It’s breakout time for LifeApps Brands Inc (OTCMKTS:LFAP). The company has been trying to build a brand in the LGBTQ niche, and just landed a whale of a new board member in former U.S. Congressman Barney Frank. That announcement hit on Monday, and shares of the stock certainly reacted well, launching nearly 110% higher on well more than twice the average 3-month volume.
According to the release, “Mr. Frank brings a lifelong passion for serving the LGBTQ community and will provide incredible leadership in managing our LGBTQ Loyalty (ETF) Index Traded Fund and ancillary businesses. Currently Mr. Frank serves on the board of Signature Bank. Mr. Frank served as a U.S. Congressman representing the 4th District of Massachusetts from 1981 to 2013 and was one of the first openly gay members of Congress. From 2007 to 2011, while serving as the Chairman of the House Financial Services Committee, Mr. Frank sponsored the Dodd-Frank Act, a sweeping reform of the U.S. financial industry. While in Congress, Mr. Frank worked to increase housing options for low-income individuals and has been a leading voice in opposing discrimination based on sexual orientation. From 2003 until his retirement, Mr. Frank was the leading Democrat on the House Financial Services Committee. Prior to serving in Congress, Mr. Frank spent eight years as a state Representative in Massachusetts.”
LifeApps Brands Inc (OTCMKTS:LFAP) bills itself as a company that operates as a licensed developer and publisher of applications for the Apple Apps Store, Google Play, and Amazon Appstore in the United States.
The company also offers sports and fitness apparel and equipment; and publishes and sells digital magazine through the Internet. The company was formerly known as LifeApps Digital Media Inc. and changed its name to LifeApps Brands Inc. in December 2015.
LifeApps Brands Inc. was founded in 2009 and is based in Wilton Manors, Florida.
According to company materials, “LifeApps is an authorized developer, publisher and licensee for Apple iOS iPhone, iPod Touch, iPad and Android tablets on Google Play and Kindle Fire and Androids via Amazon Mobile Marketplace. Moving forward we will focus on the development of niche demographic media networks. We are creating a LGBT Loyalty ”Preference” Index Traded Fund. We are also in development of a LGBT Advertising Agency and a LGBT Media Distribution Network to assist businesses and brands in the creation and distribution of specific content.”
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As noted above, LFAP just announced the appointment of former U.S. Congressman Barney Frank to its Board of Directors, effective immediately.
We’ve witnessed 90% tacked on to share pricing for the listing in the past month. In addition, the company has witnessed a pop in interest, as transaction volume levels have recently pushed just under 580% over what the stock has registered over the longer term. Traders should note this as important with the stock trading on a float that is limited at just 28.1M shares.
“While we have made great gains in combating prejudice based on gender identity or sexual orientation, the fight is not over. The establishment of the LGBTQ Loyalty ETF Index Traded Fund is a logical next step in this effort. Empowering the historic victims of discrimination by providing a vehicle by which we can support those who have supported us while withholding our funds from those who have refused to help is a recognition that winning full equality requires efforts in both the public and private sectors. Having spent much of my life in working for this in government, I am very happy to have a chance to further the fight in the economy as well,” said Mr. Frank following his appointment to the board.
Earning a current market cap value of $44.76M, LFAP has virtually no cash on the books, which stands against about $1.2M in total current liabilities. One should also note that debt has been growing over recent quarters. LFAP is pulling in trailing 12-month revenues of $3K. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -33.3%. You can bet we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $LFAP 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 $LFAP, either long or short, and we have not been compensated for this article.