FORCE PROTN VIDEO (OTCMKTS:FPVD) was a notable mover during Thursday’s trading session. The stock rallied by close to 5% on the back of 2 times the average daily volumes. The stock has been in a strong downtrend over the last couple of months and has been trading in a broad range. The rally seen during the trading session helped the stock break above the broad range, which is being seen as a huge positive. The relative strength index is showing signs of a reversal indicative of buy side momentum. Traders believe the stock could head to levels of $2.20 in the near term.
Not long ago, FORCE PROTN VIDEO (OTCMKTS:FPVD) published its due diligence report, which claimed that the body camera business of the company would continue to remain strong in the upcoming quarters as well.
Its shares surged by as much as 11.89% due to this update and ended the day’s session at $1.60, with a total trading volume of 965,000. It was about four times of company’s daily average trading volume of 202,000. It’s not the first time when company’s shares have shown such remarkable growth. They have been continuously rising since October 1, 2015, and are likely to keep up this pace over the coming quarters as well.
The report further emphasizes on the body camera business and suggests that it will continue to do well in the coming quarters as well.
The quarterly performance of FORCE PROTN suggests that it ended the last reported quarter with $57,330 total current assets. When it comes to sales revenues, it ended the quarter with $15,935 worth of sales revenues compared to last year’s revenues of $2000. The quarterly gross profit was $6246. In 2014, there was no cost of goods sold; hence, whatever sales revenue ($2000) it made was considered as the gross profit.
Total expenses reported in the quarter were $59,288, so the net loss before income tax was $53,042. Last year, it ended the same quarter with a net loss before income tax of $14,461. When it comes to operating activities, FORCE PROTN used $76,390 in operating activities as compared to last year’s ($4,053).
At the beginning of the quarter, it had $35,226 cash in hand but was left with just $3,165 at the end of the three-month period. During the same period in 2014, it had $49,698 cash in hand at the end of the quarter.
The senior management of the company hopes that going forward, Force will show a significant growth in terms of financial numbers.