GOPH

 
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Gopher Protocol Files Audited Financials Showing $66 Million in Sales for FYE Ended January 2017

Dec 05, 2017

OTC Disclosure & News Service

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ATLANTA, GA, Dec. 05, 2017 (GLOBE NEWSWIRE) -- Gopher Protocol Inc. (OTCQB: GOPH) ("Gopher" and 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

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 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.

GOPH disclosure: More info: SEC link /technology abstract:

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

Media: press@gopherprotocol.com

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