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Wednesday, November 25, 2020

SinglePoint, Inc. Common Stock (OTCMKTS:SING) Pops Up Off the Mat on Audit

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SinglePoint, Inc. Common Stock (OTCMKTS:SING) shares launched higher on Tuesday on a huge jump in trading volume, sparking a run off recent lows in the $0.025 area. SING has been in a sharp downtrend since topping with the crypto space in December above the dime level.

Notably, the company just announced the finalization and successful completion of PCAOB corporate audit. According to the release, “SinglePoint has been working side by side with Turner Stone and Company in order to complete the 2016 and 2017 corporate audit and will now take the necessary steps to become fully reporting by filing a Form 10.”

SinglePoint, Inc. Common Stock (OTCMKTS:SING), aside from its recent pivot into the crypto space, 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.

SING’s portfolio includes; 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.

SING 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.

According to company materials, “SING 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. The company 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, the company just announced the completion of its audit and an imminent move to get current on its financials. This is providing a strong boost to shares based on a sense of legitimation for the company in terms of its financial performance. Now, it should be noted that we are talking about a company that hasn’t exactly been burning up the scoreboard — just $156k in TTM revenues with flat growth on the top-line. Hence, confirming that is not really a big deal.

But, as we know, markets like credibility in financial data in the OTC ranks.

“We as management are very excited to have completed the audit. We have already received term sheets from potential capital partners to raise up to $20,000,000 on friendly terms. This is a major step for the company and I am very confident, more so than ever, in the company’s ability to successfully build upon the solid infrastructure we now have. Currently, there are three acquisition targets in negotiations. We look forward to closing these deals and continue expansion into the cannabis market,” states Greg Lambrecht CEO SinglePoint.

Recent action has seen 36% tacked on to share pricing for the stock in the past week, but this action is running counter to the larger trend in the name. Moreover, the listing has registered increased average transaction volume recently, with the past month seeing exceeding 180% over the long run average.

Now commanding a market cap of $28.5M, SING has a chunk ($137K) of cash on the books, which stands against about $460K in total current liabilities. One should also note that debt has been growing over recent quarters. SING is pulling in trailing 12-month revenues of $156K. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues running flat over the recent period. We will update the story again soon as further details emerge. Sign-up for continuing coverage on shares of $SING 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 $SING, either long or short, and we have not been compensated for this article.

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