Yes - it's not Mark's fault... It's those damn accountants... Did you see this?
Players Network Shareholder Update Letter
9-21-20
Dear Shareholders,
Some of you may have noticed that our stock, PNTV, was halted from trading on Friday. To begin trading again we must get current with our SEC Filings which we are working on expeditiously.
On Friday, the SEC halted trading in our stock due to not having our filings current. We have been publicly traded for nearly 30 years and throughout this period we have always had a strong legal and accounting team to assist with our filings. Once business started picking up with our different business units in 2018, the amount of accounting increased dramatically. Unfortunately, the firm we had was too small to handle this influx of work. In lieu of informing the company they were unable to facilitate the work needed, they strung us along. Ultimately, we ended up having to sue them to get our books and records returned and on grounds of professional negligence. This created an accounting backlog resulting in late SEC Filings. Since that time, we have been diligently trying to resolve this problem as most shareholders are aware of. Furthermore, many accounting issues stemmed the fact we were in uncharted territory due to the new industries, we invested in.
We recently identified new professionals who are coming on board to assist us with all previous filings. Although I do not have a specific time frame, I will provide regular updates with our progress.
Prior to getting our stock halted we have been working on a plan as follows:
Reduce and/or eliminate debt which includes toxic convertible debt through Chapter 11 Bankruptcy proceedings.
Secure additional funding with our current o506 Offering, and the capital committed from other groups such as ST Biosciences.
Continue on a strong path to revenues, and
Get current on our SEC Filings
Once we execute on the above-mentioned plan, we believe PNTV will be actively trading again and will hopefully have a stock price and market valuation reflective of our true worth.
In addition to our accounting efforts, our SEC attorney is reaching out to the regulators to get an understanding of exactly what is required. Management believes that getting our filings current is the only answer.
Once we are compliant and our stock can begin trading again, I will inform our shareholders. I remain very bullish on the company’s future.
I can assure you this is absolutely unacceptable, and I will be bringing on additional help to work on all past filings so trading can once again commence.
My sincerest apologies for this situation,
Marl Bradley
