2050 MOTORS, INC. (OTCMKTS:ETFM) Files An 8-K Other Events
ITEM 8.01 Other Events
On August 25, 2019, 2050 Motors, Inc. reviewed the accounting treatment of its ownership of 210,000,000 free trading shares of Mobicard Inc. aka Peer to Peer Network (PTOP/OTC). After discussions with its accounting department, the Company has reclassified the position to Assets Held for Sale from Investments, which will increase Working Capital (Liquidity) and Current Assets by $273,000 based on the closing bid price of PTOP shares on August 23, 2019 ($0.0013). These changes of accounting treatment(s) will become effective for the Company’s financial statements for its third quarter ended September 30, 2019 and upcoming Form 10-Q filing with the SEC. 2050 Motors may sell some or all of the investment to fund other announced and/or planned investments and acquisitions, execute recently approved and announced share buybacks, or for general corporate purposes. Management is currently completing paperwork with brokerage firms to prepare for such actions.
About 2050 MOTORS, INC. (OTCMKTS:ETFM)
2050 Motors, Inc. is a development-stage company. The Company’s principal activity is the importation and the marketing and selling of electric automobiles. The Company has an exclusive license to import, market and sell in the United States, Puerto Rico, the United States Territories and Peru, the e-Go lightweight carbon fiber all-electric vehicle design and electric light truck, manufactured by Jiangsu Aoxin New Energy Automobile Co., LTD (Aoxin Automobile) located in the Peoples Republic of China. Aoxin Automobile develops and manufactures a lightweight, carbon fiber e-Go EV electric car (e-Go EV). The Company focuses on importing vehicles completely fabricated and assembled in China from Aoxin Automobile. The Company has not generated any revenues.
