Gopher Protocol Inc (OTCMKTS:GOPH) has been exploding higher on strong volume over the past week. The move comes as the company continues to press forward as a player in the AI and autonomous vehicle game. The stock is nearing a potential break to new highs. Resistance sits above around the $3-3.25/share area.
To help push the action, the company just announced the closing of the sale of common stock and common stock purchase warrants, which generated $500,000 in proceeds. The details on the funding can be found in the Company’s Form 8-K/A filed March 23, 2018. As noted in the release, “The financing is continuation of the Company’s strategy to reduce its dependence on variable priced convertible note financing and create a balance sheet that gives investors clarity regarding the number of shares outstanding and potential dilution.”
Gopher Protocol Inc (OTCMKTS:GOPH) casts itself as a development-stage Native IoT creator, developing Internet of Things (IoT) and Artificial Intelligence enabled mobile technology.
The Company has a portfolio of Intellectual Property that when commercialized will include smart microchips, mobile application software and supporting cloud software. The system contemplates the creation of a global network. The core of the system will be its advanced microchip technology that can be installed in any mobile device worldwide.
Gopher envisions this system as an internal, private network between all enabled mobile devices providing shared processing, advanced mobile database management/sharing and enhanced mobile features.
Moreover, Gopher Protocol Inc. engages in the process of developing a real-time, heuristic-based, mobile technology. Its technology consists of a smart microchip, mobile application software, and supporting software. The company was formerly known as Forex International Trading Corp. and changed its name to Gopher Protocol Inc. in February 2015. Gopher Protocol Inc. was founded in 2009 and is headquartered in Santa Monica, California.
According to its press communications, “Gopher Protocol Inc. (OTCQB: GOPH) (“Gopher”) (http://gopherprotocol.com/) is a development-stage company which considers itself Native IoT creator, developing Internet of Things (IoT) and Artificial Intelligence enabled mobile technology. Gopher has a portfolio of Intellectual Property that when commercialized will include smart microchips, mobile application software and supporting cloud software. The system contemplates the creation of a global network. The core of the system will be its advanced microchip technology that can be installed in any mobile device worldwide. Gopher envisions this system as an internal, private network between all enabled mobile devices providing shared processing, advanced mobile database management/sharing and enhanced mobile features.”
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As noted above, the company just announced further progress on the cap table front as shares start to press toward a potential breakout over highs logged late last year.
Greg Bauer, CEO of Gopher, said, “Since the acquisition of the UGO assets and successful closing of an equity financing in December 2017, including our latest acquisition of ECS Assets, Gopher’s Board of Directors believe it is well positioned to eventually seek to list on a National Exchange. To assist in the process, Gopher engaged Donohoe Advisory Associates LLC to advise and assist in the up-listing effort. There is no guarantee that these efforts will be successful or that Donohoe Advisory will recommend to Gopher to pursue any particular avenue for exchange listing.” Mr. Bauer summarizes, “We are moving at a significant pace as we continue to develop our sales channels through acquisitions as well as advance our products which include GPS tracking, drones, a MESH network technology for use in autonomous driving tracking, Artificial intelligence and IoT. We anticipate Gopher’s technology can be implemented in everyday life and we envision unlimited applications for our core technology. While accelerating our growth through strategic partnerships and acquisitions, we believe it makes sense for our shareholders to explore uplisting, which in turn may provide additional access to capital.”
Currently trading at a market capitalization of $336M, GOPH has virtually no cash on the books, which is balanced by virtually no total current liabilities. One should also note that debt has been growing over recent quarters. GOPH is pulling in trailing 12-month revenues of $4.6M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 9836.9%. You can bet we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $GOPH 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 $GOPH, either long or short, and we have not been compensated for this article.