PotNetwork Holdings Inc (OTCMKTS:POTN) found some new support so far this week following a couple key items released by the company. Shares have been correcting their monstrous December-January run over the past couple weeks. Perhaps, it’s just a deserved breather, but it could be more of an inflection. The pattern is still playing out, but one item of interest will surely be continued updates on the progress of the company’s audit process. Company results have been impressive, but the added credibility of an audit trail could make an enormous difference for shares.
In addition, the company just released its unaudited financial statements for the fiscal year 2017. According to the release, “as previously reported, as a result of the rapid growth of Diamond CBD, Inc., the Company’s wholly-owned subsidiary, the Company achieved $14.5 Million in revenues for calendar 2017. Importantly, the Company reports that the strong sales trend of 2017 that had been building all year has carried over into 2018, with January sales results that will be reported by mid-February.”
PotNetwork Holdings Inc (OTCMKTS:POTN) has two wholly owned subsidiaries, First Capital Venture, the makers of Diamond CBD OILS and Sunrise Auto Mall Inc.
Diamond CBD is focused on the advanced research and development of “the industry’s finest premium hemp extracts” and making them available to the global marketplace. The Company’s “notable team”, consisting of hemp industry pioneers and natural product experts, chemists, and scientists, is dedicated to producing “the finest and purest Cannabidiol (CBD) oil.”
POTN’s message continues: “Setting the Company ahead of its competitors, First Capital Ventures Inc and Diamond CBD Inc. deliver advanced product quality to market through the team’s creation of diverse and top quality hemp extracts that contain a broad profile of cannabinoids and other natural hemp derived molecules.
The result is a robust selection of Diamond CBD Oils, made from Industrial Hemp, which enhances the formula to be considered among the most powerful natural CBD E-Liquids on the market. Sunrise Auto Mall, Inc., launched in June of 2014, as an operation geared toward enabling people challenged with bad or no credit in securing quality transportation while simultaneously rebuilding the client’s credit.
POTN has developed a highly profitable business model around the continually rising subprime lending industry. Potnetwork Holdings Inc. acting as the holding company for the present subsidiary is planning to continue to expand from within as well as through future acquisitions.”
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As noted in the company’s most recent release, “on December 12th the Company had reported that its PCAOB auditor, East West Accounting Services, LLC had satisfied compliance parameters, and had projected for the audit to be completed by mid-January. However, due to factors unrelated to the Company and beyond its control, the audit has been taking longer than projected, such that the Company has now engaged Paritz & Company, PA, Hackensack, N.J., to assist East West Accounting Services and act as lead auditor to bring the audit to a rapid conclusion. As a result of discussions with both audit firms, the Company projects the full audit to be finished and available for publication before the end of the first quarter. In the interim, per above, the Company has posted its unaudited 2017 year-end results which it believes accurately reflects its financial performance.”
Traders will note more than 150% tacked on to share pricing for the stock in the past month. In addition, the company has benefitted from a jump in recent trading volume to the tune of topping 210% over what the stock has registered over the longer term.
Currently trading at a market capitalization of $121.3M, POTN apparently has about $576k in cash on the books as of its latest reporting documentation, which compares quite favorably with about $30k in total current liabilities. The company has also pulled in about $4.4M in sales for the quarter ended September 30, 2017. This is an exciting story, and we look forward to a follow-up chapter as events transpire. Sign-up for continuing coverage on shares of $POTN stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $POTN, either long or short, and we have not been compensated for this article.