Social Life Network Inc (OTCMKTS:WDLF) Stock Soars 38%: What’s The Buzz?
Shares of Social Life Network Inc (OTCMKTS:WDLF) ended sharply higher on Friday on unusual volume.
Market Stats
On Friday, WDLF stock gained 38.39% at $0.0042 with more than 580.32 million shares, compared to its average volume of 98.74 million shares. The stock has moved within a range of $0.0030 – 0.0049 after opening the trade at $0.0030.
Announces Record Growth in 2021
Technology Business Incubator providing tech start-ups with seed technology development as well as executive leadership, Social Life Network Inc (OTCMKTS:WDLF) on November 5, 2021, announced in the quarter three 10-Q filing that sales have surged by 26% in the nine months in 2020.
The growth comes along with reduced operating expenses by 62% for the same time in 2020.
Ken Tapp, CEO of Social Life Network said that Social Life has witnessed the strongest quarter since its IPO in the second quarter of 2016. Tapp added that its 2020 and 2021 strategy on retiring all convertible debt, augmenting revenues, reducing expenses as well as launching its Decentral Life Division.
Director and President Todd Markey said that the company has increased revenues and reduced net losses from the three-month and nine-month period in 2021 and hopes that its shareholders have a greater sense of confidence.
Social Life Network has a market cap of USD 20 million, a similar market cap as its listing in 2016.
The new Decentral Life Division was launched in quarter three for focusing on growth initiatives including a technological upgrade to become a decentralized blockchain application. The Decentral Life Division objectives include financial empowerment of network users as well as filing with the SEC, an initial coin offering.
Key Quote
“I’m pleased to announce Social Life Network realized its strongest quarter, since becoming public in Q2 of 2016, with the strongest balance sheet the Company has had since our launch in 2013” said Ken Tapp, CEO of Social Life Network. “Our 2020 and 2021 strategy to retire all convertible debt, decrease operating expenses, increase revenue, and launch our new Decentral Life Division was realized in Q3, ahead of management’s original goal to complete by the end of Q4 2021,” added Tapp.
Traders Corner
WDLF stock is trading below the 200-Day and 50-Day Moving averages of $0.0101 and $0.0043 respectively. However, the stock is trading above 200-Day moving average of $0.0037. The stock is up 13% in the past 3-month.
