Platforms Wireless International Corporation (OTMKTS:PLFM) Spikes After Filing Annual Report
By Kyle Landeck - August 12, 2016 653 0
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Platforms Wireless International Corporation (OTMKTS:PLFM) spiked by a massive 150%, during yesterday’s trading session, after having fluctuated between $0.0002 and $0.0003 per share, for over the last one month. The reason for the sudden excitement around the stock was that PLFM had filed its annual report for the period ended June 30, 2016. This was the first update by the company, after over a 2-month long silence. It should be noted here that the company is current with its SEC filings.
The annual report indicated that Platforms Wireless had substantially improved its cash position, over the last year, by more than $180,000. Added to this, the company had also added over $200,000 worth of assets as well. As compared to $0 revenues for FY2015, PLFM had over $5 million in revenues for the FY2016. Even though total expenses of the company had surged by more than $630,000, PLFM was still able to report a profit of $399,638, as compared to a net loss of $409,000 for the preceding year. In addition to this, the annual report also highlighted that Platform Wireless had a long-term debt of $730,000, at the end of June 30, 2016.
The filing attracted a lot of attraction towards the stock, despite the fact that the company had last made a press release in April 2016. The press release had indicated that the company would be appointing Boris Golan as the new CEO of PLFM, replacing Bill Schaefer. A month after this announcement, the company had filed its 1Q2016 financial report, revealing that it had generated over $3.6 million in revenues, resulting in a net profit of over $290,000, as compared to a net loss of $209,000 a year ago. This would indicate that for the remaining three quarters, of the FY2016, the company had generated just $1.4 million in revenues.
Platforms Wireless International Corporation (OTMKTS:PLFM) gained 150% in terms of its share value on a trade volume of 51.24 million, on August 11, to reach a close at $0.0005 per share.
