Masterbeat Corp (MSTO)

[Dr Blunt]

The Company's automotive division, JTEC Automotive , was not as productive through the pandemic and supply chain issues. The Automotive Parts Industry has been hit extremely hard. Ninety percent (90%) of aftermarket auto parts are produced outside the United States , and 90% of aftermarket auto body parts are produced in Taiwan . Shipping issues and the lack of raw materials to manufacture parts has made it extremely hard to acquire auto parts with back orders that have no definitive dates when the customer may receive the part.

In light of the supply chain issues, the Company $MSTO has decided to pivot and diversify its efforts by focusing on the Used Cars and Used Auto Parts section of its business model until the aftermarket auto parts industry gets back to some level of normalcy. JTEC Automotive will also focus on completing the existing cars within its portfolio and evaluate additional, including virtual, token and other types, ownership platforms and opportunities.