06:08:52 EDT Sat 04 May 2024
Enter Symbol
or Name
USA
CA



Mobi724 Global Solutions Inc
Symbol MOS
Shares Issued 331,744,631
Close 2023-05-01 C$ 0.01
Market Cap C$ 3,317,446
Recent Sedar Documents

Mobi724 Global misses 2022 filing deadline

2023-05-02 15:34 ET - News Release

Mr. Marcel Vienneau reports

MOBI724 GLOBAL SOLUTIONS ANNOUNCES FILING OF APPLICATION FOR MANAGEMENT CEASE TRADE ORDER

Mobi724 Global Solutions Inc. has missed its filing deadline of April 30, 2023, to file the annual audited financial statements and accompanying management discussion and analysis and related chief executive officer and chief financial officer certificates for the period ended Dec. 31, 2022, as required under applicable Canadian securities laws.

In connection with the Company's inability to file the Annual Filings on time, the Company has applied for a Management Cease Trade Order ("MCTO") under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") and is waiting for L'Autorite des Marches Financiers" ("AMF") approval.

The Company is applying for a MCTO as a result of the Company's former auditor not renewing its mandate and due to the long process of finding a replacement. The Company is currently undergoing the internal administrative acceptance procedure with a successor auditor and once complete, the successor auditor will confirm the mandate and allocate the necessary resources to coordinate with the Company the collection of required data and documentation to complete the review of the Company, during the period ended December 31, 2022. Accordingly, once the successor auditor's internal acceptance process is complete, the Company shall announce same as required under applicable Canadian securities laws.

The Company expects to file the Annual Filings as soon as they are available, but in any event no later than June 30, 2023, and will issue a news release once the Annual Filings have been filed. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly default status reports, in the form of news releases, for so long as the Annual Filings have not been filed.

During the MCTO, the general investing public will continue to be able to trade in the Company's Common Shares listed on the TSX Venture Exchange. However, the Company's Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Chief Technology Officer and all the directors will not be able to trade in the Company's shares, nor will the Company be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the Company except in accordance with legally binding obligations to do so existing as of April 30, 2022, being the date of the Company's continuous disclosure default.

Company Update

The Company continues to make progress on its sales pipeline from previously announced backlog of contracts estimated value over $7.4 M for the next 36 months in Q4 2022, all these projects are at different integration stages that have codependency on third party delivery dates. The Company continues to execute proof of concepts with prospects which has been successful in the past 12 months to close deals.

To improve balance sheetthe Company concluded shares for debt agreements to convert an amount of approximately $650K of debt owed to related parties in late Q4 and has concluded concessions from certain vendors and is seeking concessions from lenders to facilitate new inflows from new investment prospects.The company concluded a new funding in Q1 of 700k.

Financial Performance Although, Key resources will be added to the business development focused on Mexico this quarter, the Company has reduced its net operations costs by more than 500k this past quarter and will continue this path until it reaches its goal of becoming cash flow positive. Subject to overcoming funding constraints, the Company is aiming to become EBITDA positive in Q4 of 2023 and or early fiscal 2024.

Marcel Vienneau, CEO of Mobi724 Global said: "Although the past 9 months have been the best yet in our history from a business development perspective, it is our focus to reach agreements with strategic investors, lenders, and others so we can focus on executing our business plan. This will enable the management to focus on executing its business plan. It is a very challenging period and at the same time the outlook for growth is confirmed."

About Mobi724 Global Solutions Inc.

Every Transaction is An Opportunity

Mobi724 Global Solutions Inc. (TSXV: MOS) is an AI powered fintech company which provides a platform, that enables banks and merchants to offer their customers real-time payment card-linked incentives, in a white-label format. Mobi724's objective is to add a layer of AI-driven actionable intelligence to every payment transaction, creating engaging consumer experiences & generating incremental commercial opportunities to its clients. Learn more at mobi724.com.

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