As the CBD theme continues to gain steam, PotNetwork Holdings Inc (OTCMKTS:POTN) shares have been pivoting back off key support, powering back above the stock’s major moving averages to close out last week. In addition, the company continues to stir the pot of its primary theme, which is really about top-line growth.
As a case in point, the company just announced that its six-month operating results have been posted on OTCMarkets.com in the form of unaudited financial statement and a supplemental disclosure. According to the release, “With revenues of $12,044,028, the Company has demonstrated the result of its continuously strengthening momentum. The year-to-date results are more than twice its 6-month revenues in 2017 of $5,077,625, an increase of 137% year-over-year.”
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 above, POTN’s theme in play is really about sales growth, which the company clearly continues to demonstrate. The only real question now is about the verity of those numbers, suggesting the need for an audit to reinforce credibility with the marketplace. This could also help the company uplist onto the OTCQB venture exchange and off the pink sheets over time. So, it should be no surprise the company has started to talk about that audit in its recent press.
According to the release, “These six-month results will be included in the forthcoming audit and certification of the Company’s financial statements by the Company’s new PCAOB-member audit firm, Manohar, Chowdhry & Associates, which audited financial statements will be included in the Company’s refiling of its Form 10 Registration Statement with the Securities and Exchange Commission (“SEC”). Completion of the Company’s newly updated audit and resubmission of its Form 10 is anticipated before the end of the August.”
The chart shows 15% added to share values of the company over the past month of action. In addition, the company has registered increased average transaction volume recently, with the past month seeing 73% above the average volume levels in play in this stock over the longer term.
Now commanding a market cap of $140M, POTN has a bankroll ($334K) of cash on the books, which stands against virtually no total current liabilities. POTN is pulling in trailing 12-month revenues of $21.5M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 78.9%. You can bet we will update this one again as new information comes into view. 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.