Business
PSYC’s Spotlight Media Highlights Revenue Growth and Other Operational Achievements Met in Q3
PSYC’s Spotlight Media Highlights Revenue Growth and Other Operational Achievements Met in Q3.
About this update from Psyc Corporation
[{"type":"text","content":"\n LAS VEGAS, NV, Oct. 13, 2022 (GLOBE NEWSWIRE) -- PSYC Corporation (OTCPink: PSYC) (“PSYC” or the “Company”), a media leader focused on the emerging psychedelic and cannabis sectors, is pleased to report a 42% increase in revenue from 2022 Q2 to Q3 and other operational highlights through its wholly owned subsidiary Spotlight Media Corp. (“SMC”). The Company contends that the following details can be viewed as operational highlights that were achieved by the Company throughout the 3rd quarter of 2022. Consolidated $2.7M in convertible notes at $0.05/shareCompleted 2021 FY AuditAcquired assets from Technical420 LLC & SB Partners LLC in accretive $2.25M transactionDeveloped & launched Psychedelic Finder in partnership with NucleusRevenue for the quarter exceeded $29.6K and represents an increase of 42% over Q2 Through a series of strategic transactions with large shareholders, the Company was able to effectively consolidate $2.7M of convertible notes. The management team is highly focused on strengthening the balance sheet and the transactions are in line with this mission. Overall, the consolidation will have a positive impact on cash flow by reducing the amount of capital that is needed to satisfy its monthly debt obligation. Completing and publishing its audited financials for 2021 provides the Company with fully audited financials for each of the last two fiscal years. This, according to the Company, represents a significant step forward in the Company’s pursuit of up listing from the OTC Pink Sheets to the OTCQB, though the completion of any such up listing cannot be guaranteed. SMC’s acquisition of T420 combines two high-profile media firms, diversifies SMC’s reach into the cannabis space, and immediately enhances the reach of the combined entity. Based on initial analysis, the platforms attract a similar audience demographic, and the management team expects this aspect of the transaction to be highly synergistic. Developing the Psychedelic Finder brand and technology represents a significant opportunity for PSYC to design the foundational architecture of a monetizable, scalable asset for the psychedelic space writ large. Moreover, it’s another strategic low-cost, low-risk, high-reward maneuver to build growth and value for shareholders. “The third q...