Our readers will be remembering well that we said that GLANCE TECHNOLOGIE COM NPV (OTCMKTS:GLNNF), the payment services provider, should be followed. The company was signing big contracts that were exciting the market. We also noted that the financial situation was sound. The share price had gone up from $0.15 to almost $0.35 in a very short period of time and we thought that the upward trend could continue. We were not wrong.
Have a look at what happened and note that we released our article on September 6, 2017:
The volume and the share price picked up again. The share price again touched the $0.35 share price level and more than 4 million shares changed hands.
The reason to explain this new volatility is several news items that were released to the market after September 6, 2017: new private placements, provisional patent, and new agreements with restaurants among other announcements. We will provide all the details in this new article.
Le’s revise briefly the business model for those who got to know the company here.
GLNNF is a software company involved in providing the financial services along with the innovative technology to provide enhanced digital financial platform and services to legally operating cannabis businesses. Currently, there are two apps in development. One is Cannapay, which is a mobile to a mobile payment system for the cannabis industry. The other is SuperDope delivery, a mobile ordering platform for delivery of cannabis.
On September 7, the market noted that its fraud prevention technology, incorporated into the Glance Pay App 8 months ago, had experienced zero fraud across all of its live locations.
Why is this significant?
The press release noted that according to the NY times, its direct competitor, Apple Pay’s, had suffered 6% fraud in the first months after the release of the app. This is quite a big issue, as it means that in 6% of the transactions, the merchants lost money. We, like the market, appreciated the news.
Glance CEO, Desmond Griffin, explained in following words:
“Our fraud prevention technology continues to exceed our highest expectations. We believe that our fraud prevention innovations have broad applications for virtually all non-chip & PIN payment scenarios and may be our largest IP asset to date” Source
On September 12, 2017, the company noted that it had signed its fits restaurant in the US, Ta’cul Mexican Cocina, located in California. Additionally, the company noted that it had set up its United States head office in Silicon Valley. The company also reminded that over “230 restaurant locations are signed to use the Glance Pay app in Canada.”
We appreciated the news very much, as we know that the restaurant market is large and there are plenty of opportunities in the sector. As the press release noted, this sector generates $780 billion in sales annually.
Additionally, on September 14, 2017, the company announced that Apple’s recently unveiled facial recognition technology (Face ID) will “help payments made via Glance Pay faster, easier, and more secure.” GLNNF explained that the company will combine the new features engineered by Apple with the Glance Pay’s proven anti-fraud technology.
Have a look and note the increase in volume on the day after the announcement, September 15, 2017:
On September 20, 2017, the company announced that it had filed a provisional patent with the United States Patent and Trademark Office for its latest innovation:
“It allows orders and payments initiated from traditional websites on any platform to be secured via mobile devices utilizing Glance’s robust anti-fraud technology.” Source
In the same press release, the company noted that it’s the third time that the company has filed an application.
How is the E-commerce market? Are there opportunities?
Yes, there is a lot to improve in this sector. According to Chargeback, ecommerce companies lost nearly $7 billion to chargebacks in 2016 and it is expected that losses could be up to $31 billion by 2020. Hence, we believe that there is a big market for the technology that GLNNF is already commercializing. To sum up, as Glance CEO, Desmond Griffin, explained, the company seems to be very well positioned for the future.
Finally, on September 25, 2017, the company announced a new private placement, a non-brokered financing, at $0.40 per unit for proceeds of $1,400,000 plus an over-allotment option. Additionally, since August 1, 2017, the company has received approximately $3,295,830 from the exercise of warrants and options. For those concerned about the risks from stock dilution, if the company can grow at a pace that outstrips the value lost through dilution, then there’s real potential for long-term return.
Currently trading with a market cap of $30 million, GLNNF is an exciting story among small caps. With approximately $0.8 million in cash, $1.5 million in total assets and only $0.16 million in total liabilities, the company seems very well equipped to keep innovations happening. Additionally, we believe that if the good news continue to hit the market, this upward trend will continue. To sum up, keep a close eye on this hidden gem.
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Image courtesy of filmleri korku via Flickr
Disclosure: We have no position in GLNNF and have not been compensated for this article.