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UPDATE - MobiCard Inc. announces change in management, update on technology review, as well as provides a window into the financial accounting status

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CAMBRIDGE, Mass., July 19, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE-- MobiCard Inc. AKA Peer to Peer Network (OTC:PTOP) announces a change in the administrative management of the company, a technology update and offers a progress report on the financials.

MobiCard has shifted James Bento from CEO into the CFO position to encourage a more focused scope of work that the company believes will expedite the financial progress in order to accomplish its objectives of completing the audit of its 2015, 2016 and 2017 annual results in accordance with the proper PCAOB accredited audit review firm standards as well as preparation of our financial statements for OTC Markets and bring the process to completion.

Joshua Sodaitis, also Chairman of the Board, has taken an officer role as CEO to collaborate with the company and fulfill the overall executive position. This will enable Joshua to take a more hands on approach that the board believes will allow the company to be more flexible and timely in completing key objectives and target the most important components of critical goals that the company plans to bring to fruition. In addition to this responsibility, Joshua will continue to maintain the position of the head of the investor relations department.

Think Latitude, the technology company currently engaged and retained has made tremendous progress in the technology code review and analysis. Think Latitude, an app incubator featured on CNBC's popular TV show "The Job Interview" (Season 1 Episode 4), believes that it will complete phase 3 of the code analysis and review of 25 specific action items in detail in the next couple weeks. This will be important in assessing the "Code2Action Asset" and an integral part of the financials completion. This analysis will be extremely important to figuring out the financial valuation of the code in regard to our audit review and will be the determination of how to progress the Mobicard product further and which components of prior code can be cross implemented into the Mobicard version 3.0 - a mobile application.

In addition to announcing its progress towards the launch of Mobicard 3.0 with developer Think Latitude, Mobicard also announces the intention to engage Blue Chip Accounting LLC as its new accounting firm as our previous firm failed to complete their job yet has gotten roughly 85%-to-90% of the work accomplished. Mobicard will engage Blue Chip shortly as soon as the funding requirements are met so that they can put the final touches on the completion of the paperwork to be submitted to the audit review firm in order to complete the PCAOB accredited audit. This audit is a necessary step in effectuating currently pending corporate actions with FINRA and then getting our financials current with OTC Markets.

Blue Chip has been engaged with Mobicard in multiple conference calls and email correspondence as well as multiple negotiations over contract specifications that have been underway to secure both companies in a mutually beneficial relationship. The terms of the proposed agreement would include a scope of work that made sure that the new accounting firm would cover a scope of work that includes all of the Public Company Reporting and Audit support including but not limited to: 

  • Assisting management in the preparation of US GAAP based financial statements and related notes to the financial statements.
  • Preparing reconciliations and schedules related to any adjusting entries necessary for the audits and reviews.
  • Propose standard, adjusting, or correcting journal entries or other changes affecting the financial statements to the management.
  • Provide auditor support as it relates to our preparation of the financial statements and any adjustment to the Company's records requested during reviews or audits.
  • Assist the Company's SEC Council in the preparation of the Company's public filings.

The Reporting periods covered by this engagement with Blue Chip have been expanded to cover all periods delinquent in order to not only cover what is required to effectuate FINRA corporate actions but also to get the company back to full compliance with Rule 144 financial reporting requirements. The expanded scope of work intends to include the following reporting periods.

9/30/15 – Annual
9/30/16 – Annual
9/30/17 – Annual
12/31/17 – Quarter
3/31/18 – Quarter
6/30/18 – Quarter

"Along with updating and launching Mobicard 3.0, our top priority is to get PTOP current," said company CEO & Chairman of the Board Josh Sodaitis, "we are very excited to wrap up the logistics of the financial component, as we believe Blue Chip is  the right company to help us to get where we need to be, which is to be current in our reporting, further more I am excited to fulfill my new role so that I can dedicate my complete effort and energy to completing the goals and objectives of the company moving forward."

Joshua Sodaitis, CEO

MobiCard, Inc.

45 Prospect Street

Cambridge, MA  02139

Phone: 1-617-651-2460

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