Peer To Peer Network (OTCMKTS: PTOP) Explodes Up The Charts

Shares of Peer To Peer Network (OTCMKTS: PTOP) have exploded higher after languishing in triple-zero territory for a long time. The company went dark and OTC Markets hit the symbol with the dreaded Stop sign. But things are picking up and the latest news has gotten investors excited about PTOP again. Taking a closer look, let's see what's happening and if there's more room for PTOP to run. PTOP Daily ChartPTOP BackgroundFirst up, here's a little background info for those that aren't familiar with PTOP. Peer to Peer Network aka MobiCard Inc. is a technology based mobile solutions provider serving business professionals with its proprietary SaaS mobile business card platform, branded C2A Mobicard. The platform is a cloud-based solution that combines the power of social media sharing with text/SMS and e-mail marketing for business professionals and enterprises. A subscriber can custom create their business card to include a company logo, profile photo, contact details, website, audio messaging, social media links, and multi-media content. The platform sharing and alert system enable users to share their card via text/SMS, e-mail, and global social media sites including Facebook, Twitter, LinkedIn, Google+ and Pinterest. The system provides the user instant text alerts when their card is opened or shared to third-party referrals all while building an invaluable database of contact leads.MobiCard Inc. a.k.a Peer to Peer Network ("PTOP") owns and markets its core technology, a SaaS mobile solution branded C2A MobiCard, a scalable mobile business card software platform that enables users to create a customized web-based personalized mobile app that is sharable by text SMS, email, digital and social media. Subscribers are able to track when the card opens, views and shares all while validating and analyzing new leads and referrals in real time, thereby knowing who and when to follow up.Phase 1The first bit of news we got from PTOP was last month. The company executed an agreement for Phase 1 Platform Release schedule and kick off of Statement of Work (SOW) with Think Latitude Inc. In order to complete development of the new MobiCard platform, Think Latitude was chosen based upon their successful completion of over 300 such projects and a policy of accepting pay based upon performance. The Scope of Work was Executed on March 22, 2019, and finalized with an initial kick-off payment of $25,000 to commence the project. The $289,655 contract is expected to be completed by summers end of 2019. A follow-on payment of $25,000 will be due in 30 days from March 22nd.Once completed MobiCard’s new, full-scale application will work across the gamut of popular devices including Apple IOS, Google Android and web-based applications. The new platform will be top of the line with over 384 new action items above and beyond the old legacy product.Code2Action SettlementWhat got the stock excited last week was the news that the company reached the settlement and satisfaction of its largest outstanding liability: the convertible note issued in 2015 for the license and then transfer of C2A assets to Mobicard. This note, as publicly disclosed on multiple Form 8-Ks on EDGAR in 2015, had an original face value of $500,000 and was potentially convertible into 90% of Mobicard’s fully diluted capital stock.The settlement is a big deal because it removes the threat of dilution that's been hanging over the stock. It eliminates the legacy cost of what the company paid to acquire its assets four years ago. More importantly, as part of the settlement terms, C2A shareholders invested a minimum of $150,000 of new working capital into Mobicard.Bottom LineCurrently trading with a market cap of $8 million, the worst looks to be behind for PTOP and its shareholders. New CEO Josh Sodaitis has accomplished a lot recently and this is restoring faith in PTOP. Once Mobicard is commercialized, PTOP will be on to its next phase of growth and rewarding its shareholders with a much, much higher share price than current levels. Better days are certainly ahead for PTOP.We will be updating our subscribers as soon as we know more. For the latest updates on PTOP, sign up below!Disclosure: We have no position in PTOP and have not been compensated for this article.Image courtesy of Pexels