OTC Stocks Recap: DBCCF, ICCT, JPOTF, FWEDF, KNRLF
It is always a good idea for investors to have their own methods when it comes to making investments in penny stocks. One way of doing so is by creating a watch list of penny stocks that they can follow on a daily basis. This feature would provide you with a quick look into five penny stocks that could go on your watch list now.
Decibel Cannabis Co., Inc. (OTC: DBCCF) Yesterday, the company, which is a leading player in the premium cannabis and extract-manufactured products space, announced its financial results for the three- and six-month periods, both of which ended on June 30, 2023. In the second quarter, Decibel Cannabis Co. Inc. had a market share of 7.5%, which made it the second-biggest licensed producer in the Canadian market.
Net revenues touched a record of $30.9 million, which reflected a sequential rise of 14% and year-on-year growth of as much as 66%. The improvement had mainly been a function of higher net recreational product sales in Canada. The company’s higher manufacturing capacity, global sales, and launch of new brands towards the end of the quarter were factors too.
Gross margin came in at 42% in the second quarter, as opposed to 49% in the previous quarter and 41% in the prior-year period. The positive free cash flow of $0.5 million reflected a sequential decline of 75% and a year-on-year decline of 51%. The adjusted net income was $4.3 million, which worked out to sequential growth of 27% and an improvement of $4.2 million year over year.
iCore Connect Inc. (OTC: ICCT) The cloud-based software leader and technology firm is involved in boosting the workflow productivity and profitability of its customers with its healthcare and enterprise workflow products. On Thursday, iCore Connect Inc. announced the launch of a new product named iCore Claims, a revenue cycle management (RCM) product meant for the insurance industry. The Chief Executive Officer and President of the company, Robert McDermott, spoke about the necessity of launching the product.
He noted that dental practices across the United States had suffered from RCM issues for a long time. That became even more pronounced following the pandemic as the labor market became tighter. The product iCore Claims helps make insurance revenues more streamlined from the start of the process until its end. He went on to note that the company’s interactions with practice managers and dentists had provided it with a better understanding of the issues.
Jackpot Digital Inc. (OTC: JPOTF) On August 17, the company announced that it had been successful in concluding the third and final tranche of its private placement of convertible debentures. Jackpot Digital Inc. announced that it had managed to raise gross aggregate proceeds to the tune of C$614,740 from the offering. In the news release, the company further noted that the debentures would carry an interest rate of 10% per year.
However, the holders would also be able to convert the debentures into shares at a price of $0.075 a share in the first year and $0.10 a share in the next four years. Additionally, the company also issued a total of 47,732,700 share purchase warrants, which could be exercised for a price of $0.10 a share for a period of five years. The securities that had been issued in the third tranche of the offering were subject to a hold period that would end on December 15, 2023.
Fireweed Metals Corp. (OTC: FWEDF): The company was in focus on August 17 after it provided an update with regards to its non-brokered private placement, which had first been announced on August 10. The offering would be made up of 8,750,000 flow-through shares in Fireweed Metals Corp. for the price of C$1.92 each by way of a charitable donation agreement.
The proceeds that would be raised from the offering would be used by the company for development and exploration activities at its project in northern Canada. Additionally, it was noted that the gross proceeds from the premium flow-through shares would be spent on the projects, which would incur Canadian exploration expenses and would qualify as “flow-through critical mineral mining expenditures” as per the Income Tax Act of Canada.
Kontrol Technologies Corp. (OTC: KNRLF) The leader in smart buildings and cities announced yesterday that it had bagged an industrial emission customer and also worked on a number of energy-efficient installations in the commercial construction sector.
Kontrol Technologies Corp. revealed yesterday that the combined revenues from those came in at $500,000 and would be allocated between December this year and February 2024, depending on equipment lead times. The new customer is a steel manufacturer that wishes to monitor the critical emissions at its manufacturing plant in Canada.
