Business
GGTOOR, Inc., (OTCMKTS:GTOR) Announces Management Report for the Week Ended November 20, 2021
GGTOOR, Inc., (OTCMKTS:GTOR) Announces Management Report for the Week Ended November 20, 2021.
About this update from Ggtoor Inc.
[{"type":"text","content":"\n GGTOOR INC., ANNOUNCES IT WILL MAKE APPLICATION TO UPGRADE TO THE OTC:QB THOMASVILLE, GA, Nov. 22, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- GGTOOR, Inc., (OTCMKTS:GTOR) (“GGTOOR, Inc.,”, “GTOR”, or the “Company”), an emerging leader in the eSports markets, announces the Company will proceed with PCAOB compliant audits necessary for the Company to become fully reporting. The audits will commence the first week of January 2022. The Company expects the audits to take 6 weeks and upon completion the Company will be submitting a request to upgrade its listing from the current OTC:PINK to the OTC:QB. The independent audit firm the Company has selected is Accell Audit & Compliance, PA located in Tampa, Florida. The move to becoming fully reporting has been in the works for over a year but got stalled when at the end of the audit process months ago, the Company was informed the SGI Convertible Debt, which at the time was being litigated, would have to be acknowledged by the Company for the full amount of the plaintiff’s litigation demands. This became extremely problematic for two reasons; (1) SGI was requesting the judge to grant them over $9,000,000 which was completely absurd given the original principal was under $50,000 and (2) If the Company acknowledged the debt, it would have given up its defense that the Statute of Limitations had passed. According to New York law, any acknowledgement of the debt would have reset the Statute of Limitations date to the date the debt was acknowledged. The Company had no choice but to abandon the audits until the litigation action had been settled. Now that the SGI Group LLC. litigation action has been settled, the Company has no barriers to becoming fully reporting and to make application to upgrade its listing. John V Whitman Jr. had this to say, “Our shareholders deserve more, and we are going to give it to them. There was never a doubt the Company would make application to upgrade its listing, however the Company had to complete some much-needed housekeeping before making its application. I could not be more pleased to inform shareholders we expect audits to be complete and our upgrade to the OTC:QB to be completed by the end of the first quarter of 2022.” The Company has almost completed its Affiliate Program Terms and...