The Internet of Things or IoT is one of the more interesting industries at this point and SPYR Inc (OTCMKTS:SPYR) is one of the companies which is an important player in it. The company deploys IoT technology for the purpose of developing large-scale application and consumer products.
Trading Data
On Tuesday, SPYR stock moved down 1.60% to $0.0123 with more than 331.63K shares, compared to its average volume of 584.68K shares. The stock moved within a range of $0.0123 – 0.0144 after opening trade at $0.0135.
SPYR, Inc. Comments on Strengthening Balance Sheet, and Corporate Developments as It Moves Toward Launch of Its Tiny Internet of Things Connectivity Modems
The company was in the news yesterday after it announced the details of the disclosures that it had reported in 10-Q filed back on June 30 this year. SPYR announced that through its subsidiary unit GeoTraq, it has moved into the cutting edge space in developing the technology that is necessary for creating the smallest, low-cost and low power tracking modems in the world.
In the disclosures that had been made by the company back on June 30 to the United States Securities and Exchange Commission, SPYR had been successful in making a range of positive changes to its balance sheet in the quarter that had ended on that date.
The company acquired GeoTraq during that quarter and that had added valuation of as much as $9.7 million to its assets. In the previous quarter, the company only had assets worth $342,000. In the first two quarter of 2022, SPYR had also been successful in raising total growth capital of $769,000.
Key Quote
“With our SEC filings up to date, the GeoTraq acquisition fully integrated, and our recently completed manufacturing contract with Asiatelco Technologies Co. in place, we are now laser-focused on readying our market launch of the world’s smallest, low-power, low-cost tracking modems for consumer use and large-scale applications and industries,” stated, Timothy Matula, Chief Executive Officer, SPYR, Inc. “We are seeing interest in our unique technologies growing on an almost daily basis as the Internet of Things (IoT), for which our devices are specifically designed, continues to expand.”
Technical Data
SPYR stock is trading below the 20-Day and 50-Day Moving averages of $0.0127 and $0.0174 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0332.
