders hold are good incentive to build value into the company. The shares will look a lot better at a buck or two compared to the pps now.
GLTA
Ferro
Vince is more of a puppet at this stage, he's being overseen by greater powers ( money ) that be around here Imo. As slow as things move around here they will fall in place as ITouch and Pennexx marry up together a little tighter moving forward. A real company being built ever so slowly. Look at page 12 phase III among other parts of the agreement. Name change and uplisting will come when this project is complete, so that real investment will take notice around here. Imo
GLTA
Ferro
https://www.otcmarkets.com/otcapi/company/financial-report/370732/content
MH, it's a distinct possibility with all the Integration going on per the Q. Also information in the Q is looking in the rear view mirror, there may be more going on today. Time will tell as always.
GLTA
Ferro
The more ITouch and Pennexx integrate their technologies together, the more likely they either do a merger or a buyout. One of the reasons behind the AS increase Imo. It would be a nice little package being a audited QB traded company in the cesspool of trading.
https://www.otcmarkets.com/otcapi/company/financial-report/370732/content
The company is in the process of integrating the iTouchNetwork.com platform on
KIOSK’s located and major hotels and entertainment hotspots around the
Orlando area. This integration is anticipated to generate revenue and help grow
the YSO consumer base. iTouchNetwork has more than 200 kiosks in operation.
• Our prepaid debit card is currently in redevelopment with a new vendor to reduce
costs and make the program more desirable to our consumers. We look to be
utilized in our relationship with iTouchOrlando with their current distribution
relationships to a subscriber base that represents more than 50 million
subscribers.
• A travel website was developed and is currently under consideration for launch.
An evaluation of that site showed in general a 20% discount in comparison to its
competitors, we believe this can be of great interest to our consumers.
• Cash back program in the process of integration by the vendor and at the same
time the company is exploring additional programs to benefit our consumer who
shop online.
GLTA
Ferro
They're aware of the communication problem no doubt.
GLTA
Ferro
MH,
I would say they're as close as they've been to getting the company to the QB tier, which everyone knows just shows more transparency from the company and sometimes brings in more investment. My guess is news will begin to flow after they get this uplisted to the QB. A tweet from the company here and there wouldn't hurt with shareholders around here either.
GLTA
Ferro
Just a simple tweet every once in a while would help around here.
GLTA
Ferro
46er,
It would be nice to see something delivered. This is a public company that doesn't like to keep their shareholders updated very often that's for sure.
GLTA
Ferro
OTC Markets Group Inc.
OTCQX U.S. and OTCQB Disclosure Guidelines (v 13 Updated May 2, 2023)
With this disclosure on the bottom of most pages of the Q they might be getting closer to finally uplisting this to the QB tier.
GLTA
Ferro
Looks like they're heading in the right direction slowly.
GLTA
Ferro
Well they got one thing done around here they finally got around to raising the AS.
https://www.otcmarkets.com/stock/PNNX/security
GLTA
Ferro
I thought when you were a publicly traded company you were supposed to keep shareholders updated as to what the company was up to. I guess somebody forgot to tell these guys that. Sure glad I pulled money off the table on the last run up, it may be a while before we see another one.
GLTA
Ferro
Looks like it's time for Vince to step down and bring in someone that knows how to run the company correctly for everyone's benefit around here.
GLTA
Ferro
Agreed, just maybe they can at least get one thing done around here by finally getting this uplisted to the QB tier finally to bring a little more value to the shell.
GLTA
Ferro
With the right people in place this would of already been up and running.
GLTA
Ferro
It's funny YSO is supposed to be all about social media word of mouth and yet they haven't posted anything in over a yr on there social media. Also, I would also love to know how their advertising campaign is coming along that they talked about coming, probably right on target like everything else around here.
GLTA
Ferro
What's a shame here with Pennexx is the fact that you have a stellar SS going to waste. It's pretty bad after over 3 yrs of working on this and we're sitting at .06 with nothing to show for except a basic website. Hats off to management around here.
GLTA
Ferro
Very little 46er.
GLTA
Ferro
Craig305,
Just another example, the list goes on and on.
GLTA
Ferro
MR, that's the same thing they said almost 2yrs ago when they put out PR's stating the uplist a and name change were in progress, and we haven't heard anything since. If they were actually working on those two things they would have been completed by now plain and simple. And the reason he can't talk about the app is, it probably doesn't exist yet at the rate these guys move. Who knows maybe they'll surprise us. As we all have learned being around here talk is cheap. Pennexx needs to start showing some proof of anything going on otherwise it's just talk.
GLTA
Ferro
The only positive here as of now is the SS, not much else after 3 plus yrs of development. If they were using real professional IT people this would be much further along.
GLTA
Ferro
The one thing that remains a positive around here beyond the SS in the K, is with Mr Candito and his true business connections in the real business world helping with the growth of the company by bringing on Ron Weinstock, Jeffrey Moody and Tom Coba to the BOD, these guys are seasoned veterans in the real business world with connections. Now all they need is the tech side to catch up and deliver, and then let the rest of the world they exist. Also, why the month to month on the lease instead of a yr's lease... moving to a new location or a merger or a buyout or going out of business, time will tell as always.
TC Special Investment looks to believe in them holding north of 5% of commons.
GLTA
Ferro
The 10 K dropped. Happy reading to all.
https://www.otcmarkets.com/stock/PNNX/disclosure
GLTA
Ferro