Spyr, Inc. (OTCMKTS:SPYR) Recovers After Quarterly Filing
After Friday’s closing bell, Spyr, Inc. (OTCMKTS:SPYR) put up its due quarterly report. The filing seems to have helped the company step on the brakes and stop its headlong slide. Yesterday SPYR climbed 13% to stop at $0.589 per share after 411 thousand shares changed hands.
The company was formerly called Eat at Joe’s Ltd and traded under the JOES ticker until early 2015. The ticker symbol change went hand in hand with a shift in the company’s focus of operations. Even though SPYR still operates a restaurant, its main focus is now “digital publishing” of mobile apps and games.
Here is the brief version of the balance sheet SPYR put up in its Q1 report:
- $7.2 million in cash and cash equivalents
- $145 thousand in total liabilities
- $432 thousand in Q1 revenues
- $1.9 million in Q1 operating loss
- $3.3 million in Q1 net loss
The company paid up $270 thousand in ‘accrued related party’ liabilities in the last quarter. Its cash position has improved against December, but losses are still chipping away at the company’s balance sheet. Operating loss for all of 2014 was $4.1 million and SPYR managed to log almost half of that in a single quarter.
The company put up a new press release on Monday, celebrating the launch of its second mobile game on the Google Play Store. The game is called Plucky Rush and even though it once again has very minimal graphics, its overall visual presentation is not nearly as dire as SPYR‘s first game, called simply Plucky. The PR also quotes SPYR CEO who is obviously proud the company managed to launch its second game “less than a month” after the first one. Considering the very simple game mechanics and the graphics that consist primarily of 2D primitive shapes, the short development cycle does not really seem that impressive.
The company further informed that new advertisers have been engaged to improve the revenue generated by both games. It’s still early days but Plucky is listed as having between 1,000 and 5,000 installs on the Play Store and the new game currently has between 100 and 500 installs, so the games’ immediate revenue generating potential at the moment is hardly anything to write home about.
It’s worth mentioning that even though SPYR has a revenue stream and a sizable amount of cash on hand and does not look like a stock pump candidate, it has nonetheless been targeted by email stock promotions. There have been 9 new emails touting SPYR stock this week, most of them compensated with $14,000 in cash.
