Gopher Protocol Inc (OTCMKTS:GOPH) shares recently pulled back from highs in early April approaching the $5/share level to intraday lows last week just under the $2.50/share level, just above the 50-day simple moving average – or roughly a 50% pullback. But, since midway through last week, we have started to see some action back to the upside.
Some of this support seems to be coming from the company’s recent release of financial data. Specifically, the company just released the results of its 10K filing for the year ended December 31, 2017. According to the release, “Management of Gopher is excited to use this milestone to highlight what has been achieved in the past year. Revenue grew over 5,000% year over year when compared to year ended 2017 and Gopher has further developed its asset base, which is expected to support future operations and growth.”
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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It’s important to recall that this is a stock with a small float (just 8.5 million shares). Given that volume in the stock has been generally escalating over recent months and weeks, this tight float creates an increased potential for a breakout squeeze higher if momentum kicks back into gear.
Given the company’s claim of more than 5000% year-over-year topline growth, this can hardly be discounted as an unimportant consideration. Neither can the company’s move to stack in a new layer in its C-suite.
According to the release, “the Company appointed Mr. Kevin Pickard as its Chief Financial Officer. Mr. Pickard brings almost 30 years of accounting experience to Gopher. He is a licensed CPA with extensive experience in working with public companies. Gopher’s board was specifically interested in Mr. Pickard’s experience in performing due diligence on potential acquisition candidates, preparing projections and business plans and assisting with corporate restructurings. Prior to opening his own CPA firm in 1998, he was a partner with Singer Lewak LLP, where he is co-managed the firm’s securities practice group. Mr. Pickard also spent over nine years with Coopers & Lybrand, L.L.P., (currently PricewaterhouseCoopers, LLP) where he focused on auditing companies in the insurance, high-tech and manufacturing industries. Mr. Pickard earned his Bachelor of Science in Accounting and Master of Accountancy from Brigham Young University.”
“Having worked with Gopher during 2017 and seeing the transformation first hand, I am excited to have the opportunity to become part of the team,” stated Kevin Pickard.
Now commanding a market cap of $411.4M, GOPH has a store ($1.3M) of cash on the books, which is balanced by virtually no total current liabilities. GOPH is pulling in trailing 12-month revenues of $9.2M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 10190.5%. 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.