Thanks for the NVSOS filing ---here's why its not a worry now
With $PTOP- clearly they are not in need of 6bil a/s - but - perhaps for the definitive agreement to go through OR FOR SOME OTHER SUBSEQUENT deals that MOBICOIN has made - ALL OF THESE SHARES ARE RESTRICTED. There is no debt left practically either. So this appears to be a move to provide SHARES restricted in exchange for subsidiary or JV deal - or - as part of their auditing process - they needed to go back and file the a/s at 6 Bil and will COME TO MARKET AND INFORM EXACTLY WHATS GOING ON AND WHY IT HAPPENED. Perhaps we get news today too- to help explain right away.
It is my opinion - that since they have a few hundred million shares left to be issued / they wouldn't even need to raise the a/s. Especially not to 6 bil. I have a feeling this might end up being a very good thing. If they announce that shares have been issued to executive or to subsidiary etc or fund - those would all be restricted for 6 or 12 months.
READ THIS PART AGAIN.....I think it's quite substantial
c. On January 11, 2017, the Board of Directors appointed Joshua Sodaitis as a Director of the Company, filling a vacant position.
Mr. Sodaitis founded Momentum Capital Ventures LLC in 2013, a private equity group that is currently an institutional investor in Code2action Inc., the Company that had developed the MobiCard platform which was later divested into Peer to Peer Network aka MobiCard Inc. He does not sit on any other publicly traded company’s board. He began his professional career in the retail stock brokerage industry in Boston over 13 years ago with the Chicago Investment Group in May of 2004. He went on to work for Cantella brokerage firm in November of 2004. He then went to work for JP Turner & Company LLC in February 2006 where he passed his Series 7 Registered Representative securities license and moved firms to Oppenheimer & Co in March of 2006. In July of 2006 Sodaitis transferred back to JP Turner & Company LLC. When presented with an opportunity to open a branch of PHD Capital he sized that opportunity in January of 2008, where he obtained a Series 24 license, licensing him as a General Securities Principal and became branch manager of PHD Capital in Boston where he supervised investment banking, market making activities, and all brokerage operations. After consolidation within the banking industry, Mr. Sodaitis transitioned into the third oldest exchange building in the country; working for the Boston Metal Exchange Inc. in 2012. Mr. Sodaitis also founded a venture geared toward creating one of the state of MA first Medical Marijuana dispensaries called J.M. Farms Patient Group Inc. in 2013. He was the founder and Chairman of the Board and successfully obtained the highest points scored from The Department of Public Health in Franklin County MA, scoring higher than five other competing non-profits seeking the same Medical Marijuana Dispensary License. Sodaitis also founded Momentum Capital Consulting LLC, a professional consulting organization created with the intention of offering companies across all sectors time-tested solutions in operational, financial, and project management goals in 2014.
d. On January 11, 2017, the Board of Directors appointed James A. Bento as Chief Executive Officer of the Company CEO. Pursuant to this appointment, the Company and Mr. Bento entered into an Executive Employment Agreement dated January 11, 2017. The material terms of such agreement are: (i) $6,750 monthly cash salary, (ii) a grant on June 11 ,2017 of the greater of 1,000,000 shares of common stock or that number of shares equaling 1.25% of the issued and outstanding shares of common stock as of June 11, 2017, and (iii) 6 month base salary severance in case of termination without cause.
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