Form 8-K - Current report
October 05 2023 - 10:05AM
Edgar (US Regulatory)
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2023-10-04
2023-10-04
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported) October 4, 2023
PCT LTD
(Exact name of registrant as specified in its charter)
Nevada |
000-31549 |
90-0578516 |
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
4235 Commerce Street
Little River, South Carolina |
29566 |
(Address of Principal Executive Offices) |
(Zip Code) |
Registrant’s telephone number, including area
code: (843) 390-7900
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: None
Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On or about October 4,
2023, the Registrant intends to post a stockholder update letter to its corporate website, www.pctl.com. A copy of the letter is attached
hereto as Exhibit 99.1
The letter contains forward-looking
statements within the meaning of the federal securities laws. These forward-looking statements are necessarily based on certain assumptions
and are subject to significant risks and uncertainties. These forward-looking statements are based on management’s expectations
as of the date hereof. The Registrant does not undertake any responsibility for the adequacy, accuracy or completeness or to update any
of these statements in the future. Actual future performance and results could differ from that contained in or suggested by these forward-looking
statements.
The information in Item 7.01 of this Current Report on Form 8-K is being furnished and shall not be deemed “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after
the date hereof, except as shall be expressly set forth by specific reference to Item 7.01 of this Current Report on Form 8-K in such
a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
Exhibit No. |
|
Description |
99.1 |
|
Stockholder update letter dated October 4, 2023 |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
PCT LTD
By: /s/
Gary J. Grieco
Gary J. Grieco, CEO
Date: October 4, 2023
Exhibit 99.1
October 4, 2023
Dear valued PCT LTD stockholders,
We have received stockholder requests, specifically for information
regarding PCT LTD’s current SEC filing status and financial information.
SEC Filing Status
Until PCT LTD’s 2022 10-K and subsequent 2023 10-Q financial
statements can be audited, its SEC filing status will remain delinquent. Currently, the company is not in the financial position to pay
the estimated $90,000 in audit and accounting fees for the 2022 10-K, nor the estimated $25,000 for each subsequent 2023 10-Q for a total
of $165,000.
The company is utilizing funds to purchase parts to assemble
equipment to sell and lease the equipment within the Oil & Gas and other industries, whereby generating revenue to begin the audit
and accounting process and subsequent SEC report filings.
Unaudited and Unreviewed Consolidated Financial Information
(000’s)
|
|
|
1st Qtr |
|
2nd Qtr |
|
3rd Qtr |
|
Total 2023 |
|
FYE 2022 |
|
3/31/2023 |
|
6/30/2023 |
|
9/30/2023 |
|
To-Date |
|
|
|
|
|
|
|
|
|
|
Revenue |
$1,265 |
|
$625 |
|
$317 |
|
$348 |
|
$1,290 |
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
($3,357) |
|
($400) |
|
($226) |
|
($271) |
|
($897) |
|
|
|
|
|
|
|
|
|
|
Other Income (net) |
$1,845 |
|
($156) |
|
$435 |
|
($122) |
|
$157 |
|
|
|
|
|
|
|
|
|
|
Income (Loss) before income tax |
($247) |
|
$69 |
|
$526 |
|
($45) |
|
$550 |
Art Abraham, PCT LTD’s Chief Financial Officer’s
podcast will be uploaded to the pctl.com website on October 5th. Topics to be covered are:
| o | Fluid producing equipment in Texas and Oklahoma |
| o | Sales of Equipment and parts |
| o | R & D to create and develop fluid producing equipment suitable for: |
| · | Items of interest affecting the 2023 financial statements: |
| o | Auctus Settlement Agreement – April 2023 |
| o | Sale of the Healthcare division - May 2023 |
| o | Major Debt reduction - May 2023 |
We appreciate all our stockholders’ support during this past
year – and several years prior. We want you to know that we are committed to making PCT LTD one of the top companies in our industry.
We have and will continue to strive to increase stockholder value by seeking new opportunities while continuing to strengthen our company
as we take PCT LTD to new heights during the remainder of 2023 and beyond.
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