PSYC Corp. Reports Wider Net Loss In FY 2020 On Heels Of Name Change

PSYC Corporation PSYC, formerly known as Global Trac Solutions, Inc. and a company behind a psychedelic news and information platform Psychedelic Spotlight, reported its 2020 financials on Tuesday.

The Lake Oswego, Oregon-based company reported a net loss of roughly $4.4 million in fiscal 2020, representing an increase of nearly 16%.

Total operating expenses dropped to $3.03 million from $3.4 million in fiscal 2019.

As of December 31, the company had $ 209,108 in total assets and total liabilities of $7.45 million.

David Flores, the company’s CEO, said he was pleased to “complete our 2020 audited financials and believe it represents another very important milestone in our ongoing efforts to develop the level of credibility and transparency for PSYC that we recognize as essential to the long-term value we are building for our shareholders.”

In the meantime, the company recently changed its corporate name from Global Trac Solutions, Inc. to PSYC Corporation, after undergoing a “significant transformation in the last year-and-a-half,” Flores earlier said.

Shortly after, PSYC incorporated Spotlight Media Corporation, its wholly-owned subsidiary.

The move resulted from the intent of more effectively positioning the company to expand on its existing media ventures both within and potentially outside of the medicinal psychedelic industry.

Photo: Courtesy of Chris Briggs on Unsplash