Much of what software and hardware development firm Signature Devices Inc. (OTCMKTS:SDVI) has done over the past few months has gone under the radar a bit. However, it is a good time to have a quick look at the company’s achievements. Signature Devices, along with its subsidiary Nano 101, which makes tropical hemp patches, released its earnings reports for Q1 2019 last month and the financials were robust. The reports provided the consolidate figures of the company’s earnings and included the earnings from Nano 101.
Total assets with the company declined year on year to $1,264,831 from $1,392,554 in the same quarter last year. However, the company did manage to increase its revenues substantially to $91,723. It was a 125% from the year ago quarter, in which the Signature had generated $73,085 in revenues. That being said, the headline figure was the gross profit which skyrocketed by 782% year on year to hit $61,514 from $7862. The President of Nano 101, Ray Khan stated that the company is going to depend on the hemp and CBD elements of their business to generate significant growth in the future.
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The company’s optimism regarding Nano 101 is not misplaced considering the developments that have taken place over the past few months. Back in April, Signature struck a strategic partnership with digital marketing firm SponsorsOne. SponsorsOne is well known for making little known brands well known through its marketing techniques, which also includes the services of well known social media influencers. The company’s extensive network of influencers is perhaps the most important aspect about this marketing deal and it is believed that once the products made by Nano become visible to thousands of people, it is perhaps only a matter of time before the company’s sales rise. The company had already generated decent sales and the marketing partnership could add a much needed boost.