Balincan USA Inc (OTC:BCNN) Stock Soars 230%: What’s The Buzz?

There may have been a number of stocks that made notable gains yesterday, but one of the standout performers was the Balincan USA Inc. (OTC:BCNN) stock, which clocked gains of as much as 230%. Yesterday, the company was in the news after it announced a record progress update for the fourth fiscal quarter of 2023, along with Tekumo.

Balincan USA announced that revenue in the first two months of the fourth fiscal quarter stood at $850,000. The figure worked out to a year-on-year rise of a remarkable 516% from the same period in 2022 and also trumped the annualized run rate of $5 million that had been forecast. It was also noted that during the same period, Tekumo had also managed to hit net positive ordinary income.

“This reflects our continued success with Tekumo as an industry leading service delivery platform. It enables product and service companies to manage onsite installation and maintenance of technology systems and devices using On-Demand local technicians. Our platform results in ‘less people, less time and less cost’ for our customers”, commented Phillip Dignan, President and CFO of Balincan.

The President and Chief Executive Officer of the company, Phillip Dignan, spoke about the performance. He noted that the performance from Balincan was a reflection of the success the company continued to enjoy with Tekuma as a leader in the service delivery platform space.

He went on to note that the service helped product and service companies take care of onsite maintenance and installation of devices and systems by using the services of local technicians. Dignan went on to add that the platform provided by the company helped its customers accomplish their goals at lower costs.

On Monday, the company also announced that it had made an amendment to its financial statements that had been submitted previously. The amendment led to a positive change of $6.1 million in the net loss attributed to the company’s shareholders for the fiscal year ended on December 31, 2022. It also resulted in the reduction of derivative liabilities to the tune of $4.45 million as of September 30, 2023. Balincan also revealed that it had succeeded in cutting down its net liability for its convertible note by more than $150,000.