BIGtoken (also known as Force Protection Video Equipment Corp.) is a unique platform that allows users to opt-in to its marketplace to monetize their data. Shares of the data-sharing company are rallying 44.74% through afternoon trading on Friday, July 2, 2021. Over the past thirty days, BIGtoken has seen average daily volume of 5.72 million shares. However, volume of 14.72 million shares or dollar volume of $80,960, has exchanged hands through late trading Friday.
Shares of BIGtoken gained after the company released first quarter 2021 financial results. During Q1, the company acquired all the stock of BIGtoken through a share exchanged and then adopted the acquisition target’s business plan. Following a restructuring and sale of nearly $4.81 million worth of equity securities, management says the platform is ready for expansion.
For the three-month period ending March 31, 2021, BIGtoken reported revenues of $855,000, compared to $193,000 during Q1 2020. The company’s operating loss shrank to $1.52 million, compared to $3.05 million during last year.
BIGtoken Press Release:
WESTLAKE VILLAGE, Calif.–(BUSINESS WIRE)– Force Protection Video Equipment Corp. (OTC: FPVD), also known as BIGtoken, the first privacy focused, opt-in data marketplace where people can own and monetize their data, today reported its financial results for the quarter ended March 31, 2021.
“Right now, we’re focused on creating the best data in the world, creating targeted reach for our brand clients, developing our blockchain and wallet, and building upon our ethically-sourced identity solutions,” said George Stella, co-founder and President of BIGtoken.
During the First Quarter of 2021, the Company achieved the following business milestones:
- Acquired all of the capital stock of BIGtoken in a share exchange transaction, and adopted BIGtoken’s business plan
- Between March and April 2021, we sold $4,809,827 of equity securities
- Appointed George Stella, our Chief Revenue Officer, to the additional position of President
- Completed restructuring sales department to better serve existing clients and expand capabilities
- Adjusted platform matrix, which has initially resulted in enhanced user engagement
- Realigned BIGtoken platform to increase and better focus on domestic markets until platform is ready for expansion
Financial Results for the Quarter Ended March 31, 2021
All of the below comparisons to periods prior to the completion of the share exchange transaction are based on carve-out financials and allocation of expenses agreed upon by the Company and SRAX (former parent) and may not be indicative of any future financial performance of the Company.
- Cash Position and Liquidity: At March 31, 2021, The Company’s cash was approximately $4.85 million as compared to approximately $1,000 at December 31, 2020. The increase in cash results from the private placement of our securities during the first quarter of 2021. The Company estimates that such cash reserves will last until the fourth quarter of 2021.
- Revenues: Revenues for the quarter ending March 31, 2021 were $855,000 compared to revenues of $193,000 during the same period ending March 31, 2020. The increase in revenue was primarily due to enhanced execution in our operations and sales departments and a focus on key products.
- Operating Loss: Operating loss for the quarter ended March 31, 2021 was $1.52 million compared to a loss of $3.05 million for the comparable 2020 period. The decrease in operating loss for 2021 was primarily due to reductions in operating expenses, including a decrease in general and administrative expenses as a result of reductions in workforce, partially offset by an increase in users’ redemptions of points on the BIGtoken platform.
Cautionary Statement Regarding Forward Looking Information:
This news release contains “forward-looking statements” made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to future, not past, events and may often be identified by words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Specific risks and uncertainties that could cause our actual results to differ materially from those expressed in our forward-looking statements include risks inherent in the development and commercialization of potential products, uncertainty of clinical trial results or regulatory approvals or clearances, need for future capital, dependence upon collaborators and maintenance of our intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time in Force Protection Video Equipment Corp.’s periodic reports, including its Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (SEC), and in other reports filed with the SEC. We do not assume any obligation to update any forward-looking statements.