SPYR Inc (OTCMKTS:SPYR) first fetched the investors attention at the start of the year, when it was popularly known as Eat At Joe’s Ltd. At that time, it generated its revenues from a couple of restaurants. It traded under the ticker ‘JOES’ and hovered around $0.20 a share. However, things have changed for better now.
The changes
The company got a new name of SPYR Inc and a new ticker SPYR with its restaurants still operational. In February 2015, it acquired Franklin Networks Inc. and ventured into the digital publishing operations. There are many people who expressed their doubts on the new acquisition and segment at first, as the company was established seven months ago. SPYR is convincing everyone that the acquisition will create value for the shareholders.
The news
Last week, a press release was issued that SPYR work of first ever mobile game has been done. It stated that the app can be downloaded before the end of the quarter. The company surprised the market and announced that Plucky is now available for download on Google Play. The operations seem to be going in right direction and the share price is following the direction. It was performing well under the JOES symbol; however it picked the pace when the SPYR ticker was approved. In last trading session, it jumped more than 8% to close the trading session at $0.850.
The performance
The momentum in SPYR Inc (OTCMKTS:SPYR) stock price is also fueled by 10-K report which was released at the end of March and showed that the company had cash of $7 million. The current assets came at $13.1 million while current liabilities stood at $342,000. The annual revenue was $1.4 million while $4.2 million was annual loss. The new digital publishing firm will help the company to expand its revenue in the coming period.
