Intelligent CIO Europe Issue 4 - Page 48

FEATURE: DIGITAL TRANSFORMATION Greg Bauer, CEO, Gopher Protocol //////////////////////////////////////////////////////////////////// Gopher Protocol, a company specialising in the creation of Internet of Things (IoT) and artificial intelligence-enabled mobile technologies, announced a c losing of the sale of a convertible debenture containing a fixed conversion price, which generated US$750,000 in gross proceeds. The financing is part of the company’s strategy to reduce its dependence on derivative convertible financing and create a balance sheet that gives investors clarity regarding the number of shares outstanding and potential dilution caused by convertible debenture financing. The investor that participated in this financing may, at its sole discretion, provide additional funding to the company at similar terms of the current funding. effort to deleverage its balance and add shareholder equity to the balance sheet. As reported on its most recent Form 8-K, the company continues to improve its financial outlook by eliminating all derivative liabilities by paying off its reaming derivative liability on March 5 2018. Along with the recently announced growth capital financing, the company is positioned to pursue growth and fund the rollout of THE NUMBER OF FIRMS INVESTING IN THE DEVELOPMENT OF IOT PLATFORMS AND TECHNOLOGIES IS RISING, PARTICULARLY AS THE INFUSION OF MESH TECHNOLOGY WILL SERVE TO ENHANCE THE OPERATING EFFICIENCY OF IOT PLATFORMS. The Internet of Things (IoT) space is one of the hottest avenues within the tech sector as society becomes increasingly connected to the web at all times. Due to the rapid growth, advancements and consumer demand, the Boston Consulting Group is forecasting the sector to top US$267 billion in revenues within two years. As previously announced on January 2 2018, an investor that had previously acquired convertible debt from the company, invested US$1 million in a common equity financing and agreed to potentially purchase an additional US$500,000 at its discretion, potentially bringing the total investment to US$1.5 million. Additionally, the number of firms investing in the development of IoT platforms and technologies is rising, particularly as the infusion of mesh technology will serve to enhance the operating efficiency of IoT platforms, enabling companies to develop and release new platforms for consumers and businesses alike. Active companies in the markets include Gopher Protocol Inc, Microsoft, NVIDIA Corporation, Facebook and Alphabet Inc. “It should be a very positive signal to the market that, in January 2018, a private accreditor investor made the transition from being a lender to an equity investor,” stated Greg Bauer, CEO, Gopher Protocol. “We believe the closing of the current convertible debenture with a fixed conversion price supports the notion that the investment community agrees that Gopher is on the right track going forward,” he added. Gopher Protocol has made a concerted 48 INTELLIGENTCIO www.intelligentcio.com