Gopher Protocol (OTCQB:
$GOPH) Files Audited Financials Showing $66 Million in Sales for FYE Ended
January 2017
ATLANTA,
GA - December 5, 2017 (Investorideas.com Newswire) Gopher Protocol Inc. (OTCQB: GOPH)
("Gopher" or the "Company"), a company which specializes in
the creation of Internet of Things (IoT) and Artificial Intelligence enabled
mobile technologies, filed a Form 8-K/A that includes 2 years audited
financials for the assets purchased on September 1, 2017 - https://www.sec.gov/Archives/edgar/data/1471781/000161577417007085/0001615774-17-007085-index.htm
Read this news in full
at http://www.investorideas.com/CO/GOPH/news/2017/12051Financials.asp
This
filing sheds light on the Company's grand strategy to "marry" the two
arms of the Company - IoT and Artificial Intelligence enabled mobile
technologies together with the UGO HUB - sale of phones and phone cards
products, which comprised of PINS for cell minutes, SIM cards for cell minutes,
as well as gift cards, through approximately 15,000 locations in the United
States.
The
Company strategy includes creating and delivering a suite of Internet of Things
(IoT) technologies that ultimately increase quality of life for all of the
consumers that are within the network that is being built. With a firm belief
that these technologies are going to become ubiquitous - Gopher intends to sell
and support connectivity in the IoT in a way that is consumer friendly.
Gopher
believes that connectivity doesn't need to increase costs to the end user. In
addition, Gopher believes that technology should serve the user and deliver a
benefit without disrupting the consumer's daily lives.
In
yesterday's filing, the pro-forma financials respectively illustrate Sales for
six months ended June 30, 2017 and for the year ended December 31, 2016 of
$28,108,616 and $66,775,847; Gross Profit of $1,408,597 and $3,278,144; Net
Loss of ($1,768,952) and ($2,028,608), which includes acquisition costs based
on pro-forma and basic and diluted earnings per share of ($0.04) and ($0.08),
respectively. The audited financial statements of the division stands alone for
the period ended on August 28, 2017 (period prior to the closing) report
revenue of $32,329,172 with gross profit of $1,521,458 and net loss for the
period of $170,636.
As
reported in November 2017, Gopher experienced the loss the services of TIO
Networks, a subsidiary of Paypal Holdings Inc. ("Paypal"), as
reported on November 13, 2017
https://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=12377582.
This will impact the Gopher's 4th quarter and possibly 1st quarter 2018
earnings.
As
a result of the disruption, Gopher has accelerated the rollout of its own
network into the acquired 15,000+/- locations.
One of
the main reasons Gopher Protocol pursued and acquired the assets of RWJ
Advanced Marketing, previously owned by W.L. Petrey, was to roll out its
proprietary technology to create a network across the United States.
Gopher
CEO Greg Bauer commented, "Even though the decision by TIO or PayPal, came
as a total surprise, we believe in the long term that we are going to be
stronger and in a better position to serve the needs of our customers, by
deploying and demonstrating our new Gopher network technology more rapidly.
Once and if Gopher obtained funding and has deployed its own network, we expect
our margin will increase through the goal of reducing our network operating
costs."
"It
is extremely rewarding to present our consolidated financials to the public, as
it is creating a massive difference to the quality of discussions we can have
with our suppliers, investors, and potential acquisitions. Our financial
reports now reflect the potential of our team and Company" Greg concluded.
About Gopher Protocol Inc.
Gopher Protocol Inc. (OTCQB: GOPH) (“Gopher” and the
"Company") (http://gopherprotocol.com/) is a
development-stage company which consider itself 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 it’s 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.
Forward-Looking
Statements
Certain statements contained in this press release may constitute
"forward-looking statements". Forward-looking statements
provide current expectations of future events based on certain assumptions and
include any statement that does not directly relate to any historical or
current fact. Actual results may differ materially from those indicated by such
forward-looking statements as a result of various important factors as
disclosed in our filings with the Securities and Exchange Commission located at
their website (http://www.sec.gov).
In addition to these
factors, actual future performance, outcomes, and results may differ materially
because of more general factors including (without limitation) general industry
and market conditions and growth rates, economic conditions, and governmental
and public policy changes. The forward-looking statements included in
this press release represent the Company's views as of the date of this press
release and these views could change. However, while the Company may
elect to update these forward-looking statements at some point in the future,
the Company specifically disclaims any obligation to do so. These forward-looking
statements should not be relied upon as representing the Company's views as of
any date subsequent to the date of the press release.
Contact:
Greg Bauer CEO
Gopher Protocol Inc.
VM Only 888-685-7336
Gopher Protocol Inc.
VM Only 888-685-7336
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