Boston Carriers Inc (OTCMKTS:BSTN) Is Back And Bigger Than Before

Boston Carriers Inc (OTCMKTS:BSTN) is hot news in the market now.Within a week, from $0.0015, the price grew to $0.022 and investors are wondering why.In this piece, we will introduce you to Boston Carriers Incorporated and reveal all the events that led up to this appreciation in value.First, take a look at the price action for yourself: BSTN 2 Month ChartQuite recently, the company revealed that it had agreed a time charter contract worth about a fifth of its total revenue in 2016 taking the earnings from one of their markets to $0.98 million within five months.Brief HistoryBoston Carriers Inc. is an international shipping company providing ideal solutions for seaborne transportation of dry bulk commodities through owned vessels. It was founded on July 31, 2001 and is headquartered in Athens, Greece. The company engages in the seaborne transportation of bulk commodities through owned and managed fleet. It covers dry and liquid such as container cargo, non-container cargo, as well as crude oil, refined petroleum products, vegetables oils, gases and chemicals.Recent DevelopmentsThe company announced in September that it entered a spot voyage contract with Nikoforos to transport roughly 33,000 tons of dry bulk cargo from South America to the Middle East. The contract is estimated to be worth about $1.36 million. Nikoforos is a dry bulk vessel of 45,693 dwt delivered to Boston Carriers Inc. in February 2016.The CEO outlined that the company’s short term employment strategy allowed the company to capture any potential upsides in the dry bulk market. He added that the management believes in the dry bulk sector and would attempt to grow the fleet with similar dry bulk vessels.The firm had earlier completed a spot voyage contract which it entered in March 2017 in a contract worth roughly $0.2 million.Again in March, 2017 Nikiforos entered a time charter contract for transporting approximately 37,000 tons of bagged rice from South-East Asia to West Africa which until June 20, 2017 has contributed approximately 578,000 USD in the revenues of the company. Boston announced further that the aforementioned time contract was extended for a period of approximately 48 days and upon successful completion of the extended period, it would contribute additionally approximately $0.4million in revenues of the company thus having a total contribution of approximately 986,000 USD from March 2017 and until approximately the middle of August 2017.In April, 2017, the shareholders of the company authorized the Board of Directors (the “Board”) to file the Articles to provide for authorized capital of 50 Billion shares of capital stock, divided into classes consisting of (a) 45 billion shares of common stock, with nominal value $0.0001 per share and (b) 5 billion shares of “blank check” preferred stock, par value $0.0001 per share; and to give the board discretionary authority to effect one or more reverse splits of the Company’s issued and outstanding common stock at a ratio within the range from 1-for-2 up to 1-for-30,000, at any time prior to April 7, 2018, at the discretion of the board.Within the same month, the board authorized a reverse stock split at a ratio of 1-for-5,000. As a result of the reverse stock split, every 5,000 shares of the Company’s pre-reverse split common stock were combined and reclassified into one share of the Company’s common stock. No fractional shares of common stock were to be issued as a result of the reverse stock split. Stockholders who otherwise have been entitled to a fractional share would receive the next higher number of whole shares.The par value and other terms of Company’s common stock were not affected by the reverse stock split. The Company’s post-reverse split common shares have a new CUSIP number, Y0941T119. The Company’s transfer agent, Pacific Stock Transfer Company is acting as exchange agent for the reverse stock split.Financial ResultsThe company posted revenue figures in 2016 after it did not post revenues in the last 2 years. The company’s restructuring strategy was reflected as revenues jumped from $14,000 in 2013 to $2.1 million in 2016.However, the losses recorded also revealed the need for the company to make wholesale cost control changes to the organization.Total assets of the company also grew by 62%, from $1.3 million in 2016 to $3.5 million, with a vast amount of the change being a result of its continuous acquisition of property, plant and equipment. The acquisition had a huge effect on its cash flows, with cash and near cash assets falling by 96% between 2016 and 2017.ConclusionBoston Carriers Inc has successfully expanded its business and market cap and now it is time to make internal changes. It is widely expected that interest in the stock will grow as the market becomes more aware of its potential.We will be updating our subscribers as soon as we know more. For the latest updates on BSTN, sign up below!Disclosure: We have no position in BSTN and have not been compensated for this article.