Company: MGLD
Filing Date: 2025-09-19
Form Type: 10-K
Source: 0001493152-25-014286
Chunk: 70

Company: Marygold Companies, Inc.
Filing Date: 2025-09-19
Form: 10-K
Item: Item 1
Chunk 70
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and U.K. Financial Services – Marygold US and Marygold UK

Marygold US

In
2019, we entered the financial services industry to explore opportunities in the financial technology (“Fintech”) space
and formed Marygold & Co., a Delaware corporation (“Marygold”) headquartered in Walnut Creek, California. In 2020,
Marygold formed an investment advisory subsidiary, Marygold & Co. Advisory Services, LLC, a Delaware, limited liability company
(“Marygold Advisors”) as a wholly owned subsidiary of Marygold and registered the company as an investment adviser under
the Investment Advisers Act. Effective February 6, 2025, Marygold Advisors withdrew from registration as an investment adviser under
the Investment Advisers Act. Marygold and together with Marygold Advisors, are hereinafter referred to as, “Marygold
US.”

Marygold US completed its development phase and
the launch of its mobile Fintech app in June 2023. Marketing of the app to consumers commenced later that year and ceased its
marketing efforts in January 2025. As of March 31, 2025, Marygold US ceased offering app services in the U.S. and removed the app
from the online Playstores. Although the app performed as anticipated, Marygold US’ marketing efforts did not result in
consumer adoption rates necessary to reach anticipated revenue targets. Further app development for the U.S. and operations have
been paused; amounts held in customer accounts were refunded and all accounts were closed effective as of the end of fiscal year
2025.

The Marygold US app is a peer-to-peer
(“P2P”) Fintech digital mobile banking app that facilitates the transfer of cash between two or more people that, unlike
competitor apps, does not require both parties to each have the Marygold digital app in order to transfer cash. Marygold US app
users were able to choose to transfer or receive cash within the U.S. efficiently if both users had the app or they could have
chosen to send or receive a check mailed by the U.S. Postal Service or send and receive by ACH, email address or by providing a
mobile number. This feature is called PayAnyone®. Every Marygold US app user received a free debit
Mastercard® issued by a partner bank upon completion of a secure onboarding process. Along with the
PayAnyone® feature, the Marygold US app also allowed users to “Tap & Pay” anywhere
Mastercard®