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Tuesday, January 19, 2021

Microcap Update on Singlepoint Inc (OTCMKTS:SING)

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Singlepoint Inc (OTCMKTS:SING) is a micro-cap name with an interesting profile on the OTC. The company has maintained a sense of a multifaceted player with the ability to shift to hot themes as they arise. Investors haven’t been overly excited about the name recently, perhaps in part because the company isn’t showing revenues and trades on the Pink Sheets with unaudited financials. In any case, the latest thematic move is the company’s shift to bring in association with the bitcoin boom in the form of blockchain solutions for the marijuana space, as we will discuss below.

The chart shows small gains added to share values of the company over the past week of action, but this action is running counter to the larger trend in the name, which has been decidedly to the downside over recent months. That said, traders may want to pay attention to the name as SING is a stock whose past is littered with sudden rips. What’s more, the listing has benefitted from a jump in recent trading volume to the tune of 63% beyond what we have been seeing over the larger time frame.

Singlepoint Inc (OTCMKTS:SING) trumpets itself as a company that provides mobile technology and marketing solutions for small to mid-size businesses, nonprofits, and religious organizations. Its solutions enable clients to conduct business transactions, accept donations, and engage in targeted communication through mobile devices.

The company offers Text2Bid, a mobile bidding solution that allows users to bid in auctions from text or Web-enabled phones; Donate by Text, a solution that allows nonprofits to securely collect donations via text; Pay by Text that allows customers to pay for products using their mobile phones; and Point of Sale terminals to provide customers the convenience of using debit/credit cards right at checkout.

It also provides Oomy, a solution that enables companies to track and manage their fleet vehicles, drivers, and deliveries; text mobile marketing solutions; SingleSwipe that enables customers to turn any device into a point of sale payment processor with the SingleSwipe card reader; and other solutions.

Singlepoint Inc was formerly known as Carbon Credits International, Inc. and changed its name to SinglePoint, Inc. in February 2013. The company was founded in 2006 and is headquartered in Phoenix, Arizona.

According to company materials, “SinglePoint, Inc. is a full-service mobile technology and marketing provider. We provide solutions that allow our clients to conduct business transactions, accept donations, and engage in targeted communication through mobile devices. Our products connect small to mid-size companies to their target markets by providing innovative mobile technology at reasonable rates. SinglePoint recognized the strength in acquiring interest in undervalued subsidiaries in other markets to create a diversified holding base.”

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As noted above, SING recently announced its initiative to develop a bitcoin payments solution in partnership with First Bitcoin Capital Corp. (OTC:BITCF). According to the release, “The two companies signed a Joint Venture agreement to develop and distribute a viable payments solution using block chain technology. First Bitcoin Capital is an industry leading Bitcoin and blockchain technology provider and SinglePoint has a deep history in distribution. The two companies believe this partnership will enable each company to focus on their core strengths to build and supply the best Bitcoin solution available.”

As SinglePoint CEO Greg Lambrecht states, “In January 2014 SinglePoint announced and started working on a bitcoin payment solution, shortly after we recognized the issue of minimal user adoption of digital currency. The payments industry has rapidly changed since that time. There is now tremendous momentum and demand for bitcoin acceptance as an alternative form of payment. This Joint Venture with First Bitcoin Capital is perfect timing. Bitcoin payments are catching on and cannabis dispensaries need a solution fast.”

At this time, carrying a capital value in the market of $20.3M, SING has a bankroll ($282K) of cash on the books, which must be weighed relative to virtually no total current liabilities. SING is pulling in trailing 12-month revenues of $82K. However, the company has reported no revenues over the past two quarters, and we would emphasize that this is a pink sheet stock posting only unaudited financial data. We will update the story again soon as further details emerge. For continuing coverage on shares of $SING stock, as well as our other breakout stock picks, sign up for our free newsletter now and get our next hot stock pick!

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