UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 13, 2019
Singlepoint Inc. |
(Exact name of registrant as specified in its charter) |
Nevada |
| 000-53425 |
| 26-1240905 |
(State or other jurisdiction of Incorporation) |
| (Commission File Number) |
| (IRS Employer Identification No.) |
2999 North 44th Street, Suite 530 Phoenix, AZ |
| 85018 |
(Address of principal executive offices) |
| (Zip Code) |
Registrant’s telephone number, including area code: (855) 711-2009
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8 K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a 12 under the Exchange Act (17 CFR 240.14a 12)
¨ Pre commencement communications pursuant to Rule 14d 2(b) under the Exchange Act (17 CFR 240.14d 2(b))
¨ Pre commencement communications pursuant to Rule 13e 4(c) under the Exchange Act (17 CFR 240.13e 4(c))
Item 2.02. Results of Operations and Financial Condition. |
Singlepoint Inc. (the “Company”) issued a press release on November 13, 2019, disclosing financial information and operating results for its fiscal quarter ended September 30, 2019, and discussing its business outlook. A copy of the Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 7.01. Regulation FD Disclosure. |
See “Item 2.02 Results of Operations and Financial Condition” above.
The information in this Current Report on Form 8-K under Items 2.02 and 7.01, including the information contained in Exhibit 99.1, is being furnished to the Securities and Exchange Commission, and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by a specific reference in such filing. The furnishing of the information pursuant to this Item 7.01, including Exhibit 99.1 furnished herewith, is not intended to, and does not, constitute a determination or admission by the Company (i) that the furnishing of the such information is required by Regulation FD, (ii) that such furnished information is material or complete, or (iii) that investors should consider such information before making an investment decision with respect to any security of the Company. The information furnished pursuant to this Item 7.01, including Exhibit 99.1 furnished herewith, contains “forward-looking statements” within the meaning of the safe harbor provisions of the federal securities laws. It should be read in conjunction with the “Safe Harbor” statement contained in the press release, the risk factors included in the Company’s Form 10 filed with the Securities and Exchange Commission and the other public announcements that the Company may make, by press release or otherwise, from time to time.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
The following documents are filed as Exhibits:
Exhibit |
| Description |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SinglePoint Inc. | ||
| |||
Dated: November 13, 2019 | By: | /s/ William Ralston | |
| William Ralston | ||
| President | ||
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EXHIBIT 99.1
SinglePoint Reports Record Third Quarter 2019 Financial Results
Company Expects Significant Growth in its Solar and Hemp Businesses
SinglePoint Inc. (OTCQB: SING), (the “Company”) a leading technology and acquisition company focused on making continued strategic acquisitions and investments in companies operating in high growth areas, announced its financial results for the third quarter ended September 30th, 2019. The Company reported revenues of $1,050,374 for the three months ended September 30, 2019, a 176% increase over the same period in 2018.
The Company’s most recent acquisition, Direct Solar, continues to exceed revenue growth targets and has been pivotal to improving the Company’s financials.
Third Quarter 2019 Unaudited Financial Performance Highlights:
| · | Revenues of $1,050,374 |
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| · | Cash on hand $294,062 |
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| · | Gross Profit $525,891 |
Third Quarter 2019 Unaudited Financial Performance Summary: (comparisons to prior year period):
| · | Total revenues were $1,050,374 compared to $381,037; |
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| · | Gross profit was $525,891 compared to $75,353; |
Nine Months 2019 Unaudited Financial Performance Summary: (comparisons to prior year period)
| · | Total revenues were $2,170,123 compared to $881,157; |
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| · | Gross profit was $559,729 compared to $229,017; |
“This has been a great quarter for SinglePoint, we are very excited to see the growth of the company. We are establishing solid financials and we anticipate a big fourth quarter. Everything is firing on all cylinders and we continue to hit our numbers. We believe SinglePoint’s revenues will continue to grow as our subsidiary Direct Solar expanded into new markets,” states Greg Lambrecht CEO SinglePoint.
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According to VP of Sales Don Smith, “Initial response to the ‘Pure American Hemp Cigarette’ has been overwhelming. After a successful launch at the National Association of Convenience Stores Show in October 2019. We have shipped multiple orders to both distribution and retail clients. SinglePoint is launching our newest smokable hemp-based product - “ORIGINAL 1606 HEMP.” To capitalize on the increasing demand for these products we will continue to expand our product line, strengthen our manufacturing capacity and grow our global distribution channels in efforts to become the premiere brand in this category”.
Full copy of the Singlepoint Inc. September 30, 2019 Form 10-Q can be found here.
About SinglePoint Inc.
SinglePoint Inc (SING) is a technology and acquisition company with a focus on acquiring companies that will benefit from management, capital and technology integration. Our portfolio includes mobile payments, industrial hemp and renewable energy solutions. Through acquisitions into horizontal markets, we are building our portfolio by acquiring an interest in undervalued companies, thereby providing a rich, diversified holding base. Through SingleSeed, we providing products and services to the cannabis industry.
Connect on social media at:
http://www.facebook.com/SinglePointMobile
http://twitter.com/_SinglePoint
http://www.linkedin.com/company/singlepoint
For more information visit: www.SinglePoint.com
Forward-Looking Statements
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, including but not limited to the growth of our solar operations and hemp based products are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Unforeseen complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
Corporate Communication
SinglePoint Inc.
855-711-2009
investors@SinglePoint.com
SinglePoint.com
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