SPYR (OTCQB:SPYR) Inc said it has seen significant positive changes to its balance sheet for the financial quarter ended June 30, with assets growing to US$9.7 million, up from only $342,000 at the end of the previous quarter.
The increase was due to its acquisition of GeoTraq Inc during the quarter, according to SPYR (OTCQB:SPYR), adding its new subsidiary puts the company at the forefront of developing the world's smallest, low-power, low-cost tracking modems.
As The Woodlands, Texas-based SPYR recently reported on its US Securities and Exchange Commission form 10-Q, the company was also successful in obtaining growth capital, with $769,000 raised.
READ: SPYR subsidiary GeoTraq chooses partner to build micro-tracker modems
SPYR CEO Timothy Matula said that with GeoTraq fully integrated, the SEC filing up to date, and a recently completed manufacturing contract with Asiatelco Technologies Co, the company is now focused on readying the market launch of the world's smallest, low-power, low-cost tracking modems for consumer use and large-scale applications and industries.
"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," Matula said in a statement.
GeoTraq's tiny IoT connectivity modems also provide the best battery conservation, according to SPYR, adding because smaller batteries can be used in devices, manufacturers have unparalleled flexibility in designing ever-smaller internet-connected devices.
GeoTraq is a mobile IoT module manufacturer and connectivity provider. Its mobile IoT modules report location data with the ability to measure variables from external sensors, such as temperature, flow, pressure, humidity, motion, acceleration and more.
SPYR Technologies is focused on IoT. Through its subsidiary Applied Magix Inc, SPYR develops and resells Apple compatible products, with emphasis on the multibillion-dollar IoT smart home and connected car markets.
Contact the author at susie@proactiveinvestors.com