PSYC Completes and Publishes 2021 Audited Financials; Will Begin Audit of Q1 & Q2 2022

Rhea-AI Summary

PSYC Corporation (OTCPink: PSYC) published its 2021 Audited Financials, marking a significant milestone in its journey towards SEC compliance and an OTCQB uplisting. Following the 2020 audit completion in March, the company plans to audit Q1 and Q2 of 2022. CEO David Flores highlighted the success of establishing Psychedelic Spotlight as a leading information resource in the psychedelic sector and anticipates bolstering revenue through the upcoming acquisition of Technical 420, LLC. The completion of these audits is seen as crucial for enhancing market visibility and shareholder value.

Positive

• Completion of 2021 Audited Financials enhances credibility.
• Psychedelic Spotlight positioned as a leading media platform in the psychedelic sector.
• Upcoming acquisition of Technical 420 expected to boost revenue.

Negative

• None.

LAS VEGAS, NV, Aug. 31, 2022 (GLOBE NEWSWIRE) -- PSYC Corporation (OTCPink: PSYC) (“PSYC” or the “Company”), a media leader focused on the emerging psychedelic sector through its flagship platform, Psychedelic Spotlight, completed and published its 2021 Audited Financials. The Company has made the documents available to the public on OTC Markets and it can be viewed here:

Annual Report - Annual Report - PSYC 2021 Amended & Audited Financials

The accomplishment comes after PSYC completed its 2020 Audited Financials in March, representing an important milestone as it works towards becoming a fully current SEC reporting company and up listing to the OTCQB.

Following the completion of the documents, PSYC will now commence the audit of its first two quarters of 2022 and plans to continue to work towards filing their Form-10 registration statement as part of the OTCQB up listing process. 

“In our opinion, much of 2022 has really been focused on garnering momentum behind PSYC in preparation for taking that next leap forward,” said PSYC CEO, David Flores. “From our perspective, we succeeded in solidifying Psychedelic Spotlight as a recognized leader for news and information within the growing psychedelic space and now reasonably view it as a tangible asset for the Company. We’re currently in the process of putting the finishing touches on launching our Bonfire platform and are optimistic in the value we believe it will return to PSYC in the months and years ahead. Moreover, we expect to complete the acquisition of Technical 420, LLC in the coming weeks; a deal that we believe will immediately bolster our revenue generation capabilities and make an immediate, positive impact on our bottom line.”

Flores continued, “From a timing perspective, the completion of our 2021 audited financials lines up perfectly with each of these developments, and, in my opinion, will prove to be instrumental in helping the Company take that next leap forward. Since coming aboard as CEO of PSYC in July of 2020, I made it very clear that my desire was to help PSYC achieve its full value potential by first guiding the Company to an up listing to the OTCQB. I always recognized that this objective would require execution on a fundamental strategy that would take several months. Alongside the support of some incredibly talented individuals, including our CFO Craig Schlesinger, our accountants, and our auditors at M&K CPA’s, we’ve moved this process forward and reached a point where we believe we’re closer than ever to achieving this objective. Our commitment is to not stop until we see this process all the way through.” 

CFO Craig Schlesinger concluded with, “PSYC’s 2021 Audited Financials are yet another significant milestone en route to bigger and better things for the Company. The process is neither easy nor fast, but it puts us on a track to completing our Q1 and Q2 audits. We’re now one large step closer to our overarching goals of being a fully current SEC reporting company, up listing to the OTCQB, attracting more public market visibility, increasing our ability to raise equity financing, and ultimately returning value to our loyal shareholders, stakeholders, team members, and communities we serve. Exciting times are ahead for Team PSYC.”

About PSYC Corporation (OTCPink: PSYC)

At PSYC Corporation we are integrating media, creativity, and technology to develop and deploy thought-provoking ideas and solutions that are fostering and transforming the approach to some of society’s most pressing matters.

PSYC has expressed its intent and commitment to positioning itself at the forefront of the psychedelic revolution and as a resource center for discovering and understanding the latest research and business opportunities surrounding psychedelic inspired medicines. In conjunction with the FDA’s more open-minded approach to psychedelic medicines, and as several major U.S. cities continue to approve the decriminalization of psilocybin, we believe investors are speculating that the psychedelic boom could be bigger than that of cannabis. PSYC is your source for current investment related news specific to psychedelic medicines and cutting-edge research improving overall health, moving this sector into the mainstream.

We are dedicated to a forward-thinking approach that embraces groundbreaking new technology and innovations and through the vision of business development we intend to continue to evolve into these unchartered territories as the industry leaders of the future.

About Spotlight Media Corporation

Spotlight Media Corporation (“SMC”) (www.spotlightmediacorp.com) is a Nevada Corporation and is a privately held wholly owned subsidiary of PSYC that was incorporated on February 8, 2022. At present time, SMC operates as a multimedia service company for the medicinal psychedelic industry through Psychedelic Spotlight in addition to the developing community-based platform, Bonfire (f/k/a “PsycheDev”). However, management intends, but cannot guarantee the success or profitability, that the business plan for SMC is to potentially expand beyond the medicinal psychedelic industry by way of other multimedia-related opportunities within other niche-style industries like cannabis, health and wellness, and sports such that SMC can make use of the audience it is establishing, across its platforms for cross-promotional opportunities and with the intent of developing a network of interconnected media-focused platforms.

Forward-Looking Statements Disclaimer:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors, including the effect of COVID-19 and the success of the current vaccine distribution, the adverse effect of the Omicron variant, that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are disclosed on the OTC Markets.com website and is not incorporated by reference into such reports.

Disclaimer: PSYC Corporation does not in any way encourage or condone the use, purchase, sale or transfer of any illegal substances, nor do we encourage or condone partaking in any unlawful activities. We support a harm reduction approach for the purpose of education and promoting individual and public safety. If you are choosing to use psychedelic substances, please do so responsibly.

Corporate Contact:
PSYC Corporation (PSYC)
www.psyccorporation.com
www.spotlightmediacorp.com
(702) 330-0363
info@psyccorporation.com
OTCPINK: PSYC

FAQ

What are the recent developments for PSYC Corporation?

PSYC Corporation completed its 2021 Audited Financials and plans to audit Q1 and Q2 of 2022 as part of its effort to up list to the OTCQB.

What is the significance of PSYC's 2021 Audited Financials?

The completion of the 2021 Audited Financials is a significant milestone that enhances the company's credibility and moves it closer to being a fully current SEC reporting company.

How will the acquisition of Technical 420 impact PSYC?

The acquisition of Technical 420, expected to close soon, is anticipated to increase PSYC's revenue generation capabilities significantly.

What is the future direction for PSYC after the financial audits?

After the audits, PSYC aims to file a Form-10 registration statement and enhance its public market visibility to attract equity financing.